The Ministry of Finance, Economic Affairs, Planning and Social Security derives its mandate and functions from the The Saint Lucia Constitution Order 1978 and other related subordinate laws, including; the Finance Administration Act, Chapter 15.01 (2005) and acts establishing agencies and auxiliary organisations. As such this Ministry plays a pivotal role in the co-ordination of development planning; mobilisation of public resources; and ensuring effective accountability for the use of such resources for the benefit of all stakeholders.
The Ministry discharges this responsibility in the context of its vision, mission, mandate and functions.
The Ministry of Finance, Economic Affairs, Planning and Social Security oversees and coordinate the planning and management of the country's financial and economic resources, including those from external sources, utilising suitable consultative mechanisms to deliver a high quality of service to the public, and to contribute to the formulation of appropriate polices, in order to accelerate social and economic development.
The mandate of the Ministry is to:
- To ensure that all accounting and administrative functions comply with the Financial Act, Financial Regulations, Procurement and Stores Regulations and Staff Orders through the facilitation of sound management practices.
- To ensure legitimate use of monies appropriated by Parliament by assisting ministries and departments in establishing and maintaining proper systems of accounts, receiving and disbursing of funds from the Consolidated Fund and by reporting the financial position of Central Government.
- To facilitate the development of the Co-operatives sector and it members through education, the establishment of policies and guidelines and provide a regulatory environment for the development of the sector.
- To encourage compliance and enforce Customs and other related laws.
- To oversee the Financial (Administration) Act and attendant regulations as well as the procurement process to ensure greater transparency and economy in the use of government resources.
- To ensure that the Financial Sector Supervision Unit fulfills its general and specific responsibilities under the respective legislation governing the international financial sector and insurance sector
- To promote the efficient and effective collection of budgeted revenues and comply with the central government rules and regulations on revenue and expenditure management.
The Ministry comprises of the following departments and divisions: