HONE SIAME, Lusaka
MINISTER of Finance Felix Mutati has urged members of Parliament to support the enactment of the Public Finance Act and Budget Act when Parliament resumes sitting next month because the two pieces of legislation will help reduce misuse of public funds.
Mr Mutati said in an interview that the legal structural reforms Government has embarked on are critical to fiscal consolidation and prudent management of public resources.
He said it is important for Zambia to remain accountable and ensure prudent management of public funds.
“We are hoping that legal structural reforms such as enacting the Public Finance Act, Budget Act, Loans and Guarantees Act, and ZPPA Act will come to pass during the next sitting of Parliament.
“They are critical for fiscal consolidation and for minimising misapplication and misuse of public resources. We want to ensure that public resources are used for intended purposes,” Mr Mutati said.
He said the reforms Government has taken in the energy sector to increase electricity tariffs will stimulate foreign investors’ interest to invest in the energy sector to boost Zambia’s power generation capacity.
Mr Mutati said Government has so far implemented a number of action plans aimed at enhancing domestic resource mobilisation in line with its home-grown economic stabilisation and growth programme.
He said Government is open to dialogue and constructive engagement with stakeholders on economic governance matters.
“We believe as Government that there is no substitute to dialogue and constructive engagement with stakeholders, particularly civil society organisations, on issues of economic governance.
“Civil society organisations are indispensable partners in that regard. The more we engage them, the more we minimise distortions, ambiguities and achieve some level of clarity,” Mr Mutati said.
He said Government will continue implementing the on-going reforms in public finance management.