DEBT MANAGEMENT FOR PARLIAMENTARY OVERSIGHT IS CRUCTIAL -CUTS

By Daily News reporter

CUTS International held the stakeholders meeting National Economic Symposium in Lusaka under the theme: Strengthening Parliamentary Oversight for Transparent and Inclusive Public Debt Management to provide an invaluable opportunity for dialogue surrounding the state of the economy, with a special emphasis on the launch of the Public Finance Management Act (PFMA) analysis report.

During the event, Sajeev Nair, Regional Director and Board Member, said that Parliamentary oversight in debt management is key in minimizing the risk that comes with accumulating public debt to unsustainable levels.

Mr. Nair stated that this parliamentary oversight ensures that the executive remains accountable to the National Assembly and the public in its borrowing operations.

He emphasized the importance of equipping them with the necessary knowledge and tools for effective legislative and oversight functions.

And speaking on behalf of Permanent Secretary Budget and Economic Affairs, in the Ministry of Finance and National Planning, Ms. Mwaka Mukubesa, Mr. Patrick Mfungo Assistant Director Investment and Debt Management Department said the Zambian government has demonstrated adherence to the law by publishing the medium-term Debt Management Strategy which gives an indication of government borrowing strategies for the medium term and conducting public debt sustainability analysis and publishing the report.

“Once the aforementioned are considered by the National Assembly, the government, through the Ministry of Finance and National Planning has been publishing these documents on the Ministry website. This demonstrates government’s commitment to transparency and accountability to the public”, Ms. Mukubesa said.

The Symposium meeting was attended by 60 participants, including five Members of Parliament, representatives from civil society organizations, donors, and officials from various embassies.