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June 27, 2022
News

Secretary Vele: Unbudgeted Items Cause of Unmet Goals

Unbudgeted commitments are a concern that Treasury wants to address.

 

Secretary for Treasury, Dairi Vele, told the Leaders’ Summit today that unbudgeted items run into millions of kina.

Dairi appealed to politicians not to make unbudgeted commitments.

 

The summit attendees were reminded about the challenges faced by Treasury in releasing funds intended for purposes in the budget.

 

Secretary Vele’s sentiment was shared by the Planning department about facing the challenge of diverting funds from other areas to unbudgeted items.

 

Outlining the 2013 budget implementation, Treasury released 87 % of the warrants.

 

Despite the achievements of implementation of the 2013 budget, he says there is still that needs to be done to implement the 2014 budget.

 

Mr. Vele said reform was needed to drive economic growth.

 

Giving an overview of what to expect in the 2014 budget, the secretary said the budget will be framed according to ticket areas, such as the pacific games, roads, tuition fee free education and the upcoming APAC meeting.

 

He called for a new policy to centralize all debt functions.

 

Understanding the budget and how it works is seen by Treasury as a challenge for departmental heads and provincial heads.

 

The K9.5 billion budget for 2013 had some positive indicators, with the introduction of decentralizing financial powers.

https://youtube.com/watch?v=awasQeUW4LI%3Ffeature%3Doembed%26wmode%3Dopaque%26showinfo%3D0%26showsearch%3D0%26rel%3D0

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