Saturday, October 19, 2019

Government To Pay Close Attention To Public Financial Management

Press Release:- The Government of Saint Lucia is paying close attention to public financial management with a number of initiatives, including legislative reform.

These initiatives come on the heels of the Caribbean Development Bank’s 2018 Country Economic Review, which indicated that public sector debt in Saint Lucia was estimated to be 67.8 percent of GDP at the end of 2018, down from 68.5 per cent a year earlier. The reduction in debt was consistent with improvements in fiscal outturns.

Governor General, HE Sir Emmanuel Neville Cenac, in delivering the Throne Speech on April 9, underscored the government’s commitment to economic governance.

Consequently, the existing Financial (Administration) Act Cap 15.01 will be repealed, and a new Public Financial Management Act introduced; a centralized internal audit function will be established, specifically with a view to protecting assets, reducing the possibility of fraud, increasing financial reliability and integrity, and ensuring compliance with applicable laws; and a Debt Management Strategy which aims to raise stable and consistent levels of financing at minimum cost, introduced.

2 COMMENTS

Comments are closed.

Headlines

Taiwan Donates Supplies to the Ministry of Equity

Press Release:-  The Embassy of the Republic of China (Taiwan) has once again  demonstrated its nation’s support by donating an assortment of humanitarian supplies...

Two Saint Lucians To Undergo Advanced Training As Cricket Coaches

By Terry Finisterre Former West Indies A captain John Eugene is one of two Saint Lucians set to undergo advanced training as a cricket coach...

Saint Lucia Prepares for FCCA 2019

Press Release:- Destination Saint Lucia is looking to strategically position itself and highlight its many offerings as tourism industry representatives meet to participate in the...

PM Lauds Efforts To Bring Tourism Benefits To Anse La Raye-Canaries

Prime Minister Allen Chastanet has praised Tourism Minister Dominic Fedee's efforts to  bring tourism benefits to the people of Anse La Raye-Canaries. Fedee is the...
Saltibus Man Stable After Being ShotRead
+ +