Public Finance Management Sample Clauses
Public Finance Management.
4.14.1. The RTGoNU shall ensure that government finances are managed responsibly and that budget execution is enforced in accordance with the law;
4.14.2. The RTGoNU shall ensure that all its transactions are transparent and subject to auditing and oversight to promote accountability;
4.14.3. The RTGoNU shall ensure that debts, arrears and prepayments will be audited, fully accounted for, responsibly managed and controlled. New debt and payables will be issued and undertaken in an open, transparent and responsible fashion and shall be contracted strictly in accordance with the law;
4.14.4. The Ministry of Finance and Economic Planning shall identify all loans and contracts collateralized or guaranteed with oil, checked, and made publicly available for the purposes of transparency and accountability;
4.14.5. The National Audit-Chamber shall audit and report on all public funds and financial dealings to relevant institutions generally and in particular to the Transitional National Legislative Assembly or to a State Assembly;
4.14.6. The TNLA shall receive pending reports of the Audit Chamber within six (6) months of the start of the Transitional Period. Subsequent reports shall be received in accordance with the law.
4.14.7. After receiving an audit report, the Transitional National Legislative Assembly and or the State Legislative Assembly, as the case may be, shall immediately debate and consider the report and take appropriate action;
4.14.8. All revenues, expenditures, deficits, and debts of the RTGoNU shall be accounted for and the information shall be made accessible to the public. An annual report which details the RTGoNU financial activities shall be required by the Transitional National Legislative Assembly;
4.14.9. The RTGoNU shall define and adhere to clear lines of authority, public disclosure requirements, and reporting channels amongst the Ministry of Finance and Planning, the Ministry of Petroleum, the Ministry of Mining, and the Bank of South Sudan, other line Ministries, and Transitional National Legislative Assembly in accordance with the law;
4.14.10. The RTGoNU shall reform South Sudan’s existing economic and public sector financial management institutions, to ensure that public financial management of oil and non-oil revenues, the exchange rate, budgetary processes, procurement, management of payroll, public concessions, borrowing, debt and regulatory agencies are effective, transparent and accountable, free from corruption, compliant ...
Public Finance Management. Article 6.5 Auditing of debts, arrears, prepayments, all public funds and expenditure and report to the Transitional National Assembly TgoNU TNA Audit Chamber Within four months of the Transitional Period Article 6.5.6 Receipt of pending audit reports by the National Assembly TgoNU TNA Within six months of the Transitional Period Article 6.5.10 Reformation of South Sudan Economic and Public Sector Financial Institutions Management TgoNU TNA Within six months of the Transitional Period
Public Finance Management. The Recipient has published, in the Recipient’s Government website for reforms, the 2008 budget execution report, and submitted to the National Assembly the draft version of the 2009 budget law before the end of the 2008 Fiscal Year and in line with the I-PRSP priorities. • The Recipient has completed the process of re-organization and strengthening of the Recipient’s Treasury, in line with the WAEMU Directive No 06/97/CM/UEMOA on General Regulations on Public Accounting, including creation of a General Payments Office (Paierie Générale), a General Revenue Office (Recette Générale) and a Treasury Central Accounting Agency within the Treasury. • The Recipient has created and staffed an internal audit and inspection unit (Inspection Générale des Finances) under the Minister of Economy and Finance, and nominated the Inspector General (Inspecteur Général des Finances).
Public Finance Management. The Court of Accounts has communicated to the MEF the results of its external audit of the government accounts covering the period from October 2007 to September 2008. The MEF has submitted the 2008-09 central government accounts to the Court of Accounts. The MEF has adopted a revised action plan for 2010-14 and a manual of internal control procedures for the IGF inspectors.
Public Finance Management. Significant and wide-scale reforms are on-going in Public Finance Management (PFM) system in the country covering all sectoral sub-areas on central and local level. However, key weaknesses still remain to be addressed, including: 1) PFM legal framework is not fully harmonised and there are insufficient institutional capacities to provide for its efficient implementation; 2) lack of medium-term budgetary framework and improved budget classification 3) fiscal consolidation and discipline are not yet fully developed and implemented; 4) lack of an efficient revenue system which introduces citizens'-oriented services and decreases the risks for corruption and fraud; weaknesses in tax collection and fight against tax evasion 5) uneven and inefficient internal control framework across the public administration 6) lack of harmonised public procurement legal framework and weak capacities of contracting authorities and business operators (including in concessions, PPPs and review procedures). The government demonstrated strong political commitment to PFM reforms and recognised the existing weaknesses in the sector. The 2018 - 2021 PFM Reform Programme and 2018 Action Plan can be considered as relevant to address those deficiencies. The programme's objectives, priorities, monitoring, reporting and performance assessment framework are relevant to provide for the successful implementation of the priorities defined based on clear indicators, targets and deadlines. In addition, the relevance of the programme is checked based on quarterly monitoring and flexible approach in updating and developing annual action plans. However, there are potential risks in ensuring necessary human and financial resources; streamlining the co-ordination with other national policies (incl. PAR). A more proactive involvement of civil society, international partners, universities and businesses in the budget process still has to be achieved. PFM donors' co-ordination remains a challenge. The credibility of the PFM Reform programme is to a certain extent ensured by the commitment shown by all actors' involved (state administration, Parliament, State Audit Office etc.) which has been also demonstrated during the PFM policy dialogue. In addition, the PFM Council, chaired by the Minister of Finance, re-confirms the political commitments to the reforms. The monitoring and reporting system has started to operate as envisaged in the Programme (the PFM Council, the PFM Sector Working Group, priority c...
Public Finance Management