The strategic objective of the Ministry of Finance (MoF) for 2021 is to increase domestic revenue mobilization from 12.3% of Gross Domestic Product (GDP) in 2017 to 20% by the 2023.
This disclosure was made on Tuesday by the acting Director of Research at MoF, Alhaji Komeh while presenting the Ministry’s projected budget of Le 162,762 billion for the 2021 fiscal year at the ongoing budget hearing in conference room of the Ministry of Finance in Freetown.
According to Komeh, the Ministry also seeks to strengthen the administrative, human resource management and Information Communication Technology (ICT) capacity in order to enable effective service delivery.
He noted that in future the ministry will seek to strengthen fiscal decentralization for improved service delivery at sub-national level and improve the process of budget preparation, execution and payment systems in the country.
He added that, part of the Ministry’s deliverables is to properly enhance government financing during the global coronavirus pandemic period by designing a path to restore public debt sustainability in the medium-term.
He noted that their strategy for delivery in 2021 encompasses: the whole of government’s approach to human capital development and job creation; implementation of forward looking public financial management reforms; facilitation of resource mobilization to ensure disbursements; automation of processes and leverages on technology; prudent debt management; research and evidence based policy making; closer collaboration and information sharing with partners and stakeholders.
He pointed out that however they sometimes encounter delivery challenges specifically funding issues, procurement delay, external dependencies, and internal processes & capacity
By George M.O. Williams
8/09/2020. ISSUE NO: 7926