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Public Financial Management Roles and Responsibilities in the Republic of the Marshall Islands

The Republic of the Marshall Islands has a comprehensive system for public financial management, outlined in the Public Financial Management Act 2023. This article provides an overview of the roles and responsibilities involved in managing public finances in the country.

Roles and Responsibilities:

Minister of Finance

• The Minister of Finance has overall responsibility for ensuring that public finances are managed effectively and efficiently.

Secretary of Finance

• The Secretary of Finance is responsible for providing advice to the Minister on financial matters and implementing policies related to public finance management.

Spending Agencies

• Spending agencies, including ministries, departments, commissions, boards, bureaus, offices, or other establishments of the government, are responsible for managing public funds allocated to them.

Accounting Officers

• Accounting officers, who may be appointed by the Minister or Secretary, have responsibility for maintaining accurate and transparent financial records for their respective agencies.

Auditor General

• The Auditor General is responsible for conducting audits to ensure that public finances are managed in accordance with laws and regulations.

Responsibilities:

Here are some key responsibilities of the roles mentioned above:

• Budgeting: Prepare and submit budgets to the Nitijela (legislature)
• Financial Management: Manage and account for public funds
• Policy Development: Develop and implement financial policies and procedures
• Reporting and Audit: Conduct regular financial reporting and audit
• Compliance: Ensure compliance with relevant laws and regulations

Please note that this is a general summary, and actual responsibilities may vary depending on specific laws, regulations, or circumstances in the Republic of the Marshall Islands.