The Department of Finance is a key central agency of the government of Papua New Guinea mandated by the Constitution, the Organic Law on Provincial and Local-level Governments and the Public Finance Management Act (PFMA). The Department is responsible for providing direction and support in financial policy formulation, financial systems development and maintenance, financial and accounting information processing, financial management and accounting procedures, monitoring of financial performance against the budget and legislative compliance and financial reporting requirements for the whole of Government. Other specific requirements creating and authorising the performance and execution of Department’s responsibilities come from policy determinations of government reflected in government development plans and annual budgets.
We are mandated to support the Government achieve its fiscal policy initiatives by:
- Developing, formulating and providing financial policy advice;
- Establishing and maintaining financial systems;
- Developing financial accounting and information processing;
- Managing accounting procedures;
- Monitoring financial performance against budget; and
- Ensuring compliance with legislated financial reporting of Government expenditures.
We will fulfill our mandate and meet our core outcomes within the parameters of our legislation and the approved policy determinations of the Government.
Department of Finance is the Custodian of Public Finance Management Act. We are the path to proper adherence to best practices in matter of Public Finance. The matters that relate to accountable implementation of National budgets, there can be no better place than this website for Public to know what we at Finance are up to.
Let us at Finance use this site to maintain contact with the tax paying public on matters of Financial Management we undertake now and hence forth.
Key legislation that provide for our mandate are:
- Public Finances (Management) Act 1995 (Revised 2016);
- Organic Law on Provincial and Local Level Government; and
- National Constitution
Key Government Policy Determinations and legislations that authorise the performance and execution of our responsibilities include:
- Public Service (Management) Act;
- Public Service General Orders;
- Fiscal Responsibility Act;
- Appropriation Act;
- Public Expenditure and Financial Accountability (PEFA) Road Map 2015 – 2018; and
- PNG Vision 2050 and other related Acts and policy Guidelines