Second Republic prioritizes constitutionalism and transparency in Public Finance

by | Mar 24, 2021 | Business | 0 comments

Brian Rungano Temba

Last night Cabinet announced that it had given thumbs up to the Public Finance Management Amendments Bill of 2021.
The amendments seek to improve the management of public resources according to the tenets of the Constitution of 2013.
One of the main tenets influencing this amendment is devolution that will allow growth at provincial level guided by management of resources within and revenue made in the respective devolved provinces.
The bill was consolidated in 2010 to provide for the control and management of public resources and the protection and recovery thereof.
It has had amendments before like in 2015, which mainly focused on defining roles of accounting officers of the act, formats of projections by public entities, annual budgets, annual reports and enforcing recommendations by an auditor of the act.
In this year’s amendment to the Bill, Minister of Information Publicity and Broadcasting Services; Hon. Senator Monica Mutsvangwa said there shall be adjustments that allow for monitoring and management of revenue in all tiers of devolution.
“Through the amendments, there shall be provision for provincial and metropolitan councils and local authorities, and for Parliamentary oversight of State revenues and expenditure,” Hon. Sen. Mutsvangwa said.
Under the new amendments to the Public Finance Management Bill, the President will be able to authorize the issue of money from the Consolidated Revenue Fund during the dissolution of Parliament and thereby ensure the continuation of service provision. Consolidated Revenue Fund is the coffer that has been funding devolution, and with this amendment.
Hon Senator Mutsvangwa also said that, Public Finance Management Amendment Bill also addressed the operations done by accounting officers.
“All financial statements shall comply with the generally accepted accounting practices as approved by the Accountant-General.
Every accounting officer shall ensure that paper control systems exist for the custody and management of assets as well as ensure effective efficient economical and transparent use of the assets,” said Hon Sen Mutsvangwa
National treasury is the principal ministry in ensuring generation and management of public finances.
Minister of Finance and Economic Development Professor Mthuli Ncube said during Zimbabwe African National Union – Patriotic Front (ZANU-PF) Provincial Coordination Committee (PCC) meeting in Matabeleland North, that he is in process of computing the Gross Domestic Product (GDP) per district.