Most importantly any increase in infrastructure spending will be accompanied by

Most importantly any increase in infrastructure

This preview shows page 93 - 95 out of 156 pages.

through public-private partnerships (PPPs). Most importantly, any increase in infrastructure spending will be accompanied by improvements in public investment management, and the strengthening of governance and capacity building in state- owned enterprises and in local government. 3. FISCAL TRANSPARENCY Sound and transparent public accounting is a necessary component of effective public finan- cial management and indispensable to trans- 77-78 V I S I O N 2 0 3 0 N AT I O N A L D E V E L O P M E N T S T R AT E GY 2 0 1 6 - 2 0 3 0 Making the Necessary Adjustments
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parent government reporting and good decision-making, which is crit- ical to the use of public resources. In this regard, a comprehensive public finance management reform strategy has been approved. Its scope includes: (i) the reform of the public sector chart of accounts; (ii) the development of a busi- ness process manual; and (iii) the design of an inte- grated financial management information system (IFMIS) for the public sector. As a first step, Gov- ernment has begun implementing the cash basis International Public Sector Accounting Standards (IPSAS) 35 which is a basis for the accrual IPSAS. Government has also implemented the Common- wealth Secretariat Debt Recording Management System to enhance the quality, accuracy, timeliness and completeness of debt reporting; and amended the Exchequer and Audit Act, Chapter 69:01 to facilitate the electronic or computer-based transfer of funds between bank accounts. Ultimately, the objective is to produce essential information about the implications of budgets, noncash transactions, stocks of assets and liabilities as well as audited financial statements of government as a whole. 4. FISCAL POLICY In order to achieve prosperity and improve the quality of life of citizens, Government will commit to responsible fiscal management—balancing the budget and reducing debt—so it can support strong economic growth and job creation, and recalibrate when the economy is negatively affected by global developments. Government will therefore develop a medium term fiscal strategy and report annually on the performance of the strategy. In formulating the fiscal strategy, consideration would be given to the other aspects of the institutional framework for fiscal policy such as fiscal rules for the budget and expenditure, rules for government asset and lia- bility management, a fiscal responsibility law and modern financial management systems. To meet 35 Public Financial Management Modernisation Unit of the Ministry of Finance has been established to be the driver of public sector financial management reform which includes adoption of the Cash Basis IPSAS which is the Financial Reporting under the Cash Basis of Accounting. its objectives, the fiscal strategy would be guided by: The pursuit of sound macroeconomic policies to limit any potential adverse effects on real exchange rates or interest rates.
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