This paper focuses on assessing the effectiveness of monitoring and evaluation of IFMIS Projectrnin the Ministry of Finance. The main objective of the research is to assess how effective thernproject management tools that is monitoring and evaluation for the success of IFMIS in thernMinistry of Finance. The study adopted non experimental descriptive research design andrnutilized a survey method to collect data on M&E practice and approach of IFMIS project in thernMinistry of Finance. Quantitative and qualitative data were checked, entered, and analyzedrnusing SPSS for window version 25. Data was described and presented using tables, charts andrngraph starget population of the study was the team members of all units in the IBEX/IFMISrnproject office. 60 respondents participated with Simple random sampling participated in thernstudy. In a way, the researcher tried to assess the monitoring and evaluation activities practiced,rnthe level of effectiveness of M & E, the challenges in the monitoring and evaluation endeavorsrnand To what extent information used for decision of control. Concerning M&E practice there isrnplan and unit to undertake the implementation and the team members are capable andrnknowledgeable but not effective and inefficient they are not doing as schedule and cost andrnquality and not involving potential employees. There is no challenge for the budget and skilledrnman power but there is lack of a channel or system to share information and integration ofrnproper owner and system for the proper design and implementation can be taken as challengernfor M&E of IFMIS project. IFMIS project M&E process not strictly reporting the result of thernM&E for the appropriate party, information obtained from the M&E is not based on the agreeduponrnstandards and criteria and it doesnâ€™t identify potential problems at an early stage andrnpropose possible solutions. The study recommends that proper site assessment should be donernand there should be baseline to compare actual performance of the project, there should bernmechanism to ensure quality of the project performance at each sites, incorporate views ofrndifferent stakeholders, The monitoring and evaluation process strictly reporting the result of thernM&E for the appropriate party and should identify potential problems at an early stage andrnpropose possible solutions.