What does the Ministry of Finance Do?
The Ministry Of Finance formerly Treasury is headed by a Chief Executive Office CEO (Financial Secretary) who is the primary economic and financial adviser to cabinet and government. More specifically, the Ministry Of Finance does the following activities:
- Produce, implement and monitor the Annual Budget of the government.
- Monitor all state owned enterprises (such as the Water Authority and the Electric Power Corporation) as well as sit on the boards of organizations where Government has a vested interest. (Such as Computer Services Limited.)
- Develop national economic strategies and plans.
- Manage the government payroll.
- Manage all government tenders and auctions.
- Manage all government procurement and payments.
- Manage the maintenance of the main Government Building and the Women's Affairs complex.
- Manage government funds in overseas banks.
- Carry out audit investigations concerning government property and government employees.
- Represent government in dealing with financial institutions such as the International Monetary Fund and the World Bank.
- Manage the repayments of all government loans.
- Manage the Government Wide Area Network.
The Ministry of Finance to maintain its leading role in sustaining a financially sound, socially stable and vibrant economy.
To strengthen best practice in sound financial and macroeconomic management and delivery of services.
Long term goals
- To support Macroeconomic stability
- To strengthen financial operations of government to achieve effective management and efficient utilization of resources.
- To strengthen good governance in the public sector.
- To strengthen private/public sector partnerships for sustainable economic growth
- To ensure excellence in staff development, practices and provision of support services and provision of support services for enhanced performance
The operational environment of the Ministry of Finance, the perspectives that drive its decision and the interrelations with staff and stakeholders impact on its efficiency, effectiveness and day to day operations. By adopting an agreed set of collective values and philosophies we will shape and facilitate organizational effectiveness and set an appropriate set of principles that will underscore our activities.
The Ministry of Finance is committed to embracing the following values and philosophies:
- Accountability and transparency
- Commitment to honesty and fairness
- Integrity of transactions and records
- Respect and courtesy in treatment of clients and employees
- Professional approach to the delivery of services
- Leadership by example
- Prudent use of Government assets and resources.