Finance Ministry achieves unprecedented success in 2015

    Finance Minister Snyder Rini

    The Ministry of Finance and Treasury has ended the year with notable milestones announced the Finance Minister Hon Snyder Rini during Friday’s end-year party of the Ministry.

    The Minister said this year is special and critical for the new DCC Government as the government started 2015 with risks and challenges in formulating its policies and mobilising resources to implement its policies.

    However, the Ministry played the key role in converting the DCCG policy intentions into a financial plan, produced the 2015 and 2016 budgets and one supplementary appropriation.

    Hon Rini the Ministry is also set to achieve 100 percent of its revenue targets for 2016 that will enable the government to achieve a historically high implementation rate in he development budget.

    One important aspect of this achievement is the adoption of the new IT system for Customs Division known as Asycuda World, that enabled unprecedented success in its revenue collection and compliance.

    Additionally, the provision of Government ICT services has evolved from being the centralised datacenter to a SIG-Connect rollout service both in Honiara and the provincial headquarters with greater efficiency, enabling government employees working in the provinces to access government ITC services outside of Honiara.

    On the other hand, the Ministry has successfully negotiated with domestic debt creditors and making early repayment of all domestic debts of $99.5 million resulting in the Government saving around $10 million from interest payments.

    In terms of its workforce, the Ministry has recruited and filled more than 50% of its vacant posts.

    The Minister said the culmination of the Ministry’s successes was the completion and the grand opening of the new Ministry of Finance and Treasury building project last week.

    Hon Rini said the Ministry’s successes and achievements was because of the dedication and commitment of the staff, advisors and senior management of the Ministry.

    The Minister also revealed that as a result of the changing socio-political and economic landscape locally and internationally, there has been an enormous expansion of the role and function of the Ministry recently.

    He said the expansion of Ministry’s roles is due to the increasing size of public expenditure and domestic revenue that demands expansion in the revenue, budget and financial management offices.

    Furthermore, there was a large increase in the number and size of Government activities in areas of economic policies, business policies and policies regarding SOE’s.

    Additionally, there was an increase level of Budget Support and borrowing facility made available for the Government to utilise as a result of improved and prudent fiscal and debt management practices the Ministry has attained.

    The Minister acknowledge the harrow and commitment of the Ministry’ staff as crucial to the Ministry’s successes in 2015.

    The Finance Minister is expected to make further announcements tomorrow, Monday in a press conference regarding further achievements about the successes of the Government’s debts repayment.