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Fiscal transparency proposed in new Bills

July 20, 2021 4:35 pm
Minister for Economy, Aiyaz Sayed-Khaiyum

The Minister for Economy will be required to provide a fiscal update to Parliament prior to elections, once amendments to the Financial Management Act are passed.

This update will include the state of the economy and State finances for public knowledge.

Speaking on FBC TV’s 4 the record program, Minister for Economy, Aiyaz Sayed-Khaiyum says this way any government or political party cannot hoodwink voters.

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It’s part of a series of amendments that have been made to the Financial Management Act and various regulations to create more accountability.

“They cannot go and say their revenue is this much, when in fact they are lying. Nor can we go out for example as an incumbent and says this is what it is because we don’t actually have a requirement currently to present those reports formerly or make that information available formerly.”

Sayed-Khaiyum adds there will also be a requirement in an amended Electoral Act for any political party or candidate making financial promises needs to say how they will fund it.

“At the moment political parties for example those who are not government or those who are in opposition and not in government at all – they simply go around and say – don’t worry we will make this free, we will do this, we will cut back on that and we will give you free funding for this – they simply just don’t say how they will fund it and people say wow wonderful. Of course, they are not even accountable at all.”

The Minister for Economy says this is one of the Bills presented to parliament as part of this budget.

Sayed-Khaiyum says part of the amendment is for the government to be able to lay out its medium-term fiscal strategy, which also needs to be presented to parliament.

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