THE INTERGOVERNMENTAL Fiscal Policy Board (IFPB) has approved the guidelines on the acceptance of foreign grants and donations by the Bangsamoro government.
The IFPB is created under the Bangsamoro Organic Law (BOL) to deal with revenue imbalances and fluctuations in the regional financial needs and revenue-raising capacity of the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM),
Finance Undersecretary Bayani Agabin said the guidelines issued by the IFPB are similar to the protocols provided under the law that other government agencies have to follow when receiving grants or donations. “The IFPB’s goal in issuing the guidelines was to streamline the process for the Bangsamoro government in receiving grants and make it more efficient,” he said.
The Department of Finance (DOF) should be informed by the BARMM when initiating talks with potential foreign donors, so that the processing of grants can be done simultaneously with the national government.
Under IFPB’s approved guidelines, the BARMM shall coordinate closely with the DOF prior to the negotiation and signing of foreign grants to facilitate issuances of request for Office of the President’s approval or Special Authority.
Under the BOL (Republic Act No. 11054), the BARMM shall enjoy fiscal autonomy, and have the power to create its sources of revenues as provided under this law.
The BOL also provides that the Bangsamoro government shall exercise authority over grants and loans, without prejudice to the general supervision of the President and that its acceptance of foreign grants shall be subject to the prior clearance and approval by the President or his authorized representative. (With additional reporting from the Mindanao Examiner.)
Like Us on Facebook: The Mindanao Examiner
Like Us on Facebook: The Zamboanga Post
Follow Us on Twitter: Mindanao Examine
Mirror Site: Mindanao Examiner Blog
Digital Archives: Mindanao Examiner Digital
Media Rates: Advertising Rates
No comments:
Post a Comment