Public Financial Management Act, 2016
The principal Act governing public financial management in Sierra Leone — the budget, public expenditure, revenue, borrowing and accountability.
Summary
The Public Financial Management Act, 2016 is the principal statute governing public financial management in Sierra Leone. It consolidated and modernised the framework previously found in the Government Budgeting and Accountability Act, 2005, strengthening fiscal discipline, transparency and accountability.
The Act provides for the budget process and fiscal responsibility principles, the management and control of public expenditure and revenue, the duties and responsibilities of the Minister of Finance, the Financial Secretary, vote controllers and accounting officers, the management of government assets, liabilities and borrowing, and government accounting, financial reporting and audit. It provides for oversight by Parliament and for sanctions for breach.
It is the backbone of the public finance legal framework, supported by the Audit Service Act and the Public Debt Management Act.
Main provisions
- Provides the framework for the budget process and fiscal responsibility.
- Provides for the management and control of public expenditure and revenue.
- Defines the duties of the Minister, Financial Secretary and accounting officers.
- Provides for the management of assets, liabilities and borrowing.
- Provides for government accounting, reporting and audit.
- Provides for parliamentary oversight and sanctions for breach.