Parliament exercises financial control by requiring the Government to seek the approval of the House for its annual budget.
The annual Budget Statement usually takes place in late February or early March before the new financial year begins on the 1st of April. The Finance Minister, in presenting the Budget Statement, will review the country's economic performance in the previous year and announce economic proposals including any taxes or incentives to be introduced for the coming year. Accompanying the Budget Statement is the Budget Book which sets out in detail the estimates of expenditure showing how each Government Ministry proposes to use the public money to be expended by the Government in the next financial year.
At the conclusion of the Minister's Budget Speech, Parliament will stand adjourned for not less than seven clear days and when it resumes, two days will be allotted for the debate on the Budget Statement.
The debate on the Budget Statement is followed by the debate on the estimates of expenditure, where each Minister is questioned on his Ministry's policies. This debate lasts from seven to ten days following which the Supply Bill will be passed. The Supply Bill authorises the Government to withdraw the necessary amount of moneys from the Consolidated and Development Funds to meet the expenditure of public services as set out in the estimates of expenditure.