President Faure assents to Appropriation Act 2018 |28 December 2017

The Ministry of Finance, Trade and Economic Planning will start carrying out the expenditure of the National Budget following President Danny Faure’s assent to the Appropriation Act 2018.

The signing ceremony took place yesterday at State House in the presence of Vice-President Vincent Meriton, Designated Minister Macsuzy Mondon, the Attorney General Frank Ally, the principal secretary for Finance Patrick Payet and the Comptroller General Damien Thesee, among other high officials.

It is required by law for the President to give his assent to the Act, under Section 2 of the Appropriation Act 2018 for the Minister for Finance, Trade and Economic Planning Dr. Peter Larose to be able to issue from the consolidated fund for the services to the Republic for the year 2018, of a sum not exceeding seven billion, nine hundred and thirty five million, nine hundred and thirty seven thousand, one hundred and ninety three rupees (R7,935,937,193).

The Appropriation Bill 2018 was passed by the National Assembly on December 19, 2017 following debates earlier this year on the merits of the budget allocations for various ministries, departments and agencies.

The Appropriation Bill 2018 was published as a supplement of the Official Gazette on October 20, 2017 after approval by the Cabinet of Ministers followed by a presentation of the Bill to the National Assembly for approval on October 31, 2017 by Minister Larose.

PS Payet said the President’s assent gives the minister the power to start spending the new budget.

“We will issue a general warrant next week so that we can start the spending in our ministries. For 2018 we’ve organised ourselves strategically within the government to think more efficiently about the way we use public funds,” he said.

He said there will be more capacity building within the ministries to ensure that the Public Finance Management Act and the Procurement Oversight Act is being followed.

“Hopefully for 2018 the ministries and departments will find more synergy and ways so that when we prepare for 2019 we should be in a better position to advise the general public and National Assembly that we have good procedures in place to ensure transparency in public finance,” he said.