Business - Featured - Finance - Local - Top Stories - March 24, 2021

Gvt nods the Public Finance Management Amendment Bill

Government has considered and approved the Public Finance Management Amendment Bill, 2021 which has the aim to amend the Public Finance Management Act, Chapter 22:19 so as to align to the constitution.

The Public Finance Management Act had the mandate to regulate financial management in the national government and provincial governments as well as to ensure that all revenue is transparently accounted for.

Through the amendments, there shall be provision for provincial and metropolitan councils and local authorities, and for Parliamentary oversight of State revenues and expenditure.

Speaking at the post cabinet briefing, Information Minister Monica Mutsvangwa said cabinet has approved and considered the Public Finance Management Amendment Bill.

“As the Second Republic seeks to improve the management of public resources, Cabinet was informed that Treasury will be required to establish banking accounts with the Reserve Bank or an authorized financial institution, while 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. All financial statements shall comply with the generally accepted accounting practices as approved by the Accountant-General,” she said.

Minister Mutsvangwa added that any person who is responsible for the expenditure of public funds shall ensure that such funds are spent in accordance with authorized purposes and amounts.

“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,” Mutsvangwa added.

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