GOVERNMENT MOPS ALL MINISTRY, PROVINCES AND GOVT AGENCIES MONEY AND REPATRIATES IT TO BOZ- Amb. Emmanuel Mwamba

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Amb. Emmanuel Mwamba

By Amb. Emmanuel Mwamba
GOVERNMENT MOPS ALL MINISTRY, PROVINCES AND GOVT AGENCIES MONEY AND REPATRIATES IT TO BOZ

…Ministries, Provinces and Local Government to maintain Zero-Based Balances in accounts at Commercial Banks…

Purpose of the Guidance

The Treasury has observed that Ministries, Provinces and Agencies are
maintaining approximately K12 Billion in various bank accounts at commercial banks on a monthly basis.

In order to enhance effectiveness and efficiency in the
utilization of cash, the Treasury, through consultative process with key
stakeholders, found it necessary to implement stringent cash management
measures.

To this effect, this circular has been issued to provide guidance to Ministries, Provinces, and Agencies on cash management arrangements for bank accounts maintained in Commercial Banks.

3.0 Cash Management Arrangement for Commercial Bank Accounts
maintained by Ministries, Provinces and Agencies.

Pursuant to section 7 (z) of the Public Finance Act No. 1 of 2018, the Treasury wishes to provide guidance as below:

3.1 Efective Monday, 30th January 2024, the Treasury shall implement the
ZERO-BASED BALANCE (ZBB) on Government bank accounts in
Commercial Banks.

3.2 All funds in Commercial Bank Accounts to the Credit of MPAs shall be mopped to the Mopping Account at Bank of Zambia.

These funds shall be transferred back to the Commercial Bank Accounts of respective MPAS
upon submission of a request to the Treasury.

3.3 Controlling Officers and Sub warrant Holders should ensure that all requests are
accompanied by proof of certification of works for capital
projects and an approved plan for immediate program with stipulated
timelines for operational programmes.

(See Appendix 1)
3.4 The Treasury shall transfer funds back to Institutions within 48 hours of receipt of such request.

10 COMMENTS

  1. Are these useless observations Checks and Balances? They are just critics that portray empty brains. No wonder UPND is saying there are no opposition parties to give credible Checks and Balances apart from criticizing what UPND is doing right so that they derail them off their trajectory.

  2. Is Mwamba a politician or a mere journalist? In this article he has assumed the job of a Government Spokesman. The reported cash management procedure is testimony of an efficient and superior management of national resources.

  3. This is proper financial discipline and closing of a huge loop hole which PeeEfu thought they could continue looting through their sympathisers who are strategically placed in all ministries.

    MWA NYALA

  4. Is this really something to write about. That’s why even calling this gentleman Ambassador is a awste of time. That’s part of public financial management.

  5. What is news here ? I have worked for government for over 30 years in Senior positions and various government over the years have handled the issues of unspent money quite similarly. An MPSA needs to prove that the money is committed ( either through running contract, planned trip , etc) so that it ( money) is not moped.
    Sorry. I haven’t even read the story though I have commented based on the headline.

    • Just wondering what Mwamba is trying to achieve by copying and pasting some document we are all aware of. Guess he wanted to show his ” intelligence” or lack of it. Silence is golden…

  6. Emmanuel Mwamba overrates himself to be too smart yet in most cases when he makes utterances in exposes his ignorance. Please Emmanuel Mwamba invest your time in familiarising yourself with Public Financial Management (PFM) and accountability measures in PFM.

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