SOEs bilateral budget discussions begins today
Sierra Leone, Freetown: The Ministry of Finance will today begin bilateral budget discussions for State-Owned Enterprises (SOEs) in preparation for the 2022 Budget at the conference hall of the Accountant General’s Department.
Facilitators will hear the Sierra Leone Road Transport Corporation (SLRTC) and National Insurance Company (NIC) today Wednesday 15th September.
According to the Ministry’s Budget Call Circular (BCC) resource allocation in the Fiscal Year (FY)2022-2024 budget will focus on programs to be completed under the Medium-Term Development Plan and the Fiscal Strategy Statement (FSS) 2022-2024 as well as the core functions of ministries, departments and agencies (MDAs).
As he did in 2018, the Financial Secretary Sahr Lahai Jusu cautioned that resource allocation and subsequent release of funds to MDAs in 2022 would be “performance based.” This implies that the access to funds from the Consolidated Revenue Fund (CRF) would be based on progress made by MDAs in implementing triggers/benchmarks agreed between the Government and its development partners under various frameworks, including the Country Policy and Institutional Assessment (CPIA), the Multi-Donor Budget Support Performance Assessment Framework (MDBS_PAF) and the International Monetary Fund (IMF) Structural Benchmarks.
In addition, as part of the World Bank budget support triggers agreed for, government should move to an e-procurement system that would improve on transparency in the procurement process across Government.
In that regard, the National Public Procurement Authority he added should include as part of their budget submission the design and implementation of a suitable e-procurement platform from 2021 onwards.
“It is worth noting that improvements in CPIA ratings will increase the amount of resources allocated to Sierra Leone by the multilateral financial institutions. This in turn will translate into higher budgetary allocations to MDAs” he said.
Consistent with Section 33(1) of the Public Financial Management Act 2016, the Minister of Finance is required to submit the Budget to Parliament for FY2022 and its Medium-Term perspective on Friday 5th November, 2022 to allow enough time for its scrutiny and ratification. ZIJ/15/9/2021
By [email protected]