Author/Editor:

International Monetary Fund. Fiscal Affairs Dept.

Publication Date:

September 15, 2017

Electronic Access:

Free Full text (PDF file size is 1324 KB).Use the free Adobe Acrobat Reader to view this PDF file

Summary:

The Public Finance Management (PFM) Bill 2012 introduces new concepts designed to strengthen fiscal responsibility, accountability and control in the management of public funds and is at the final stages of approval by parliament. The March 2014 mission highlighted a number of weaknesses in the provisions of the bill, such as those relating to categories of entities, in-year adjustments and Contingencies Fund, commitment controls, financial reporting, oversight of general government subsectors and public enterprises, and petroleum revenue management, which in the view of the Ministry of Finance should be addressed to the extent possible through supporting regulations.1 This report proposes draft regulations to address those issues and to clarify some of the concepts introduced in the bill.