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Tuesday, July 7, 2020

Government making progress in implementing financial reforms- Yamba

Economy Government making progress in implementing financial reforms- Yamba

Secretary to the Treasury Fredson Yamba
Secretary to the Treasury Fredson Yamba

Secretary to the Treasury Fredson Yamba has said the Government is making substantial progress in the implementation of the Public Financial Management [PFM] Reform Program.

To ensure that there is mutual confidence in tax matters between the Extractive Industry Investors and the people of Zambia, “Government has approved a joint collaboration between the Zambia Revenue Authority [ZRA] and the United Nations Conference On Trade & Development [UNCTAD], aimed at developing a robust and world-class Mining Sector Monitoring Mechanism,” Mr. Yamba has said.

“Further to that, the Zambian Government has signed a K39 Million [or USD6.1 Million] grant agreement with the Norwegian Government to facilitate implementation of the Mining Sector Monitoring Mechanism to ensure that effective progress is made in tax revenue administration,” he said.

The total project fund is USD10.2 Million [K64 Million] of which USD6.1 Million is the grant from Norway, while K12.6 Million [or USD2 Million] is a grant from the Multi Dollar Trust Fund, and K14 Million a contribution from the Zambian Government.

The minister said this in a statement by Ministry of Finance Public Relations Officer Chileshe Kandeta in Lusaka, today.

In addition, to ensure effective and comprehensive refinement of Public Financial Management, the PFM Reforms will target integrated improvements in planning & budgeting, financial management information system, cash management, public procurement, internal audit & control, revenue administration, strengthening tax policy formulation, and, program management, the minister said.

Mr. Yamba said work on the Planning and Budgeting Bill has progressed and that a draft will soon be ready.

He added that, consistent with government’s commitment to reach higher levels of financial governance, he was glad to inform the business community that the Zambia Public Procurement Authority [ZPPA] had made arrangements to facilitate the design and implementation of an electronic procurement system.

He said, “Introduction of an electronic procurement system at ZPPA will result in the comprehensive improvement of project implementation and quicken the pace at which the benefits of Governments development initiatives accrue to the public.”

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4 COMMENTS

    • Useless talk.
      No other party should be allowed to govern until 2016. Let PF continue with developmental programme. Vote EL for development.

  1. These PF thugs, there time is up, please stop these nonsense development this development that, how do you implement all these things in less than 48 hours if you didn’t n three years. Careful one will go to jail, these last minute deals are dangerous especially that Zambians know how good you are at using pangas than your brains. New government is imminent, Nawakwi is actually better than all PF heads put together. Vote HH

Comments are closed.

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