Finance ministry inaugurates new department

The department of macroeconomic affairs is expected to bring about coordinated economic policies

Economy: The finance ministry has established a new department under its wing called the Department of Macroeconomic Affairs to coordinate, formulates, and to monitor macroeconomic policies and programmes for the country.

The government and the Royal Civil Service Commission approved the creation of new department.

The Department of Macroeconomic Affairs will be the main coordinating agency for economic policies and will advise the government on macroeconomic and public finance management.

“It shall deal with all matters relating to fiscal policies such as resource mobilization, expenditure envelope, public debt management, capital market development, and relations with bilateral and multilateral financial institutions,” says news release from the ministry.

The new department will also liaise and coordinate with the Royal Monetary Authority on technical and analytical matters arising from the macroeconomic framework. This is to ensure policy objective consistency between the fiscal and monetary authorities and effective policy coordination.

With the establishment of this department, the government is expected to have a well-coordinated economic management agency.

According to the news release, all the economic policies will be handled in a consolidated manner under a single agency, which are currently fragmented among different economic agencies.

Staff reporter

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