Powers and Duties of the Ministry of Finance & Economic Development - MoFED
The Ministry of Finance and Economic Development shall have the powers and duties to:
1. establish a system for the preparation of development plan of the Federal Government; prepare the plan in cooperation with concerned organs and follow up implementation of same;
2. establish systems of budgeting, accounting, disbursement and internal audit for the Federal Government, and follow up implementation of same;
3. prepare the Federal Government budget and follow up implementation of same;
4. establish a system of procurement and property administration for the Federal Government, and supervise the implementation of same;
5. mobilize, negotiate and sign foreign development aid and loans, and follow up the implementation of same;
6. submit annually and whenever necessary, to the Council of Ministers general reports on the financial performance and status of the Federal Government;
7. administer property of the Federal Government which is not under the possession of any other state organ of the Federal Government;
8. be the repository of the Federal Government share's negotiable and non-negotiable instruments and other similar financial assets;
9. evaluate the performance of  development plans of the Federal Government; prepare and submit to the Council of Ministers annual national reports incorporating summarized reports of Regional States;
10. initiate fiscal policy of the Federal Government that particularly serves as a basis for taxes and duties;
11. formulate the population policy of the country; and upon approval, follow up, co-ordinate and supervise its implementation;
12. ensure the proper carrying out of activities relating to mapping and central statistics.
13. identify investment areas on indicative plans to assist the private sector in making investment decisions; in cooperation with the appropriate organs, initiate policy proposals with a view to encouraging and promoting the private sector;  

Source:
                   Federal Negarit Gazeta proclamation No. 471/2005