Press briefing of Cabinet Decision taken on 2024-02-26 (Subject to Confirmation at the next Meeting)

Drafting the Public Financial Management Bill

- The Cabinet at its meeting held on 2023‑05‑08 has granted approval to draft a new Fiscal Rules Framework and to incorporate the same to the proposed Public Financial Management Act. Accordingly, a preliminary draft has been prepared under the consultancy and the policy guidance of a Supervisory Committee appointed by the Ministry of Finance, Economic Stabilization and National Policies under the Co-Chairmanship of two Deputy Secretaries to the Treasury and including other Treasury Departments. As such the proposal made by the Minister of Finance, Economic Stabilization and National Policies to instruct the Legal Draftsman to prepare the Public Financial Management Bill based on the said preliminary draft and to authorize the Secretary to the Treasury to appoint a Committee of Experts to initiate the formulation of Financial Regulations until the proposed Bill is prepared by the Legal Draftsman, was approved by the Cabinet.