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.
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.
Mr. Yamba said work on the Planning and Budgeting Bill has progressed and that a draft will soon be ready, adding 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.”
The Treasury will continue to issue briefs to ensure that credible and accurate information is shared with the public, both locally and in the international arena.
NOTE – The PFM Components are;
- Integrated Planning & Budgeting;
- Integrated Fin. Mgt. Info. System [IFMIS] & Cash Mgt;
- Public Procurement Reforms;
- Enhanced Internal Audit & Control;
- Increased Effectiveness of Revenue Administration;
- Strengthening Tax Policy Formulation; and,
- Program Management.