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Government Financial Management Reforms Taking Shape
The Ministry of Finance has introduced several key reforms aimed at streamlining government financial management, enhancing transparency, and promoting accountability.
Enhanced Flexibility in Fund Transfers
Under the new measures, accounting officers have been granted the power to transfer unspent funds within their respective subheads, subject to certain conditions. This added flexibility is expected to promote more effective use of public resources.
Virement Warrants
The Minister for Finance may issue a Virement Warrant to authorize transfers between subheads within the same head of expenditure. However, this will only be done if it does not exceed the total appropriation for that head and the new purpose aligns with the relevant head’s objectives.
Administration of Deposits and Refunds
The Accountant General has been empowered to administer deposits and make refunds to individuals who are entitled to them. Deposits, which are not part of the Consolidated Fund, will only be used for specific purposes outlined in this Ordinance.
Enhanced Powers of Auditor General
The Auditor General has also been granted enhanced powers to examine, inquire into, and audit government accounts. This includes the authority to:
- Call upon officers for explanations
- Conduct inquiries
- Search records without payment of fees
These reforms are aimed at strengthening financial management and accountability within the government. The Minister for Finance has emphasized that these measures will promote transparency, efficiency, and effective use of public resources.
Key Provisions
- Accounting officers can transfer unspent funds within subheads
- Minister may issue Virement Warrants to authorize transfers between subheads
- Accountant General administers deposits and makes refunds
- Auditor General has enhanced powers to examine, inquire into, and audit government accounts
Next Steps
The Maneaba ni Maungatabu will be briefed on the Virement Warrants issued under this Ordinance. The Accountant General will also provide regular reports on the administration of deposits.
These reforms are expected to improve financial management within the government and promote transparency and accountability.