The Ministry of Finance refers to the executive branch and is an extremely important state body, as no modern state can exist without the financial system.
The Ministry of Finance has a very difficult task – ensuring the sustainability of the economy and maintaining its financial independence.
To achieve this, the Ministry solves the following tasks:
● development of financial policy and its realization;
● drawing up the state budget and its execution;
● regulation of the securities market;
● management of public borrowing, both internal and external;
● financing of various spheres of activity and redistribution of financial resources with the aim of prior funding the highest priority directions of social-economic development of the country;
● selection of reliable political and economic partners.
The Ministry of Finance has a very broad competence and operates not only in the financial sector itself, but also in the field of banking, tax, insurance, credit, customs and auditing.
The Ministry controls production and turnover of precious and semi-precious stones and metals, organization and conducting of gambling.
The Ministry also creates draft laws and other normative acts for regulation of public relations related to the financial sphere.
Very important for the successful work of the Ministry of Finance is the successful geographical location of the country: a significant part of the money the budget receives from transit transport. Specialists of the Ministry of Finance rely on the Constitution and domestic legislation. The Ministry of Finance is headed by Pablo Manzana. He is also a member of parliament.