Gov’t to revise Public Finance Bill to manage debt

He said the revised Public Finance Management Bill will include key provisions on fiscal responsibility and debt control.

He made this revelation while responding to a question raised by the National Assembly Member for Wuli East, Hon. Suwaibu Touray, who asked when his ministry intends to come up with a Fiscal Responsibility Bill that would help to guide the debt level of the country at all times.

Further dwelling on his response, the Finance minister assured lawmakers that the long-awaited Public Finance Management Bill, now under revision, is being finalised with fresh input from both Cabinet and development partners. The bill, once passed, is expected to tighten rules around how government funds are collected, spent, and borrowed.

“This revised bill brings everything under one umbrella—fiscal responsibility, debt management, revenue, and spending,” the Minister said in response to concerns raised by the Member for Kiang West on how debt will be handled under the new law.

Hon. Touray further asked how soon the bill would be passed and what concrete steps the government is taking in the meantime to ensure budget discipline.

The Finance minister explained that while the bill is still going through its final review at the Cabinet, the government has already introduced real-time fiscal responsibility measures, especially focusing on improving revenue collection and controlling expenditure.

The Minister said the government plans to resubmit it to Cabinet within weeks, after which it will be sent to the legislature for debate and possible passage before the end of 2025.

“It’s a work in progress,” he reassured lawmakers. “But we are getting close.”