CSOs have observed that while notable strides have been taken towards making information more accessible through periodic publications and more engagements with stakeholders, there is still remains a needs to devise and implement policy in a transparent and accountable manner especially as it relates to the public financial management.
Speaking on behalf of the CSOs , Ms. Pollen said it goes without emphasizing that the lack of transparency and accountability has been reported as having contributed the current unsustainable debt levels and still poses a challenge with Zambia’s debt management and restructuring.
She said the intentions to bring to floor of the house the public debt management bill 2022 is seen as a progressive way forward.
She has commended government for taking the proactive steps in addressing the legislation that will govern debt acquisition.
She said the bill proposes some progressive regulations and has demonstrated an attempt by the government to align this draft bill with the demands of the constitution of zambia of 2016 as well as more reflective of the global best practices.
She added that the creation of a debt management office has been welcomed and places the foregoing responsibility on officers with requisite knowledge and competencies that would provide the building blocks for debt sustainability.
“The setting up of a debt database will act as a country specific repository of all debt and there is a progressive step towards aligning with international trends and preventing instances of debt opacity and hidden debt,” She explained.
Ms. Pollen stated that the designation of the Bank of Zambia as the agent of the Government, for purpose of the issuance of bonds and stocks, will enable the Bank of Zambia to assume direct control over loans issued by way of stocks and bonds.
“It is the hope of the CSOs that wide discretion on some sections that allows the president and/or the minister to borrow without resources to the national assembly during a disaster or state of emergency are redressed as they may limit the very transparency and accountability sought in the debt contraction management process,”She said.
