Over 150 Trained in Strategic Budget Reform

#TurksandCaicos, March 16, 2018 – Providenciales – The Ministry of Finance, Trade and Investment in collaboration with the IMF’s Caribbean Regional Technical Assistance Centre (CARTAC), conducted training for over 150 policy makers and program managers across Government and Statutory Bodies between March 5 -16, 2018.

Since the 2015-16 financial year, the Turks & Caicos Islands Government (TCIG) with the assistance of CARTAC implemented a number of changes to the way the annual budget is prepared.  These changes which fall under the heading of ‘strategic budget reform’, have been designed to strengthen fiscal discipline so that the Government’s finances are sustainable in the long term.  The changes were implemented to ensure that budget spending decisions are more consistent with national policy priorities so as to achieve the best possible value for money from available resources.

The strategic budgeting approach has been built around two key components –

(i)    the introduction of a rolling three-year budget and forward estimates that establish ‘hard’ annual and medium term budget ceilings for each ministry; and

(ii)  the presentation of budget estimates in a program budget format which will set out the objectives, key strategies and performance indicators for each budget program.

Like most developing countries the Public Financial Management (PFM) framework in the TCI is evaluated using international standards that are developed by agencies such as Public Expenditure Financial Accountability (PEFA).  These standards were recently revised to place greater emphasis on measurement of performances, including developing programmes performance indicators by gender.

During the two weeks of training, program managers were brought together in workshops to strengthen and improve program structures, program performance information and develop monitoring regimes that they may use to monitor and evaluate program performance.

The Ministry of Finance, Trade and Investment hopes that participants will utilize the information obtained in the training sessions to enhance their annual budget submissions.

The annual budget, is expected to be tabled in the House of Assembly in the upcoming weeks.

Release: TCIG