2019/20 Budget Communication Final Budget Communication | Page 17

allow us to have a better view of outstanding cash requirements. This is important not only to
facilitate improved cash planning, but also helps to avoid any future buildup in arrears.
In further keeping with our commitment to improve accounting and reporting, we are
nearing completion of the recruitment of 35 additional accountants to be dispersed throughout the
Public Service. This project will address current labour gaps, as well as strengthen the overall
level of skill set throughout the Public Service, as a part of our ongoing efforts to fortify the talent
set within the Ministry of Finance and the Public Treasury. Of the 35 accountants that will be
recruited, 11 will be hired as Accountants, 14 as Accountant Assistants, and the remaining 10 as
trainees—all of whom will come under the remit of the Treasury Department.
v. Public Debt Management Legislation
The Public Debt Management Bill is also intended to be enacted by the end of this
calendar year, although the implementation of some of its parts will precede its enactment; namely,
as mentioned earlier, the creation of the Debt Management Unit at the Ministry of Finance. The
Bill will provide a governance framework for Government debt activities, which will be guided by
defined medium and long-term fiscal objectives. The Bill will mandate that an annual Debt
Management Strategy Report be produced and presented to Parliament at the time of the Annual
Budget exercise, in keeping with our efforts to increase transparency and accountability in the
management of public funds.
vi.
Transformation of State Owned Enterprises
Mr. Speaker,
Another critical step toward fiscal reform is the need—where possible and desirable—
to move our SOEs toward cost recovery and self-sufficiency. For far too long we have lamented
the cost to the taxpayers to subsidize these entities but paid little more than lip service toward any
serious reform. This must change if we are to manage our overall fiscal affairs in any systematic
way.
16