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National Parliament of Solomon Islands

 
PAC INQUIRED ON GOVERNMENT BORROWING

THURSDAY 7 SEPTEMBER 2017

The Public Accounts Committee has concluded its inquiry into the performance of government (SIG) borrowings for 2016, retrospective to 2017. The Committee under Standing Orders 69(1)(a) is mandated to examine accounts mentioned in Section 77 (1) of the Public Finance Management Act 2013.

These include examining the statement of the amounts outstanding at the end of the financial year in respect of the public debt (Section 77(1)(d); the statement of the amounts guaranteed by the Government at the end of the financial year in respect of bank overdrafts, loans, public loan issues and other contingent liabilities (Section 77(1)(e)); and the statement of the amount outstanding at the end of the financial year in respect of loans issued by the Government (Section 77(1)(f).

The inquiry aims to; examine how the government would raise money to fund its borrowing; establish the necessity for such borrowings; examine systematic risks, exposures and implications such borrowing may impose on lenders and on the overall financial system and examine other related matters.

The Committee hopes to table its report with recommendations when Parliament resumes on 9th October. Appearing before the Committee were senior managements and officials from the Ministry of Finance and Treasury, the Central Bank of Solomon Islands, the Solomon Islands National Provident Fund, the Solomon Ports Authority, Solomon Power and the Bank of South Pacific.

Financial scrutiny is a paramount legislative oversight function executed by the Public Accounts Committee. Members of the Committee are the Chair, Hon. Rick Houenipwela, Hon. Jeremiah Manele, Hon. Derek Sikua, Hon. Connelly Sandakabatu, Hon. Matthew Wale, Hon. Nestor Giro, Hon. Derrick Manu’ari and Hon. Steve Abana.

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