Ministry of Finance, Economic Planning and Development
The Ministry of Finance, Economic Planning and Development is responsible for formulating the Economic Development Policies and for the Economic Management of the Affairs of Government so as to achieve faster and sustainable economic development. This Ministry is also responsible for the financial soundness of Government's economic policy and for the proper control of revenue and expenditure.
The Ministry of Finance, Economic Planning and Development vision
The Ministry of Finance, Economic Planning and Development promotes economic development, good governance, and social progress for all Mauritians through accountable, efficient, equitable and sustainable management of public finances; and that effectively markets Mauritius as a reputable financial centre and successfully attracts higher levels of investment.
The Ministry of Finance, Economic Planning and Development mission
- To formulate and implement sound macroeconomic and fiscal policies to ensure sustainable economic and social development of the country and improve standard of living.
- To ensure adequate allocation of funds and optimise revenue mobilisation, while providing the right incentives for economic growth and social development.
Roles and functions of the Ministry of Finance, Economic Planning and Development
The Ministry is responsible for formulating the Economic Development Policies and for the Economic Management of the Affairs of Government so as to achieve faster and sustainable economic development.
This Ministry is also responsible for the financial soundness of Government's economic policy and for the proper control of revenue and expenditure. The Financial Secretary as Supervising Officer of this Ministry has the responsibility to ensure that the functions of this Ministry are carried out economically, efficiently and effectively and its objectives duly achieved.
The key functions of this Ministry are defined as follows:
- Formulate Government economic reform strategy and coordinate its implementation;
- Develop macro fiscal framework and formulate fiscal policy;
- Prepare the annual Budget Estimates in collaboration with Ministries/Departments;
- Develop and prepare, in consultation with other Departments, a Public Sector Investment programme (PSIP);
- Provide support, through Sector Ministry Support Team (SMST), to Ministries/Departments in the formulation of their strategic plan, preparation, planning, execution and monitoring of their Performance Based Estimates;
- Manage public sector debt with a view to minimising cost, consistent with a prudent level of risk and develop active debt management strategies which also aim at supporting the development of a well-functioning market for government securities;
- Coordinate with the Bank of Mauritius (BOM) and the Financial Services Commission (FSC) to regularly review and ensure the soundness and stability of the financial system;
- Develop cooperation with international financial institutions and mobilise financial resources and technical assistance;
- Develop the framework for the sound management of public finances and ensure implementation within set rules;
- Ensure the preparation of the annual accounts of Government;
- Oversee, through the parent Ministry, performance of parastatal bodies and compliance with legal financial requirements;
- Monitor the performance of Mauritius Revenue Authority (MRA) and other major revenue collecting Departments; and
- Maintain an updated Financial Management Kit and issue financial instructions to regulate financial procedures in Government.