Commencement: 3 February 2003

republic of vanuatu 

public finance and economic management
amendment act
no. 8 of 2002

Arrangement of Sections

1.	Amendments
2.	Commencement

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republic of vanuatu

public finance and economic management
amendment act
no. 8 of 2002

Assent: 31st December 2002
Commencement: 3 February 2003

An Act to amend the Public Finance and Economic Management Act No. 6 of 1998

Be it enacted by the President and Parliament as follows-

1	Amendments

The Public Finance and Economic Management Act No. 6 of 1998 is amended as set out in the Schedule.

2	Commencement

This Act commences on the date on which it is published in the Gazette.

schedule

amendments of the PUBIC FINANCE AND ECONOMIC MANAGEMENT ACT NO. 6 OF 1998

1.	Subsection 2 (1)

Insert in alphabetical order

“Public Accounts Committee means the Public Accounts Committee established under the Standing Orders of Parliament.”.

2.	Subsections 10 (3), 29 (3) and 66 (4)

Delete “Expenditure Review Committee” (wherever occurring), substitute “Public Accounts Committee”.

3.	Subsection 12 (1)

Delete “section 31 (2)”, substitute “section 32 (2)”.

4.	After subsection 12 (1)

Insert

“(1A)	The requirement in subsection (1) that the Minister must table a statement of the estimates of revenue, grants and expenditure for each separate appropriation for the 2 financial years following the budget year does not have effect until the time of the preparation and tabling of the estimates for the 2005 financial year.”.

5.	At the end of section 12

Add

“(5)	The requirement in paragraph (4) (a) that the statement of estimates must include details of any changes to the estimates for the year following the budget year which were last included in the statement which accompanied the last Appropriation Bill does not have effect until the time of the preparation and tabling of the estimates for the 2006 financial year.”.

6.	Subsection 15 (1)

Delete “1st day of June or later than the 30th day of June”, substitute “1st day of July or later than the 31st day of July”.

7.	After subsection 23 (1)

Insert

“(1A)	The requirement in subsection (1) that the Minister must provide the Council with a program of expenditure for each category of outputs for the 2 financial years following the budget year does not have effect until the time of the preparation of the estimates for the 2005 financial year.”.

8.	Subsection 24 (3)

Repeal the subsection, substitute

“(3)	The reporting obligations under paragraphs (1) (g) and (2) (a) and (b) do not have effect until the time for the preparation of reports for the 2003 financial year (being the reports prepared after the conclusion of that year).”.

9.	Subsection 27 (1)

Delete “quarter”, substitute “half-year”.

10.	After subsection 27 (1)

Insert

“(1A)	The reporting obligation in subsection (1) does not have effect until the commencement of the 2004 financial year.”.

11.	Subsection 39 (1)

Repeal the subsection, substitute

“(1)	On the commencement of an Appropriation Act, the Minister must, during the financial year concerned, authorise by one or more warrants the release of moneys to each head of ministry in accordance with that Act.

(1A)	The warrants referred to in subsection (1) are to be issued:

(a)	quarterly, or

(b)	at such other times as are determined by the Minister.

(1B)	The decision to issue a warrant, and the amount of money to be released under a warrant, is to be determined by the Minister on the basis of funds available to the Government.

(1C)	The Minister must at least 10 working days before the issue of a warrant to a ministry notify the head of the ministry of the amount of money to be released under the warrant and the period to which the warrant release is to relate.

(1D)	The head of each ministry is responsible for ensuring the moneys released to the ministry are expended for the purposes intended.”.

12.	After section 67

Insert

“67A	Transitional provision consequent on enactment of Public Finance and Economic Management Amendment Act No. 8 of 2002.

If any reporting requirement or obligation under this Act does not have effect until a specified time because of the operation of subsection 12 (1A), 12 (5), 23 (1A) or 24 (3) (as inserted into this Act by the Public Finance and Economic Management Amendment Act No. 8 of 2002), the corresponding reporting requirement or obligation under section 14 or 23 of Public Finance Act [CAP 117] (as in force immediately before its repeal) applies until that specified time.”.

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