- as announced in the Budget Speech 2013, the General Treasury undertook to proceed with the activities relating to further revising the Financial Regulations in an endeavour to make such Regulations simpler to follow and more relevant to the present day needs of the Country. These Regulations set out principles, the broad framework and the basic rules associated with Public Financial Management connected to areas including planning, budgeting, execution, monitoring, accounting, auditing and reporting, to promote best practices and accountability in Public Financial Management. The proposal made by H.E. the President, in his capacity as the Minister of Finance and Planning, to conduct an extensive awareness programme on the provisions contained therein through 'Miloda' Academy of Financial Studies, the training arm of the Ministry of Finance and Planning, on the basis that it will become operative in 2015 from a date to be approved by the Cabinet of Ministers, and to proceed with the related activities, was approved by the Cabinet.