PASAI’s Strategic Plan for 2014-24
PASAI’s Strategic Plan for 2014-24 is now available here. PASAI appreciates the inputs from members, partners and stakeholders in the development of the strategy. For any clarifications on the strategy, please contact Eroni Vatuloka at firstname.lastname@example.org .
Cooperative Performance Audit: Public Debt Reporting Meeting, 17-22 March 2014
Rarotongan Resort, Rarotonga, Cook Islands
Hon. Mark Brown
Cook Islands, Minister for Finance
Speech for Opening Ceremony – 17 March 2014
Sustainable public debt management is an important topic for the region as majority of the countries are either least developed or developing countries. In addition, about 40% of the 10 million (2011) total Pacific population live in poverty.
In addition, public debt management is important because of unplanned build-up of public debt that could result from:
- poor revenue forecasting;
- weak or incomplete expenditure planning practices;
- poor budget execution controls;
to name a few.
I therefore look forward to your recommendations, especially on the economy, efficiency and effectiveness in the management of public debt by:
- ensuring that revenue forecasts are reasonable and not based on risky assumptions just to allow larger budgets;
- establishing reasonable contingency accounts, or reserves within the main spending funds to handle unexpected events;
- regular rigorous budget review focused on all aspects of ministry recurrent operations.
I would therefore like to wish you well in the week ahead and hope that your recommendations will have transformational impacts in the way Pacific states manage their public debt in the future.
Finally, I acknowledge the support to the programme from the IDI of Norway; and development partners, the Australian Department of Foreign Affairs and Trade (DFAT); and the New Zealand Ministry of Foreign Affairs and Trade (MFAT) which have made it possible for PASAI to raise the capacity of audit institutions in the Pacific region.
For the full extract of the speech, please click here.