HARARE – Zimbabwe’s finance ministry has gazetted a new law to improve accountability in the use of public resources in a move meant to promote good governance in the public sector.

The Public Finance Management Bill seeks to repeal the Audit and Exchequer Act and the State Loans and Guarantees Act, merging them into a single law.

“The Bill is meant to improve accountability over the use of public resources, provide the regulatory framework for the management of public finances and promotion of good governance as well as strengthen the current accounting system,” the ministry said last week.

It invited comments from the business community and members of the public as part of the process of fine-tuning the public finance management legislation.

The need to improve accountability in public finance management comes in the wake of allegations of poor governance during the past five years when the Reserve Bank of Zimbabwe usurped the powers of the Treasury and started printing large sums of money which were never accounted for. – ZimOnline

By Zimonline