Saturday, February 4, 2023

Finance Ministry Validates Draft Bill to Enhance Transparency

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By: Kebba AF Touray

The Ministry of Finance and Economic Affairs has recently validated a bill entitled ‘The Public Finance Management Bill.’

Led by the Directorate of Public Finance Management and Fyen Consulting, the bill, when enacted into law, will among others ensure transparency and accountability in the management of public funds.

It will also increase efficiency and effectiveness in budget preparation and formulation, create avenues for public consultations during budget preparation which will also increase accountability and transparency in the management of public funds.

According to the Ministry, when the said bill becomes law, it will empower the Minister of Finance 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 the first six months period of the financial year.

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According to them, if necessary, the Ministry will make 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.

“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,” the ministry said.  

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 on how the government spends public funds,” he said.

The two days validation event was marred by debate among experts on various sections of the document, with the objective to ensure that a consensus is arrived-at on mandatory matters as to whose responsibility it is to authorise or approve the execution of certain budget lines.

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