The Committee on Economic Development and Finance is responsible for specifically monitoring the application of the fundamental principle of building a State committed to promoting social welfare and establishing appropriate mechanisms for equal opportunity to social justice.

As far as oversight of the Executive action is concerned, the Committee on Economic Development and Finance has responsibility in the following domains:

1. Economy and trade;
2. Finance and planning;
3. Agriculture;
4. Livestock;
5. Forestry;
6. Energy and water;
7. Natural resources;
8. Public works and transportation of persons and goods;
9. Communication;
10. Land, housing and environmental protection.

Also, the Committee is responsible for:

1. Examining the draft budget of the Senate;
2. Providing opinions on the draft State Budget before it is adopted at a final stage