COMPLY WITH PUBLIC FINANCE ACT – PMRC

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By SILUMESI MALUMO

THERE is urgent need for Government to ensure the Public Finance Management Act is effectively implemented for total compliance by all officers managing public funds, says Policy Monitoring and Research Centre (PMRC) executive director Bernadette Deka.

Ms Deka said the management of public resources, however, remained a challenge in Zambia with some public entities failing to account for funds or give full and accurate accounts of their activities which was in violation of the laws of Zambia.

This is according to a 2018 report released yesterday, dubbed ‘PRMC Parastatal Analysis of the Auditor General on the accounts of Parastatals Bodies and other Statutory Institutions for the financial years ended 2013, 2014, 2015 and 2016.’

The PMRC called for an effective routine mechanism which should be put in place by the Zambia Revenue Authority (ZRA) and other regulating authorities to ensure all Parastatals and statutory bodies remit their statutory contributions.

‘‘There should be a thorough assessment that should be undertaken to assess the status and performance of parastatals. This would further assist the Industrial Development Corporation (IDC) with planning for the parastatals on how they can be efficient in areas of concern,’’ the report says.

The PRMC urged all parastatals and statutory bodies to implement the Internal Control Integrated Framework which was expected to help organisations design and implement internal controls in light of many changes in business and operating environment.

The centre said it expected that with the development of a code of corporate governance guidelines for the public sector, there would be effective monitoring of the performance of boards of parastatals and statutory bodies, which would help lessen the queries incurred by various institutions.

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