The Republic of the Marshall Islands (RMI) Ministry of Finance (MOF) was established under the 11 MIRC Chapter 1 Financial Management Act. The MOF serves to be a comprehensive system of public financial management for the RMI to administer all revenue and fiscal functions of the Government of RMI in the following areas:
- revenue, tax and duty collection;
- accounting, fund and treasury maintenance, security and accounting, disbursement, accounts receivable and expenditure accounting;
- budget control; and
- all data processing and other assets related to the foregoing.
The MOF consists of four (4) divisions and one (1) office. It includes 1) Division of Accounting and Administration, 2) Division of Budget, Procurement and Supply, 3) Division of Customs, Treasury, Revenue, and Taxation, 4) Division of International Development Assistance (DIDA), and the Ebeye Finance Office located in Ebeye, Kwajalein Atoll.
All of the divisions and the office are under the supervision of the Minister of Finance and the Secretary of Finance. According to the Financial Management Act, the Secretary of Finance is responsible for the collection, disbursement, and accounting of all public funds, including the General Fund of the Marshall Islands. The Secretary of Finance shall be the comptroller and the general accountant of all public funds, including the General Fund of the Marshall Islands.
The Division of Accounting and Administration is responsible for ensuring that proper accounting system is managed and maintained in order to monitor and report all of the Government transactions.
The Division of Budget, Procurement and Supply is responsible for ensuring that the preparation, coordination, analysis, and enactment of a budget is in compliance with the Appropriation Act. The Division also houses the Procurement and Supply Office which is a centralized government procurement entity responsible for managing the procurement system in the RMI.
The Division of Customs, Treasury, Revenue, and Taxation is responsible for ensuring that administration, management, and collection of revenue, tax, duty, and other non-tax revenue is executed appropriately and legally.
The Division of International Development Assistance (DIDA) is responsible for ensuring that Official Development Assistance (ODA) provided by development partners is prepared, managed, and monitored in alignment with the national priorities. The Division also houses a Grant Writing Office which provides grant proposal preparation assistance to the governmental entities in the RMI.
The Ebeye Finance Office is responsible for the overall public financial management in Ebeye Island.