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Interim Executive Council of Karenni State
Central Finance
Interim Executive Council of Karenni State
Central Finance
Interim Executive Council of Karenni State
Central Finance
Interim Executive Council of Karenni State
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Central Finance
Interim Executive Council of Karenni State
Click Here
Central Finance
Interim Executive Council of Karenni State
Click Here
Central Finance
Interim Executive Council of Karenni State
Click Here

Central Finance

    Finance plays a key role in the administration of the Interim Executive Council and in rebuilding efforts aimed at reconciliation, justice, and activities implemented for peace. Thus, to ensure management of financial affairs, the Central Finance was established to effectively carry out the goals of the IEC.

Financial Principles

The Financial Principles of the Interim Executive Council-IEC are as follows,

  1. (1) The IEC must act with transparency, responsibility, accountability, followed by efficiency and effectiveness in fundraising, fund managing and the use of funds.
  2. (2) Managing the financial management process with Financial Reporting, Financial Accounting, account monitoring, preventing potential losses and risks, maintaining income/expenditure records systematically, and conducting internal audits within the department.
  3. (3) To pay attention carefully and be responsive in the use of public funds and public donations, especially in current interim period.
  4. (4) When allocating and using funds, prioritize the objectives of the revolution and ensure distribution of funding is systematic and fairly.

Financial Aims

The Financial Aims of the Interim Executive Council -IEC are as follows,

  1. (1) To provide the service to the public and to sustain the revolution, IEC shall raise the needed funding and manage it effectively.
  2. (2) Implementing the financial policy in the current revolutionary period, as well as in the interim phase, and to advance fiscal federalism in the future.
  3. (3) To carefully examine and ensure proper use of funds within departments and organization of the Interim Executive Council.
  4. (4) To enable systematic, transparent and accountable reporting regarding the allocation and usage of funds.
  5. (5) To ensure that the expenditure or allocation of funds is properly calculated and utilized based on the different needs of men, women, persons with disabilities and individuals of diverse gender identities, sexuality and orientation.

Objectives of Financial Affairs/Process (Objectives)

The objectives of the financial affairs/process of the Interim Executive Council-IEC are as follows,

  1. (1) To effectively manage tax revenues in accordance with the taxation policies under the authority of the Interim Executive Council of Karenni State.
  2. (2) To connect and engage with donors to be able to provide the minimum essential needs of the public during the interim period.
  3. (3) To secure and cover the annual expenditures, the Financial Committee shall implement the system of government-binding contracts and other funding sources.
  4. (4) To engage with international organizations, government agencies and domestic/foreign private enterprises to obtain loans and financial support.
  5. (5) To support and fulfill the basic needs of the people of Karenni State.

The role and responsibilities of the Finance Committee

The role and responsibilities of the Finance Committee are as follows,

  1. (1)
    The Finance Committee can be established by the Chairperson of the Karenni State Interim Executive Council in accordance with the provisions outlined in the Interim Arrangement.
  2. (2)
    The IEC Finance Committee can be formed as follows.
  3.  

 

  1. (3)
    The Finance Committee shall be accountable to the Karenni Interim Executive Council. Except in cases of emergency, the Committee must hold meetings at least once per month.
  2. (4)
    The Finance Committee shall have the authority to manage domestic and international tax revenues in accordance with section (75), financial regulation of the Interim Arrangement.
  3. (5)
    The Finance Committee may also coordinate with domestic and international development partners and donors to manage financial resources.
  4. (6)
    The Finance Committee shall have the internal controls and delegation of Authority to oversee and manage financial resources related to projects undertaken by all departments in collaboration with domestic and international development partners and donors, where such projects are not included in the “Organization’s Budget Estimates”.
  5. (7)
    The Finance Committee has the authority to review, approve or reject the “Estimate Proposed Budget (Budget)” of departments/organizations.
  6. (8)
    The Finance Committee shall conduct audits, guided and request the submission of financial reports for all funds allocated by the Interim Executive Council, as well as funds received from domestic and international development partners.
  7. (9)
    The Finance Committee has the role to coordinate, carry out and operate in alignment with the policies of domestic and international development partners and donors.
  8. (10)
    The Finance Committee has to submit reports to the IEC “Supreme Council” at least once per month and shall release a report to the public at least once every six months.
  9. (11)
    With the approval of the “Supreme Council” of the Interim Executive Council, the Finance Committee may adjust these policies and apply them temporarily.

Role and Responsibility of the Central Finance

The role and responsibility of the Central Finance are as follows,

  1. (1) For the purpose of providing technical assistance and support to the Finance Committee, the “Central Finance” body shall be set up under the leadership of the treasurer of the Interim Executive Council (IEC), comprising relevant experts.
  2. (2) The “Central Finance” shall have the mandate to exercise technical oversight over the entire process of planning and implementing, drafting an estimated budget of the departments and organizations; provide the necessary technical support; and strengthen the capacity-building.
  3. (3) The Central Finance shall be provided with technical assistance to the Finance Committee and support in the process of strengthening the Public Financial Management System of Karenni State.
  4. (4) Under the guidance of the Finance Committee, “Central Finance” must take a coordinating role in the management processes of both domestic and international assistance.
  5. (5) The Central Finance is responsible to assist in drafting and preparing the necessary financial management orders and guidelines that have to be performed by the Finance Committee and shall formulate the required technical provisions as needed.
  6. (6) In the process of presenting the financial situation of Karenni State to the people, the Central Finance has a role to gather the data, review and analyze it, and prepare the reports.
  7. (7) Through the Finance Committee, financial overview/ Financial performance reports shall be prepared and summit to the IEC Supreme Council in quarterly and at least one report shall be published to the public each year.

The Structure of Central Finance

Public Finance Management System of Karenni State

1. Public Fund Management Cycle (PFM cycle)

Karenni State Finance Policy and Financial Management Bylaw

The financial management is managed in accordance with the Karenni State Finance Policy and Financial Management Bylaw.

Public Funding Management Producer

    1. (1)
      Budget Formulation
  2.  
    1.  

 

  1.  
  2. (2)
    Budget Approval
  3.  
  4.  
  6.  
  7.  
  8. (3)
    Budget Execution  

 

 

  1. (4)
    Budget Evaluation and External Oversight
  2.  
  3.  

Conclusion

    Thus, in order to achieve the goals and objectives of the Interim Executive Council of Karenni state, the Central Finance will be properly adjusted and restructured in a timely and appropriate manner. The operational requirement will also be adjusted as needed, so that efforts from Karenni State can be coordinated across the country in uprooting the dictatorship completely.