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Finance Ministry Commences Policy Hearing

Finance Ministry Commences Policy Hearing

The Ministry of Finance and Economic Development (MoFED) has commenced the 2018 National policy hearing.

The occasion which started on Monday 14th August 2017 attracted Ministry’s Department and Agencies (MDA’s), International partners, Civil Societies Organizations (CSO’s), the media and members of the public was held at the Miata Conference Centre in Freetown.

The Chairman of the occasion, Ansu S. Kamara described the policy hearing as a prelude of the bilateral and participatory budget discussions and he expressed thankfulness to MDA’s for their timely attendance.

He pointed out that there have been made in the micro economic environment despite the Ebola Virus Disease outbreak that ruined our economy and the global decline in commodity prices especially Iron Ore adding that the medium term prospect remain promising with expected growth.

He maintained another significant development is the negotiation of a new program with support from the International Monetary Fund (IMF) to moderate our balance of payment deficit and to step up our domestic revenue base over the medium term.

According to the Chairman, Government will design and implement a revenue mobilization strategy to improve on domestic revenue and deliberated that despite the numerous challenges they remain on course with the implementation of PFM reforms to ensure budget credibility, value for money and integrity in the use of public funds. He claimed most participants were involved in the process of developing the Public Financial Management (PFM) regulations.

Kamara mentioned that 2018 is the final year for the implementation of the Agenda for Prosperity and he expressed anticipation that MDA’s will give priority to the completion of the ongoing projects in the A4P and clearance of arrears on goods and services. “It is also expected that, programs and activities that were not completed under the Presidential Recovery Priorities will also be incorporated in your 2018 proposals,” he said and advanced that the main objective of the policy hearing is to create forum for MDA’s including Local Councils to discuss and review their policies and specified program under the A4P.

He mentioned that the policy hearing will also provide an opportunity for stakeholders in PFM to discuss and exchange on issues relating to the Financial Year 2018 budget formulation, implementation and monitoring of budgetary agencies within the MTEF.

By Abdulai Mento Kamara

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