Financial Secretary Office News

Financial Secretary Office News

Government strengthens internal controls

The Ministry of Finance is improving its internal control framework with oversight from an internal audit committee (IAC) comprised of senior officials from the Ministries of Finance, Internal Affairs and the Office of the Public Service Commissioner. Committee members include Financial Secretary Garth Henderson, Treasury Operations Manager Russell Hynd, Secretary of Internal Affairs Bredina Drollet and Chief Executive Officer of PSC Daphne Ringi.

The group is responsible for overseeing MFEM’s internal audit function to strengthen the Ministry’s internal controls over revenue collection, expenditure and funds management, that impact on the whole of government.

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PSIDS urge ADB not to segregate climate and development finance

Pacific Small Island Developing States (PSIDS) are urging the Asian Development Bank (ADB) as one of its main multilateral banker, not to segregate climate and development finance.

They say the demarcation of these financing delinks long term development agenda, medium-term national planning and short term budgeting.

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ADB considers contingent credit line to finance post disaster recovery

Pacific Small Island Developing States have welcomed the decision by the Asian Development Bank (ADB) to develop a contingent credit line to finance post disaster recovery.

Cook Island Finance Minister, Mark Brown made reference to the new financing mechanism in his address at the 49th Asian Development meeting in Frankfurt.

“Pacific DMCs need innovative financing mechanisms that suit our needs and yet be flexible enough to account for inherent vulnerabilities, such as susceptibility to adverse climatic events and global economic shocks.”

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