Thursday, May 30, 2024

Treasury released K1.12 Billion funding for developmental programs and government operations for February and March

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

Commenting on the reconciliation report, Minister of Finance Felix Mutati has said the government will continue to do its best to ensure that the stock of domestic arrears is dismantled.

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.

“My office 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,” said Mr. Mutati.

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 in order 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.

5 COMMENTS

  1. Now let me first teach the secretary to the Treasury some basic progressive reporting. Putting some figure without mentioning how it has been controlled doesnt….I would have been happy if he atleast provided us first with wat was allocated for the two months in the yellow book then compare to what was released.. Being early months do a comparison to show that the prudent aspect is being followed .We dont know if 1.2 billion and 337 million mentioned were actually budgeted and went to the well intended purpose

    • Samba: brilliant observation. A report of this nature requires an analysis based on planned versus given or released. There is no basis to identify meeting of the set bench mark for these funds for February and March. Issues like percentage released are not given. Percentage paid out against demand from payees are not given. Just releasing money is not progress. It’s like releasing 200 bags of fertilizer that has not been accessed by farmers will never translate into a high yield. This type of reporting lacks integrity and we can not use it to determine progress. These are just figures released and not a report on progress on payments to creditors. Please do better in the next report.

  2. Yamba is just a crook. He has also NOT told us how he is getting back our money from the thieves cited in the Auditor General’s report. These guys are quick to release funds and brain dead at recovering it, or accounting for it.
    All these thugs in the treasury and at RDA deserve to be paraded naked in the Heroes Stadium as they are herded to prison cells at Mukobeko for 30yrs imprisonment for grand thefts, and taking advantage of the clueless Lungu to steal the daylights out of Zambia!

  3. Which majority of went in the pockets of pf officials and thugs like kaiser zulu. Unaccounted funds as usual. You cannot tell us what you have done with those funds. Pf are theives.

  4. Without any serious actions against thugs and thieves responsible for the Auditor General’s report, and the stories of the vanishing Eurobond money, Yamba is at it again : Throwing good money after bad!

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