Financial Crime World

Kiribati Government Committed to Strengthening Fiscal Transparency and Accountability

The Government of Kiribati has taken a significant step towards enhancing transparency and accountability in its financial reporting by implementing a new fiscal reporting policy. This policy aims to ensure that all government agencies and entities provide accurate and timely information on their financial performance and activities.

Key Features of the Policy

  • The policy requires various reports and statements to be published regularly by different agencies and entities, including:
    • Medium Term Fiscal Strategy: To be tabled in Cabinet by August each year
    • Recurrent Budget Estimates: To be published on or before January each year
    • Development Budget Estimates: To be published on or before January each year
    • Citizens Budget: To be published by March each year
    • Preliminary final budget outcome report: To be published within six months of the end of the financial year
  • Annual financial reports and statements will be submitted to the Auditor General and published within 6-11 months of the end of the financial year.
  • Extra-budgetary funds and entities will provide quarterly and annual performance reports, including the RERF (Represents Employees’ Rights Fund) Annual Report, which will be presented to Parliament within three months of the end of the financial year.

Impact on State-Owned Enterprises and Local Councils

  • State-owned enterprises (SoEs) and public corporations will submit annual and half-yearly reports on their performance.
  • Local councils will provide audited financial reports and statements on their activities.

Expectations from the Policy

The implementation of this policy is expected to enhance transparency, accountability, and good governance in Kiribati. It aims to improve the effectiveness and efficiency of public finances, and promote greater trust among citizens in government’s ability to manage resources responsibly.

According to the Finance Secretary, “This new policy is a critical step forward in our efforts to enhance fiscal transparency and accountability. We are committed to providing accurate and timely information to citizens, policymakers, and stakeholders, and we believe that this will help to improve public trust and confidence in government.”

Implementation Timeline

The implementation of the fiscal reporting policy is expected to begin in 2022, with various phases planned over the next three years.