By Chernor Alimamy Kamara
In the performance contract signed by ministers of government with President Julius Maada Bio, the Minister of Finance, Sheku Fantamadi Bangura has vowed to expand domestic revenue in the country.
President Bio detailed key outcomes he expects the Ministry to contribute to for the long term development of Sierra Leone like prudent use of public resources and pro-poor expenditure management, enhanced financial and economic policy and legislative framework for sound financial management and stimulated investment. He also expects them to strengthen institutional and human capacity in the ministry.
Aiming to achieve key outputs by December of this year, Minister Bangura noted that the ministry sets to manage public debt through debt sustainability analysis and implementation of the Medium-Term Debt Strategy (MTDS). He said that they aim to reduce public wage bill through development and implementation of a wage bill strategy.
He also said that the ministry will enhance oversight and effectiveness of the internal control systems through establishment of functional and effective audit committees and regular finance meetings in all Ministries, Departments and Agencies (MDAs) and Local Councils.
The Finance Minister explained that they will develop Fiscal decentralization policy and strategy and roll them out at sub-national levels for improved service delivery. He added that they will promote private sector coordination and promote innovative climate and green financing and blue economy initiatives through policy identification and fostering collaboration among stakeholders in the private sector.
He further aims to strengthen Fiscal risk management and fiduciary oversight for all MDAs, Local Councils, State Owned Enterprises (SOEs) and public sector projects through review and analysis of financial statements and assessment and monitoring of fiscal risks associated with public-private partnerships.
He promised to increase revenue generation through robust implementation of the Medium Term Revenue Strategy (MTRS). He also vowed to strengthen macroeconomic and fiscal policy management through development of comprehensive fiscal strategy, formulation of a macro-economic policy, undertake research to support evidence-based planning and decision making, conduct macroeconomic studies band analyses as well as other macro-fiscal activities.
Subject upon the availability of resources, the ministry seeks to implement key projects like the Sierra Leone Economic Diversification Project, Resilient Urban project, accountable governance for Local Councils Service delivery project, enhancing policy development project, and the education sector support project.
Copyright © 2024 Politico (15/05/24)
