Government says efforts in social service delivery and infrastructure development in health, education, roads and other sectors are being frustrated by Zambian nationals through misapplication of scarce resources.
Finance and National Planning Deputy Minister Chileshe said as such, corporate failure and auditing change was a critical area that needed to be addressed if enormous public and private sector resources were to be used efficiently for set objectives
Ms Kapwepwe charged that the Integrated Financial Management and Information System (IFMIS) would be used as a tool to strengthen the quality of decision making and monitoring on utilization of funds for development in the public sector.
She said this yesterday when she officially opened the 2010 Zambia Institute of Chartered Accountants (ZICA) Annual Business Conference at Zambezi Sun Hotel in Livingstone under the theme: Change and Paradigm Shift for the Accountancy Profession.
Ms Kapwepwe also stated that the launch of audit committees in government in the recent past was meant to improve corporate governance structures in the public sector.
“The launch of audit committees in government in the recent past is premised on improving the corporate governance structures in the public sector to match best practice measures in leading private sector entities,” she said.
She said for the country to develop, a complete shift in how people managed resources including time, attitude towards work and enthusiasm to act as agents of value-adding change at all levels was needed.
And Ms Kapwepwe revealed that government had made enormous strides in attracting Foreign Direct Investments with over US$ 1.3 billion being recorded in the first quarter of 2010 unlike last year when only US$ 195 million was recorded during the same period.
She urged commercial banks to reduce their lending rates as doing so would enable the private and household sectors respectively, borrow and participate in sustainable economic development.
“By failing to reduce lending rates, commercial banks are making it difficult for the private sector and household sector to borrow and participate in sustainable economic development,” she said.
Ms Kapwepwe further said government welcomed any interventions in the education system by the private sector aimed at making high quality education available to disadvantaged children.
She said education was a key factor in any meaningful change and emphasized the need for young people to be guided into seeking education that would help them compete on the international labour market.
ZANIS
Latest!! Votes counted so far indicate ADD commands a massive lead in Luena. In Chifubu, PF is pulling away with an ernomous landslide. MMD lelo…..!
ADD UPND and MMD in luena still counting
PF ADD and MMD in Chifubu. Lookd like MMD is in shit
Its Cuuuuu cuuuuuuuuu i Luena according to the post the
ADD 3,278
MMD 2,071
UPND 1,326
UNIP 84
ULP 70
If this is not a clar message that Banda is a serious liability to the MMD then these chaps are deaf and doomed. Imagine the jet and helicopter fuel he burnt travelling accross the country but fails to create a winning traction for his party, what a loser. As for Milupi, I think he could easily be a force to reckon with in the 2011 polls. His record in parliament speaks volumes, we need more men like him in the administration of this country.
LT, we know you are MMD and are still mourning but please show the people! Publish the results. News is about publishing what is on the ground. We all know that its opposition 2, MMD 0. RB and Kunda are a libibility to their party. How can the President and his veep frlying in joppers and Gvt vehicle plus using abused funds be loosing elections like this? The wise thing is for MMD to withdraw their participation in next year’s elections becouse its clear that they have been rejected. If RB has dignity, let him leave SATA as un opposed and let him retire back to the farm-politics yabakana bamudala
And yet RB GK and Mulongoti want to remove Art.37(Abuse of office) from the ACC Act.
Well said Maddam Deputy Minister, our Commecial Banks are really taking us for a ride. Why is it that the inflation rate is low while the lending rate is high more than double. If we cant clasify this as money laudering by our banks then I am woundering what it is. Plz GRZ save us from this scam by our banks
And your same government wants to do away with the act that deters plunderers. Any way it is a matter of just time, we will be back on track as your masters languish in prison. Actually just after the pact takes over power we will change the minimum period a public servant or politician may be in prison for abuse of national resources to 20 years. this will be just before your masters are in court. we will prepare very well.
It is indeed sad that we are found in a situation like this, even these so called audit committee are just there for sitting allowances.It is this allowances syndrome which is killing our economy…look at how much we have blown over NCC,that money could have educated alot of people at one of our universities!
She urged commercial banks to reduce their lending rates as doing so would enable the private and household sectors respectively, borrow and participate in sustainable economic development.
“By failing to reduce lending rates, commercial banks are making it difficult for the private sector and household sector to borrow and participate in sustainable economic development,” she said
Who is responsible for Zambia’s fiscal policy and how is it implemented?
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