President Danny Faure has announced that the government will be proposing amendments to the Public Finance Management Act 2012 to ensure that agreements, including grant agreements, signed by government departments and ministries, are cleared by the Ministry of Finance, Trade and Economic Planning prior to signature.

This will ensure that any related financial obligations and tax exemptions included in such agreements are fully assessed, and where approved, incorporated into budget planning.

A development committee will also be set up in the Ministry of Finance, Trade & Economic Planning to assess all capital projects of ministries, departments and budget-dependent public entities, prior to such projects being submitted for Cabinet approval.

The amendments to the Public Finance Management Act will be introduced in the first quarter of 2017.