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Financial Regulatory Bodies in Solomon Islands: A Look into the Ministry of Finance and Treasury
The Solomon Islands Government relies heavily on the Ministry of Finance and Treasury (MoFT) for strategic guidance, leadership, and reporting on economic reforms, monetary policy, budget, and fiscal policy. The ministry is responsible for providing financial reporting, preparing and managing the annual recurrent budget, and advising the government on various financial policies.
Divisions Under MoFT
MoFT delivers services to support government decision-making processes, implement good governance practices, collect revenue, manage border protection, and provide financial reporting through its eight divisions:
- Corporate Services Support
- Customs and Excise
- Economics
- Funding and Finance
- Inland Revenue
- Internal Audit
- National Statistics Office
- Treasury
Key Functions
MoFT’s key functions include:
- Providing administrative support to the Permanent Secretary and Heads of Divisions
- Collecting revenue from income tax, sales, withholding, and goods tax
- Managing the country’s borders
- Investigating fraudulent activities and identifying areas for improvement within the public sector (Internal Audit Division)
Financial Reporting and Management
MoFT is responsible for:
- Maintaining accounting records of the government
- Preparing annual financial statements
- Providing financial reporting to government, parliament, and international organizations
- Managing the consolidated fund
- Processing revenue collected by other ministries
- Making payments to suppliers and employees
Leadership Team
The ministry’s leadership team includes:
- Minister of Finance and Treasury: provides strategic advice and guidance to the government on financial policies
- Permanent Secretary: serves as the chief executive officer of the ministry, overseeing its operations and implementing its vision
Contact Information
Contact information for MoFT is available online, including phone numbers and email addresses for various divisions and departments. Visitors can also find the ministry’s office location in Honiara, Solomon Islands.
Conclusion
Overall, the Ministry of Finance and Treasury plays a vital role in supporting the Solomon Islands Government’s financial management and economic development efforts. Its various divisions work together to ensure that the country’s economy is stable, transparent, and sustainable for future generations.