The Ministry of Finance, Planning and Economic Development (MFPED) coordinates the preparation and presentation of the national budget and reports periodically to Cabinet and Parliament on budget preparation, execution and performance. The MFPED conducts performance contracting, budget reporting and budget monitoring to improve accountability and as part of wider efforts to improve service delivery. A performance contract is a signed agreement between the Accounting Officer of a spending agency and the Permanent Secretary of the Ministry of Finance declaring the intended use of public funds. Each quarter a Performance Report must be submitted to the Ministry of Finance outlining progress against a work plan.