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Finance Ministry Renamed To Ministry Of Economy

The Ministry of Finance will now be called the Ministry of Economy. This has been done in order to better reflect the role of the Ministry and also reflect the
23 Jun 2016 14:05
Finance Ministry Renamed To Ministry Of Economy
Minister for Finance Aiyaz Sayed-Khaiyum (left), and Prime Minister Voreqe Bainimarama following the 2016\2017 National Budget announcement at Parliament yesterday. Photo: Ronald Kumar

The Ministry of Finance will now be called the Ministry of Economy.

This has been done in order to better reflect the role of the Ministry and also reflect the change of the mindset of the role the ministry plays.

The role of the Ministry of Economy is to manage the finances of Government and ensure that public funds are used as its elected leaders intend.

But the role goes beyond just dealing with finances. There is a Strategic Planning Unit involved with the forecasting of the GDP and balance of payment.

As the name suggests, the ministry helps put the economy on a path to sustainable long-term development by ensuring that the national economy is well-managed and meets its macroeconomic targets.

The ministry has been allocated $94.4 million in the 2016-2017 Budget compared to $82.3 million for the 2015-2016 Budget.

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