COUNCIL OF MINISTER REGULATION NO. 98/2004
COUNCIL OF MINISTERS REGULATION TO PROVIDE FOR THE ESTABLISHMENT OF THE FINANCIAL PUBLIC ENTEPRISES AGENCY
This Regulation is issued by the Council of Minister pursuant to article 5 of the Definition of Powers and Duties of The Executive Organs of the Federal Democratic Republic of Ethiopian Proclamation No. 4/1995 and Article 2(2) of the Public Enterprises Proclamation No. 25/1992.
1. Short Title
This Regulation may be cited as “Financial Public Enterprises Agency Establishment Council of Minister Regulation No. 98/2004.”
In this Regulation “Financial Public” means a public enterprise engaged in banking or insurance business.
1. The Financial Public Enterprises Agency (hereinafter referred as the “Agency”) is hereby established as an autonomous government office having its own legal personality.
2. The Agency shall be accountable to the Prime Minister.
4. Head Office
The Agency shall have its head office in Addis Ababa.
The Objectives of the Agency shall be to make financial public enterprises become efficient, competent and modern with a view to enabling them serve as instruments in implementing Government development policies.
6. Powers and Duties
The Agency shall have the powers and duties to supervise financial public enterprises in accordance with Article 11 and other relevant provisions of the Public Enterprises Proclamation No. 25/1992.
7. Organs of the Agency
The Agency shall have:
1. A General Manager to be appointed by the Government; and
2. The necessary staff.
8. Power and Duties of the General Manager
1. The General Manager shall be the chief executive officer of the Agency and, as such, shall direct and administer the activities of the Agency.
2. Without limiting the generally of sub-article (1) of this Article, the General Manager shall:
a) Exercise the powers and duties of the Agency referred to in Article 6 of this Regulation;
b) Employ and administer the employees of the Agency in accordance with the federal civil service laws and directives approved by the Prime Minister on the determination of remuneration and benefits;
c) Prepare the annual work program and budget of the Agency and implement same upon approval;
d) Effect expenditure in accordance with the approved budget of the Agency;
e) Represent the Agency in all its dealings with third parties;
f) Prepare and submit to the office of the Prime Minister the activity and financial reports of the Agency.
3. The General Manager May delegate part of his powers and duties to the officials and other employees of the Agency to the extent necessary for the efficient performance of the activities of the Agency.
The budget of the Agency shall be allocated by the Government.
10. Books of Accounts
1. The Agency shall keep complete and accurate books of accounts.
2. The books of accounts and financial documents of the Agency shall be audited annually by the Federal Auditor General or by an auditor appointed by him.
11. Effective Date
This Regulation shall enter into force as of the 30th January day of, 2004.
Done at Addis Ababa, this 30th day of January, 2004
PRIME MINISTER OF THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA