Public Financial Management Act 2024

This Act may be cited as the Public Financial

All the provisions of this Act other than the provisions specified in subsection (3), shall come into operation on the date on which the Bill becomes an Act of Parliament.

The Minister of Finance shall for the implementation of the provisions specified in paragraphs (a) and (b) of this subsection, appoint such date or dates by Order published in the Gazette -

The objects of this Act shall be –

to set out standards, requirements, rules, and procedures for transparency, accountability, discipline, effectiveness, efficiency, and economy in the management of the public finance including the revenues, expenditures, commitments, financing arrangements, equity, assets and liabilities;

to specify the requirements and procedures to be adhered to, in the management of public finance including the implementation of fiscal responsibility objectives and rules, planning, formulation, adoption and implementation of annual budget along with the processes of monitoring, evaluation, internal controls, accounting, and reporting; and

to specify performance and accountability requirements.