PUBLIC FINANCE

Introduction

One of the key objectives of the Government is to create a society in which each citizen has the opportunity to improve their quality of life. The Ministry of Finance & Treasury (MoFT) has a major role to play in this process as it allocates the necessary resources and provides the financial and economic policy framework to achieve this overall objective.

The Mission of the MoFT is to ensure that the country pursues sound macroeconomic policies that foster sustained economic growth through non-inflationary fiscal policy.

The Public Finance Section’s (PFS) primary responsibility is to prepare and execute the annual budget which is a quantitative reflection of the Government’s priorities and policies. The section has the additional responsibility of ensuring that :

• the annual budget is prepared in accordance with the country’s constitutional and legal framework and submitted to the Parliament
• the financial resources of the Government are allocated in a manner that reflects the Government’s priorities and objectives most effectively
• the budget proposed by the Parliament is appropriately executed
• the budget is effectively monitored and controlled
• the Government maintains a sustainable fiscal position over the medium term to promote non-inflationary economic growth.

Strategic Objectives & Organizational Structure

The strategic objectives of the PFS to maintain sustained non-inflationary economic growth are :

• to develop a medium term expenditure framework, within the macroeconomic framework
• to eliminate monetisation of the deficit and maintain a domestic budget surplus
• to maintain a sustainable debt profile and introduce domestic debt finance instruments
• to manage Government expenditure prudently and efficiently
• to integrate performance monitoring and strategic plans within the budget process
• to institutionalise improved standards of financial management and budgetary preparations throughout the Government.