THERE is one good way for the Government to put its fiscal house in order and exercise sound financial management of its national budget in future by strengthening its Public Tender Act or its equivalent.
All Government departments and agencies must be required to comply with a Public Tender Act aimed at strengthening competition and eliminating costly lawsuits that occur as a result of violations to the act.
Other ways to improve future financial management by the Governments is to review all government-owned and leased space with the objective of rationalising space requirements.
Similarly, all government-owned assets must also be reviewed to determine if it can be provided for a lesser cost by the private sector, or if it should be sold.
In addition, the country must also improve its debt collection capacity by strengthening the process for collecting monies owed to the government.
There is also a need to review all government fees to determine if there are certain barriers to economic development.
By applying expenditure controls and effective programme management, the Government can eliminate its operating deficits and reduce its debt to a prudent level.