Administration reforming state-owned enterprises, says Sinckler

GOVERNMENT will be undertaking reforms to the country’s State-owned Enterprises (SOEs) through the introduction of a new Financial Management and Audit Entities Act to govern their financial affairs.

Minister of Finance and Economic Affairs, Christopher Sinckler said so yesterday while introducing the Appropriations Bill in the House of Assembly.

The Minister announced that additionally, priority will be given to the regulation of the financial reporting and debt management of SOEs, as part of a programme to improve their efficiencies.

“That Act I can say is at an advanced stage of drafting,” he said, noting that the Chief Parliamentary Counsel (CPC) had returned a draft to the Ministry and some of the other Departments for final comments.

He said that the comments are being prepared and that the Bill be laid in Parliament very early in the next financial year.

According to him, “It will see new levels of responsibilities and expectations from SOEs not just relative to the Act of Parliament that created them, but by special rules.”

Sinckler said that as is well known the Government has the financial management and audit rules, which governs Government Departments. Statutory Boards, he remarked, do not have an Act that governs their financial operations, a point that was identified as one of the major challenges with reporting their financial position, and expenditure of resources. Furthermore, the Minister went on, the country has heard for many years where SOEs have been late in delivering or not delivering their financial reports and information on time.

“So we have decided it is time to ring some level of order to that situation,” Sinckler stated.

He also revealed that through the CARTAC and the International Monetary Fund, Barbados has received a technical mission to assess the SOEs. (JB)