Saturday, 21 July 2007 9:42 AM

Finance Minister to Present Three Bills in Parliament

The Department of Finance and Treasury has confirmed that the Minister, Gordon Darcy Lilo, will present three bills in the August Parliament meeting.

The bills, currently in its draft form, include the 2007 Supplementary Appropriation Bill, the State Owned Enterprises Bill and a New Companies Act. The Finance Department has stated that the bills should be ready before the August meeting.

Mr Lilo said that the Supplementary Appropriation Bill will see, for the first time, government allocating more money for the development budget from its own revenue. The development budget has often been funded largely by aid donors with very little input from the government.

Lilo stated that the much anticipated State Owned Enterprises Bill is aimed at making sure these enterprises are properly managed, ensuring a greater degree of accountability from the management and board.

Mr Lilo went on to say that the new Companies Act is aimed at simplifying the current Companies Act. This is to ensure that private sectors wanting to establish new companies and investments in Solomon Islands can do so with relative ease.

Mr Lilo says it was therefore imperative that the meeting was postponed to allow bills to be properly vetted by the Attorney General's Office before their presentation.

He says the three bills are now before the Attorney General's Office.