Wed, 15 Mar 2017 12:29:39 +0000
…as treasury releases K130 million for pensioners
By NATION REPORTER
The ministry of finance is keeping a watchful eye on public spending to ensure that there is no accrue of unbudgeted expenditure and that arrears are reduced and eventually dismantled, says Mr Mutati.
Mr Mutati said government will continue to do its best to ensure that the stock of domestic arrears was dismantled.
Commenting on the reconciliation report, Mr Mutati has said the government would continue to do its best to ensure that the stock of domestic arrears was dismantled.
In a statement issued by the ministry’s head media & public relations
Chileshe Kandeta, the Minister said this in relation to the accumulated K177.5 million which has been released by the Treasury between January, 2017 and March, 2017 specifically targeted at dismantling pension arrears.
According to the budget implementation reconciliation report done last Friday, the Treasury has released K1.12 Billion funding for *February and part of March 2017,* for developmental programs and government operations.
Of the funds released, K130 million was for payment of pension related matters, K74 million for grants to local authorities, and K25.8 million for bursaries in various public universities.
K20 million was been released to the National Road Fund Agency for roads, bringing the total releases to the road sector since January 2017 to K356 million.
Recently, Secretary to the Treasury Fredson Yamba assured an Economics Association of Zambia assemblage in Lusaka that financial discipline and fiscal consolidation remain key to the Government and that they will continue to receive strengthened attention in the Economic Stabilisation and Growth Programme.
Mr. Yamba told the gathering that to strengthen fiscal discipline, Government was currently reviewing various pieces of legislation which the Minister of Finance is expected to table before current session of Parliament.
Among the pieces of legislation being considered are the Planning and Budgeting Bill, the Public Finance Management Bill, the Loans and Guarantees Authorization Act and the Public Procurement Act.
The Planning and Budgeting Bill, will among other things, enhance budget credibility and ensure that budget execution adheres to approved plans and appropriations.
During the EAZ gathering, Mr. Yamba said the Bill will better integrate the planning and budget processes and strengthen oversight mechanisms of the National Assembly over planning and budget processes.
With regard to concerns captured in the Auditor General’s report about the application of some funds in the public sector, the Secretary to the Treasury said the Public Finance Act of 2004 was being reviewed and that among the progressive clauses in the proposed Bill was the provision for punitive measures to errant public officials.
“The Loans and Guarantees Authorisation Act will be amended to ensure harmonisation with the provisions of the Constitution in terms of procurement of public debt,” and clarified that, “under the new constitution, public debt will have to be approved by the National Assembly before it is contracted.
Mr. Yamba also informed the gathering that the Zambia Public Procurement Act of 2008 was also being amended to bring about efficiencies in public procurement and ensure value for money.
