MONDAY, JULY 5, 1993
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THE FINANCE BRANCH IS CURRENTLY UNDERTAKING A REVIEW. IT'S AIM IS то LEAVE A LEANER BUT MORE ROBUST POLICY BRANCH WITH A MORE STRATEGIC ROLE IN THE MANAGEMENT OF PUBLIC FINANCES,
POLICY SECRETARIES GREATER RESPONSIBILITY RESOURCES ALLOCATED TO THEIR POLICY AREAS.
WHILE GIVING FOR THE MANAGEMENT OF
"TO THIS END POLICY SECRETARIES WILL NEED TO DEVELOP FRAMEWORK AGREEMENTS WITH THEIR EXECUTIVE AGENCIES; OBTAIN FROM THE CENTRE THE RESOURCES THEY REQUIRE; MONITOR AND EVALUATE THE WAY THOSE RESOURCES ARE BEING USED; AS WELL AS PROMOTING AND SECURING VALUE FOR MONEY.
"THEY WILL ALSO BE REQUIRED TO PROPERLY TAKE INTO ACCOUNT THE FINANCIAL IMPLICATIONS OF ANY POLICY PROPOSALS THEY SEEK TO IMPLEMENT.
"ON THIS LATTER POINT, GIVEN CURRENT CONSTRAINTS, WE HOPE POLICY SECRETARIES WILL FOCUS EVEN MORE SHARPLY ON THE USE OF THEIR EXISTING RESOURCES TO DETERMINE WHETHER THERE IS SCOPE FOR REDEPLOYMENT TO FUND NEW INITIATIVES, MR TSANG SAID.
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HE POINTED OUT THAT PUBLIC SECTOR CURRENTLY CONSUMED JUST UNDER 20 PER CENT OF THE TERRITORY'S GROSS DOMESTIC PRODUCT.
"WHILE THIS COUNTRIES WE ARE AROUND THIS LEVEL.
J
MAY APPEAR LOW COMPARED WITH OTHER DEVELOPED CONVINCED THAT IT IS PRUDENT TO MAINTAIN IT AT
"TO DO THIS WE AIM TO ENSURE THAT THE GROWTH OF PUBLIC EXPENDITURE DOES NOT OUTSTRIP THE UNDERLYING GROWTH RATE OF THE ECONOMY AS A WHOLE, HE SAID.
TP
INSTRUMENTAL IN
"THIS POLICY HAS SERVED US WELL AND HAS BEEN SECURING THE REAL GROWTH IN THE ECONOMY FROM WHICH WE CONTINUE ΤΟ BENEFIT, HE STRESSED.
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HOWEVER ΤΟ ENSURE WE HAVE A REASONABLE CUSHION AGAINST UNFORESEEN CONTINGENCIES WE ALSO BELIEVE
PRUDENT TO MAINTAIN HEALTHY RESERVES, HE ADDED.
יני I
"OUR ECONOMIC GROWTH HAS, OF COURSE, RESULTED IN WELCOME IMPROVEMENTS TO OUR STANDARD OF LIVING. IT HAS ALSO ENABLED THE GOVERNMENT TO BRING ABOUT IMPROVEMENTS TO ITS SERVICES.
"THIS YEAR HEALTH, EDUCATION, SOCIAL WELFARE AND THE ENVIRONMENT HAVE BEEN TARGETED FOR GROWTH. WE NEVERTHELESS ACCEPT THAT MORE NEEDS TO BE DONE.
"THE PROBLEM IS THAT OUR EFFORT TO CONTAIN THE GROWTH IN PUBLIC EXPENDITURE INEVITABLY RESULTS IN AN EVER-INCREASING MISMATCH BETWEEN PUBLIC ASPIRATIONS AND THE RESOURCES AVAILABLE TO FUND THEM, HE SAID.
FOR THIS REASON DECISIONS CONCERNING THE USE OF NEW
RESOURCES
MUST REFLECT THE TRUE PRIORITIES OF THE COMMUNITY.
FINANCIAL
WITH THIS IN MIND, BEFORE PREPARING HIS BUDGET, THE SECRETARY MAKES EVERY EFFORT TO CONSULT WITH MEMBERS OF THE LEGISLATIVE COUNCIL, TO ENSURE THAT THEIR VIEWS ARE FULLY TAKEN ACCOUNT, HE SAID.
INTO
"SUCH IMPORTANT EXCHANGES WHICH ARE MUTUALLY BENEFICIAL TAKING PLACE NOW FOR THE NEXT YEAR'S BUDGET," HE SAID.
ARR
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