Finance Ministry to close annual accounts early in austerity step
The Ministry of Finance will close its accounts for 2016’s budget on 15 November, following a similar approach adopted for last year’s budget, the ministry said on Sunday. Traditionally, the Ministry closes its books in mid-December each year. The early book-closing makes it easier for the Ministry to reject new requests for funds and prevent other government agencies from wasting unspent funds on purchases of non-essentials in the final weeks of the year. (Reuters)
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