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Public Finance Management |
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Introduction
This study was conceived out of the recognition that public finances can contribute directly to the reduction of poverty and the general welfare of the majority of Zambians. According to the various Auditor General’s reports, Zambia appears to have serious challenges in the manner public finances are managed.
Background
At independence, the Zambian economy was considered one of the best in Africa but bad internal economic management practices and a couple of external economic shocks in the 1970s and 1980s triggered the current persistent economic downturn. The economy remains undiversified (still heavily dependant on mining) despite numerous attempts to diversify it. Zambia is now classified among the poorest countries in sub-Saharan Africa and among the most indebted in the world. Additionally, Zambia is ranked as the 11th most corrupt country in the world according to the Transparency International Corruption Perception Index.
The subject of public finance management is so cardinal to any country that in Zambia, Transparency International Zambia (TIZ) initiated a project specifically dedicated to public finance management and utilisation in Zambia. Research, a consultative process of major stakeholders and ordinary citizens that included holding workshops and public discussions and a media campaign were conducted. The ultimate goal of all these efforts was to arrive at a set of proposals that would make the bedrock of the recommendations and strategies on better public finance management contained in this report for submission to the Ministry of Finance and National Planning (MoFNP).
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