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Finance Ministry outlines purpose of Contingencies Fund

Jun 25, 2014 News

After noting that there has been a misunderstanding over the purpose and use of the Contingencies Fund circulating in the media, the Ministry of Finance sought to make several clarifications via a statement yesterday. The Ministry says that the Fiscal Management and Accountability Act (FMAA) of 2003, outlines the requirements governing the use of the Contingencies Fund.
According to the FMAA, “the Minister shall have sole authority for the release of monies from the Contingencies Fund, which authority shall not be delegated.  The Minister, when satisfied that an urgent, unavoidable and unforeseen need for expenditure has arisen for which no monies have been appropriated or for which the sum appropriated is insufficient; for which monies cannot be reallocated as provided for under this Act; or which cannot be deferred without injury to the public interest, may approve a Contingencies Fund advance as an expenditure out of the Consolidated Fund by the issuance of a drawing right”.
The statement further revealed that, “The Minister shall report at the next sitting of the National Assembly on all advances made out of the Contingencies Fund….which report shall specify; the amounts advanced,  to whom the amounts were paid; and the purpose of the advances’.
“It is clear that the Minister of Finance is required to report to the Parliament on what has been spent from the Contingencies Fund.”
To date, the current, 10th Parliament of the National Assembly has considered six Financial Papers related to the use of the Contingencies Fund collectively valued at approximately $9.358B.
The Assembly, comprised also of the Opposition, has approved 92.6% of those Financial Papers valued at approximately $8.7B, which the Ministry of Finance said clearly demonstrates agreement with the use of the Contingencies Fund in most cases.
A seventh Financial Paper, No 1/2014 was tabled in the National Assembly last Thursday and will be considered by the House at the following sitting.

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