What is the Minister of Finance doing?
Finance Minister is a member of the government cabinet and the director of the Ministry of Finance. The duties of the Office are advice to the government manager; budget management, taxes and financing programs; solving domestic economic growth and politics; and manipulation of international financial matters. Other titles for this position include Minister of Finance, Minister of Finance, Chancellor of the Treasury or Financial Secretary. Every country has someone in this position, no matter what the name is.
This position is very important. The standard of living of the country is closely related to the decisions that the Minister of Finance will or recommends. One of the minister's priorities is the government budget, which consists of two things: revenue and expenditure. This is called fiscal policy. Fiscal policy affects interest rates, banking regulations, unemployment, private enterprises and currency inflation.
Taxes are the main thing most of the governments is income, but there are several ways for expenses. If the government has lower taxes, must eliminovAt some government programs, reduce salaries and reduce its operating standards. The government that wants to increase programs and grants must increase taxes or other fees.
The Minister of Finance must find balance, financing the necessary programs and at the same time minimize the burden of the taxpayer. This position often makes him an unpopular public official, but his decision affects all the citizens of the country. The actual power of the office differs from ground to ground. Some countries may let the final decisions to the head of the government or the legislative body and others allow the minister to promote decisions.
When the government holds public funds that are not considered taxes, the Minister of Finance acts as a trustee funds. Retirement, medical and social care programs are paid by working citizens, but are not technically considered taxes. The Minister acts as the manager of these programs and ensures that they are properlymaintained.
If the government plays a major role in business using taxpayers' money to finance organizations such as healthcare facilities, schools and financial institutions, the Minister of Finance has great power. He could only be the prime minister in second place. In countries with limited involvement of the government in business activities, this work can be considered a minor governmental position that has little power.