treasury_department

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Preamble

Being a relatively new Unit, reflecting some of the dynamic roles that the Ministry is assuming lately, this Unit is there to facilitate increased access to financial services in order to spur rapid economic growth and development. The Section will focus on coordinating three main areas of financial sector reforms including policy and regulatory framework, innovation and capacity development. Financial sector reforms will cover banking, insurance, microfinance, capital markets, pension funds and asset management, debt market, financial intermediaries, payment systems, credit reference systems, foreign exchange markets and money transfer systems.

Mandate
The mandate creating this unit stems from an agreement between the Government of Malawi and the UNDP/UNCDF in June, 2007 aimed at contributing to MGDS/MDGs goals of reducing poverty specifically by increasing access to financial services to the population and in particular the poor.

Purpose
To create a vibrant and inclusive financial sector through necessary financial reforms

Core Functions

• Recommending reforms that will lead to a financial sector that is inclusive, broad , deep and spur economic growth and development;
• Monitor the development and stability of the financial sector;
• Oversee the transformation, privatization and restructuring of market players in the financial sector;
• Coordinate the development of legislation to govern the financial sector; and
• Ensure that all categories of market players in the financial sector are properly regulated and supervised by appropriate institutions.

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This section is not new, it been there as an independent Unit in the ministry of finance. Its main function is supervising all public enterprises and ensuring that these parastatal institutions are performing to meet government’s expectations.

Duties:

• Provide advice of PFMA relating to financial management of SBs;
• Provide financial advice to Minister and ST on SBs financial strategic direction, corporate plans and financial performance;
• Oversee the development of financial guidelines and coordinating the overall process for preparing financial services plans, annual reports and shareholders letters of expectations between the Minister, ST and SBs Boards of Directors;
• Advising on the implementation of performance Management Plans and Budgets and risk management frameworks
• Analysing the financial performance and overseeing the effects of potential implications going concern status of SBs;
• Reviewing SBs financial policy practices, financial guidelines and adherence to financial accountability arrangements;
• Deputising Director of Public Enterprise in managing and implementing financial policies of the SBs in his /her absence.

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Preamble
The Ministry of Finance encounters public finance policy and management issues and challenges in its day to day work, emanating from both internal policy deliberations and sectoral developments. In order to solve some of these issues and challenges there is a need for an in-house facility to conduct or supervise studies that will contribute to reforms in public finance policy, planning, legislation and the institutional framework. The Unit will also provide a public finance perspective of implications arising out sectoral developments and plans.

Mandate
The mandate of this Unit can be traced to the 2004 Ministry of Finance(MoF) Functional Review . The need for this facility has from time been subsequently followed up in various MoF Management and internal Economic Affairs Department meetings with the ultimate aim of formalizing and institutionalizing the public finance related policy studies function in MoF. Even at the national level there is discussion to create a public policy research institution similar to others in the region.( This Section within the Ministry can in a way be seen as link to the envisaged research facility in the future).

Purpose
To conduct studies that will improve the public finance service delivery through policy and planning.

Core Functions

• Programme and coordinate public finance sectoral policy studies e.g. sectoral Public Expenditure Reviews (PERs), in-depth PER studies (see IMF, World Bank, CABS,);
• Coordinate MGDS Financial Sector Reviews(see MGDS);
• Coordinate MGDS Economic Governance Sector Review(see MGDS);
• Participate in Annual Ministerial PERs for previous financial year : from October to December (see Budget Calendar);
• Participate in OPC Annual/Quarterly Performance Monitoring Reviews : July/June (see OPC);
• Coordinate demand - driven public finance policy research/studies(see draft 2004 Functional Review(FR));
• Prepare key sectoral policy briefs with emphasis on public finance implications (see draft 2004 FR);
• Preparation of a Medium Term Economic and Fiscal Policy Statement (see PFMA - Section 17);
• Draft Mid – Year Economic and Fiscal Report( November - February) - (see Budget Calendar);
• Produce Economic and Fiscal Policy Statement(January - March) : (see PFMA Section 14 and TIs Part 3)