To'abaita Authority for Research & Development (TARD)

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Wednesday, June 07, 2006

Sogavare led government remains firm on finance management

The Grand Coalition for Change Government is determined to remain watchful in protecting and managing public finances with a view for shielding a source of sustenance for its people.

The determination had transpired from recent experiences which messes up government finances and attracted wider public criticism on previous governments.

This policy was outlined in the GCCs recently established Policy Framework Document.

While acknowledging the need for proper running of finances, the document highlighted that areas involving tax reform, monetary and fiscal policy management, access to credit, debt management and the need to upgrade the capability of local skills to manage the country’s financial system with integrity remains a top priority.

Among others, the government is ambitiously planning to enhance on-going efforts to improve the management of government finances at all levels by maintaining strict accountability and transparency and to create an environment conducive to both domestic and foreign investment to broaden the country’s economic base.

A further effort will be placed on ensuring that the management of the Solomon Islands’ exchange rate policy is closely attuned to the country’s international trade and development needs and to devise effective revenue collection methods to eliminate tax evasion and dubious money collection points.

The GCC government is also enthusiastic to adopt a less complicated budgetary format that provides a standardized and transparent financial reporting mechanism to all levels of government and to introduce specially designed credit facilities to encourage wider and optimum participation of locals in development.

To ensure that Rural Constituency Development Fund (RCDF) achieves its purpose, the government will introduce an administrative mechanism for the disbursement of the RCDF and ensure that proper planning and accounting procedures are followed.

The other major plan of the government is to introduce legislation for the establishment of a Prices and Income Board to regulate prices and incomes for all Solomon Islanders.



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