Most importantly any increase in infrastructure

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-
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Making the Necessary Adjustments

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.