Ministry of Finance and Economic Management (MoFEM) (Montserrat)
The Ministry of Finance & Economic Management is responsible for managing the financial resources of Government and to ensure that a proper legal framework and supporting systems are in place for that purpose. The Ministry in delivering its mandate seeks to promote government’s fiscal policy framework; coordinate macroeconomic policy and intergovernmental and external financial relations; manage the budget preparation process; secure and allocate funding for approved public policies and programmes; and to monitor the implementation of departmental budgets.
The Public Finance (Management and Accountability) Act mandates the Minister of Finance to develop and implement a national macro-economic and fiscal policy framework for Montserrat for a period of not less than 3 years and for this purpose must —
(a) advise Government on the total of resources to be allocated to the public sector and the appropriate level of resources to be allocated to individual programmes within that sector;
(b) advise on the state of the economy for current and projected periods;
(c) supervise and monitor the public finances of Montserrat; and
(d) co-ordinate the international and inter-governmental economic and fiscal relations of Montserrat.
Public Finance (Management and Accountability) Act requires the Minister, in pursuing his policy objectives, to adhere to the principles of prudent fiscal management and seek to manage financial risks accordingly having regard to economic circumstances including the maintaining of public debt at prudent levels.
The Minister is also required to lay before the Legislative Council a statement setting out the key principles of prudent financial management he will adhere to and shall keep the Legislative Assembly fully informed of any significant changes thereto through the submission of further statements.
The Ministry of Finance legislative mandate is shaped by the responsibilities of the Minister to the Legislative Assembly.
As mandated by Cabinet and the Legislative Assembly, the Ministry of Finance will continue to support the optimal allocation and utilisation of financial resources in all spheres of government to reduce poverty and vulnerability among Montserrat’s most marginalised.See more