Answer to Question #313369 in Finance for Robert

Question

There is established, pursuant to Article 225 of the Constitution, an entity of the national government to be known as the National Treasury. Discuss the various responsibilities and powers of the National Treasury.

Answer 1

(a) Formulation, implementation and monitoring of macro-economic

policies involving expenditure and revenue;

(b) Managing the level and composition of national

public debt, national guarantees and other financial obligations of national government within the framework of this Act and develop a framework for

sustainable debt control;

(c) Formulating, evaluating and promoting economic and

financial policies that facilitate social and economic development in conjunction with other national

government entities;

(d) Mobilising domestic and external resources for financing national and county government budgetary requirements;

(e) Designing and prescribing an efficient financial management system for the national and county governments to ensure transparent financial management and standard financial reporting as contemplated by Article 226 of the Constitution: Provided that the National Treasury shall prescribe regulations that ensure that operations of a system under this paragraph respect and promote

the distinctiveness of the national and county levels of government;

(f) In consultation with the Accounting Standards

Board, ensure that uniform accounting standards are applied by the national government and its entities;

(g) Developing policy for the establishment, management,

operation and winding up of public funds;

(h) Within the framework of this Act and taking into consideration the recommendations of the Commission on Revenue Allocation and the Intergovernmental Budget and Economic Council, prepare the annual Division of Revenue Bill and the

County Allocation of Revenue Bill;

(i) Strengthening financial and fiscal relations between the national government and county governments and encourage support for county governments in terms of Article 190(1) of the Constitution in performing

their functions; and

(j) Assist county governments to develop their capacity

for efficient, effective and transparent financial management in consultation with the Cabinet Secretary responsible for matters relating to intergovernmental relations.