Secretary to the Treasury Fredson Yamba is hopeful that the revised Public Finance Act will put an end to the continued misappropriation of funds, as cited in the Auditor General’s report.
Mr Yamba says there is need to seal loopholes so that erring officers are taken to task.
He says controlling officers must also be given the mandate to take punitive action against those found wanting in the Auditor General’s report.
Mr Yamba said this in his submission to the Parliamentary Public Accounts Committee sitting in Lusaka today.
He said there is also no punitive measure in the financial regulations that spells out misapplication of funds.
Mr Yamba told the committee chaired by Muchinga MP, Howard Kunda that misapplication of funds is outright theft, which should equally attract serious punishment.