i) The PFM Act 2016 defines a covered entity to mean:

• Executive, Legislature, and Judiciary;
• Constitutional bodies;
• Ministries, Departments, Agencies, and local government authorities;
• The public service, autonomous agencies;
• Statutory bodies.

(3 marks maximum)

ii) The PFM Act, consistent with the 1992 Constitution, defines public funds as:

• The Consolidated Fund, the Contingency Fund, and any other fund established by or under an Act of Parliament.

(2 marks maximum)

iii) Under the PFM Act, the following are the sources of money for the sinking fund:

• Periodic contributions of specified amounts determined by the Minister as part of the annual budget.
• Repayment inflows of money on-lent by the Ministry to covered entities, state-owned enterprises, and public corporations.
• Moneys that accrue to the Fund from the investment of moneys of the Fund.
• Moneys borrowed or raised from capital markets for the purpose of redemption of existing debts.
• Moneys approved by Parliament for debt repayment under subsection (4) of section 23 of the Petroleum Revenue Management Act 2011 (Act 815).
• Any other moneys that the Minister, with the approval of Parliament, determines to be paid into the Fund.