Law to ensure proper public money spending laid in JS
Tuesday, 7 April 2009
A bill titled 'Public Money and Budget Management Act 2009' was laid in the parliament Monday for making a new law, aimed at macro-economic development as well as ensuring transparency and accountability in spending public money, reports UNB.
Finance Minister Abul Mal Abdul Muhith placed the bill that was sent to the Parliamentary Standing Committee on Finance for further scrutiny. The committee will submit the vetting report within six weeks.
In the Bill it is stated that in fiscal management "the government will take all steps needed for macro-economic stability."
It says the government will maintain the fiscal budget deficit in sustainable level, gradually reducing the amount of loans from internal sources, and maintain government contingent liability at minimum level.
The Bill carries a promise that the government, for the welfare of the people, will ensure transparency and equality in allocating money. "The government will ensure regional and gender equality, allocating more money for poverty alleviation."
Under this bill the government will mention revenue expenditure from other expenditures separately, and the Finance Minister will place a mid-term budget with the fiscal budget in the parliament.
During the placement of the fiscal budget, the government will submit a policy statement on macro-economic situation that will include the government's strategic priority, fiscal policy, and revenue incomes, including grants, total expenditure, budget deficit and deficit financing.
The new law in the making says, "All ministries or divisions, and other organisations will have a budget-management committee for their respective organisation that will be headed by the principal accounting officer." The government will establish a budget-management department in all ministries or divisions.
In the bill there is a provision for punishment to the public servants, if they fail to perform their duty willfully, or for their negligence.
Finance Minister Abul Mal Abdul Muhith placed the bill that was sent to the Parliamentary Standing Committee on Finance for further scrutiny. The committee will submit the vetting report within six weeks.
In the Bill it is stated that in fiscal management "the government will take all steps needed for macro-economic stability."
It says the government will maintain the fiscal budget deficit in sustainable level, gradually reducing the amount of loans from internal sources, and maintain government contingent liability at minimum level.
The Bill carries a promise that the government, for the welfare of the people, will ensure transparency and equality in allocating money. "The government will ensure regional and gender equality, allocating more money for poverty alleviation."
Under this bill the government will mention revenue expenditure from other expenditures separately, and the Finance Minister will place a mid-term budget with the fiscal budget in the parliament.
During the placement of the fiscal budget, the government will submit a policy statement on macro-economic situation that will include the government's strategic priority, fiscal policy, and revenue incomes, including grants, total expenditure, budget deficit and deficit financing.
The new law in the making says, "All ministries or divisions, and other organisations will have a budget-management committee for their respective organisation that will be headed by the principal accounting officer." The government will establish a budget-management department in all ministries or divisions.
In the bill there is a provision for punishment to the public servants, if they fail to perform their duty willfully, or for their negligence.