Section 77, The Public Financial Management Act, 2016

(1) The Minister shall open with the Bank of Sierra Leone abank account to be known as the Transformational Development Fund Account. (2) Public money deposited in the Transformational Development Fund Account shall be accounted for in the Consolidated Fund. (3) All public money received as extractive industries revenues shall be deposited in the Transformational Development Fund Account. (4) Any public money deposited in the Transformational Development Fund Account shall not be withdrawn, except for making transfer to – (a) the main bank account of the Treasury Single Account for meeting expenditures for transformational development projects under the State budget; or (b) the Transformational Development Stabilization Fund. (5) The annual amount of transfer of public money from the Transformational Development Fund Account to the main bank account of the Treasury Single Account for meeting expenditures for transformational development projects under the State budget shall be made in accordance with the fiscal rule under section 78 and shall be included in the State budget as revenues. (6) Information annexes of the State budget mentioned in section 34 shall include a statement of transformational development projects which contain– (a) a description of policy objectives, measures, and evaluation relating to transformational development projects; (b) a list of expenditures for transformational development projects for the next three years; (c) forecasts of extractive industries revenues to be deposited in the Transformational Development Fund Account for the next three years; and No. 13 Public Financial Management Act 2016 No. 13 Public Financial Management Act 201664 65 Fiscal rule for of extractive industries revenues. (d) forecasts of transfer from the Transformational Development Stabilization Fund to the Transformational Development Fund Account for the next three years. (7) The State budget shall underscore expenditures for transformational development projects by daggering the relevant provisions. (8) The Public Investment Programme mentioned in subsection (1) of section 35 shall include – (a) a list of all transformational development projects which are ongoing or newly included in the State budget; and (b) an assessment of the economic and social impacts of the transformational development projects included in the list mentioned in paragraph (a).