MINISTRY OF FINANCE AND ECONOMIC AFFAIRS VALIDATES THE DRAFT NEW PUBLIC FINANCE MANAGEMENT BILL

Home Media News MINISTRY OF FINANCE AND ECONOMIC AFFAIRS VALIDATES THE DRAFT NEW PUBLIC FINANCE MANAGEMENT BILL

MINISTRY OF FINANCE AND ECONOMIC AFFAIRS VALIDATES THE DRAFT NEW PUBLIC FINANCE MANAGEMENT BILL

January 23, 2023 MOFEA COMMUNICATION OFFICE Financial, related

Led by the Directorate of Public Finance Management and Fyen Consulting, the Ministry of Finance and Economic Affairs on 12^th and 13^th January 2023 converged with stakeholders at Ocean Bay Hotel to validate the Public Finance Management Bill. Representing the Permanent Secretary Ministry of Finance, the Deputy Accountant General, Clara Saine in her opening remarks, thanked participants for taking time from their busy schedules to take part in the validation of this very important document.

The Bill, when enacted into law will increase efficiency and effectiveness in budget preparation and formulation. It is also expected to create avenues for public consultations during budget preparation which will increase accountability and transparency in the management of public funds. It will provide for the Minister of Finance in each financial year, the mandate to prepare and submit to the National Assembly a mid-year fiscal policy review which shall include an analysis of the total revenue, expenditure, and financing performance for a period up to the first six months of the financial year; if necessary, a presentation of a revised budget for the unexpired term of the financial year, and the implication of the revised budget for the medium-term fiscal and expenditure framework; and where necessary, plans for submitting a proposed supplementary budget for approval by the National Assembly; and an overview of the implementation of the annual budget and of the budgets of budget agencies.

Mr. Mamour Jagne, the lead consultant and economic expert of Fyen Consulting expressed gratitude to the Ministry of Finance for trusting their expertise to review the Public Finance Act 2014. According to him, the draft PFM bill provides the legal framework for how the government spends public funds.

Prior to the break-up sessions, experts debated on various sections of the document to ensure that a consensus is arrived-at on mandatory matters as to whose responsibility it is to authorize or approve the execution of certain budget lines.

Ebrima S. Jallow

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