Cabinet approval has been granted to draft the State Finance Management Act, based on the fundamental draft that has been prepared in this regard.
According to the government, approval was granted at the Cabinet meeting in May 2023 to draft a new framework of financial rules and to include the drafted framework of financial rules in the proposed state financial management act.
A fundamental draft was, thereafter, prepared under the consultancy and policy guidance of a supervisory committee appointed under the co–chairing of two other budget departments and deputy treasury secretaries by the State Finance Department that comes under the Ministry of Finance, Economic Stabilization and National Policies.
Accordingly, the Cabinet has granted approval to the proposal presented by the President in his capacity as the Minister of Finance, Economic Stabilization and National Policies to direct the Legal Draftsmen to draft the bill of State Finance Management based on the said fundamental draft.
It has also been proposed to entrust the powers to the Secretary to the General Treasury to appoint a specialists committee for inaugurating the formulation of financial regulations until the Legal Draftsman prepares the proposed draft bill. (NewsWire)