Revision of public finance Act welcomed

Copperbelt Trade and Development Forum (CTDF) has welcomed government’s intention to revise the Public Finance Act as a way of curbing the abuse and misapplication of funds.

CTDF Executive Director Vincent Lengwe says the move is welcome, but urges government to also consider coming up with a robust mechanism that would eliminate the transparency and accountability issues that have been associated with Part III, section 13 of the Public Finance Act of 2004, which has in the recent past made sub-national mineral revenue tracking, transfer and utilization extremely problematic.

Mr. Lengwe says this it is incumbent upon government to seriously consider detaching the administration of mineral revenues from the main consolidated account by improvising another system that will ensure traceability so that revenues from the mining sector can easily be traced, apportioned and reserved as intergenerational equity for sustainable development.

Mr. Lengwe is however, displeased with government’s continued failure to raise adequate revenues from copper related exports.

Leave a Reply

Your email address will not be published. Required fields are marked *

*