Govt advised to enact debt management framework for transparency and accountability
By Letwin Mubonesi
Stakeholders at the who attended third annual Zimbabwe Multi-Stakeholder Debt Conference in Harare have called on the government to legislate an inclusive and transparent national debt management framework to foster accountability and transparency in use of public funds.
The conference which was organised by the Africa Forum on Debt and Development (AFRODAD) in collaboration with the Zimbabwe Coalition on Debt and Development (Zimcodd), ran under the theme Strengthening Debt Governance in Zimbabwe in the Context of COVID-19.
The conference brought together political, technical, and civic leaders.
Academia, the media and citizens to deliberate on key issues around transparency and accountability in public finance management in an effort to ensure implementation of the Government of Zimbabwe’s economic blueprint, the National Development Strategy 1 (NDS1).
Different stakeholders recommended that government should follow laws enshrined in the constitution whenever it enters into loan agreements.
“There is need for an inclusive debt management framework that will encompass a multi-stakeholder approach. Also, national Treasury should table a charter of fiscal responsibility and ensure policy consistency.
“There is also need for a comprehensive and independent debt audit with increased Parliament participation. Also, all loans must be contracted in line with the provisions of the Constitution and Acts of Parliament,” reads part of the recommendations.
The conference resolved that transparency could be improved through the adoption of the International Public Sector Accounting Framework, and capacitating anti-corruption institutions like Parliament, Environmental Management Agency (EMA) and the Zimbabwe Anti-Corruption Commission (ZACC).
“This is so because it is not possible to rein debt when corruption is on the rise.
“Given that some of the debt is assumed from loss-making state institutions and local governments, there is need to improve governance of the aforementioned. This can be done through implementation of office of the Auditor-General reports and recommendations, as well as ensuring the independence of these institutions and local authorities insulating them from political interference,” the conference resolved.
Other recommendations were that the country should promote value-addition of products and beneficiation of its mineral resources so as to reduce unsustainable extraction.
ZIMCODD is running a #HOWFAR campaign, a public awareness initiative seeking to raise public awareness on the lack of transparency and accountability by the Zimbabwean government on matters of public finance management.
The campaign is central to ZIMCODD’s work under the Strengthening Transparency and Accountability in Public Finance Management (STAP) project which seeks to increase citizen’s oversight in accountability through information dissemination and increased platforms for engagement with solution holders.
Furthermore, the government as a custodian of public resources has the responsibility of ensuring that information on how they raise and spend public financial resources is made accessible to every citizen so they can be held accountable.
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