The Parastatal Monitoring Department (PMD) is tasked with overseeing and evaluating the financial performance of parastatal entities to ensure they operate in a manner that is effective, efficient and economically sound. As part of its mandate, the department receives, reviews and analyses annual reports submitted by these institutions. In addition to this routine reporting, the PMD is sometimes tasked with conducting in-depth performance assessments to determine whether parastatals are being managed in accordance with established finance legislation. The findings and recommendations resulting from these reviews are compiled and submitted to the Office of the Prime Minister, which is the parent Ministry under which the PMD operates.
The Department reviews audit findings and financial reports, providing guidance on financial management and policy. This includes detailed analysis of the financial statements of each parastatal entity to assess financial performance. The evaluation involves ratio analysis and comparison of current accounting practices against International Public Sector Accounting Standards (IPSAS).