Section 20, The Public Financial Management Act, 2016

(1) Any person, institution or agency responsible for orengaged in the management of public funds shall be guided by the principles of responsible financial management in order to ensure a prudent, efficient, effective and transparent use of public funds. (2) Notwithstanding the generality of subsection (1), any person, institution or agency referred to under subsection (1), shall be guided by the following principles of responsible financial management– (a) achieve and maintain prudent levels of outstanding debt of the general government so as not to impose an inequitable burden on future generations; (b) achieve and maintain an appropriate balance between revenues and expenditures of general government; (c) provide timely, reliable, and adequate information to the public on fiscal objectives, policies, data, and risks to ensure transparency in the budgetary and financial management of the general government and public enterprises; (d) manage prudently the fiscal risks faced by Sierra Leone; (e) formulate and implement fiscal policies to achieve macroeconomic stability; and (f) manage extractive industries revenues in accordance with Part VI in order to contribute to transformational development and the fiscal responsibility principles specified in this section. 24 25 of National Public Procurement Authority Principles of responsible of Bank of Sierra Leone. of National Revenue Authority.