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Finance Ministry to review, harmonize pension laws

The Ministry of Finance has included the review and harmonization of existing pension laws among its key deliverables for the Fiscal Year (FY) 2021.

According to the ministry’s Acting Director of Research, Alhaji Abu Komeh the deliverables for 2021 are geared towards increasing domestic revenue from 12.3% of Gross Domestic Product (GDP) in 2017 to 20% of GDP by 2023, improving expenditure Management and Control, strengthening fiscal risk management, and oversight of state-owned enterprises, strengthening research capacity to support policy formulation and improving public debt management, among others.

He added that the deliverables are also intended to improve budget preparation and execution, strengthening the Ministry's administrative capacity, strengthening fiscal decentralization and improving the implementation and coordination of donor-funded projects.

Mr. Komeh assured of the ministry’s readiness in ensuring that all donor-funded projects are aligned with the National Development Plan, as well as all disbursements are triggered by satisfactory Monitoring and Evaluation (M&E) progress reports.

“The Ministry will support the Local Government Ministry to review policies and the Local Government Act to strengthen local service delivery and also provide technical assistance and backstopping to local councils in actualizing their revenue potentials and regularly monitor their own revenue performance, " he said.

He said the Ministry will collaborate with external professional organizations such as the Sierra Leone Association of Journalists (SLAJ) to ensure journalists are trained in economic and financial reporting.

He noted that the ministry would also fully automate expenditure management by rolling out the E-Pets 2 and migrate to e-procurement.

The Ministry of Finance is requesting Le 162,762.2 Billion for the FY 2021.

The budget estimates for FY 2021 for the Accountant General's Department amounting to Le 46,781.8 Billion as submitted by the Accountant General, Richard Williams.

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