2015年-IMF国际货币组织全球_Zambia_Technical_Assistance_Report_58页_873kb

ZAMBIA: Technical Assistance Report on Public Financial Management

Core Content

This Technical Assistance Report, prepared by the IMF Fiscal Affairs Department (FAD) and AFRITAC South (AFS) in June 2015, evaluates the current legal framework for Public Financial Management (PFM) in Zambia and proposes a revised, integrated legal structure to support modern PFM reforms and align with international standards.

Main Viewpoints

• Fragmented Legal Framework: The existing PFM legal framework in Zambia is fragmented and outdated, failing to incorporate recent reforms and international best practices.
• Need for Legal Reform: A comprehensive legal framework is essential to support the government’s PFM reform agenda and to ensure consistency and clarity across all relevant laws and regulations.
• Two-Track Approach: The government has proposed a two-track approach to revising PFM legislation, involving the drafting of the Planning and Budgeting Bill (PBB) and the revised Public Finance Act (PFA). However, the report expresses concerns about the lack of integration and potential inconsistencies between the two tracks.
• Recommendation for Single Integrated Law: The report suggests that a single, integrated PFM law—a new Public Finance Management Act (PFMA)—would be more effective than the two-track approach. This would consolidate and update elements from the PFA 2004 and the draft PBB.
• Alignment with New Constitution: The reform must be harmonized with the new Constitution finalized in 2014, which includes important provisions on PFM and fiscal policy.
• Decentralization Strategy: The legal framework must support the government’s fiscal decentralization plan, which aims to increase local government autonomy and fiscal transfers by 2017.

Key Information

Legal Gaps and Weaknesses

• Macro-Fiscal Policy: The existing legal framework lacks a clear and comprehensive legal basis for macroeconomic and fiscal policy, including forecasting, borrowing, and fiscal risk management.
• Planning and Budget Preparation: The PFA 2004 does not fully cover the planning and budgeting process, and the current procedures are not aligned with modern practices.
• Treasury Management: The legal framework does not provide sufficient clarity on the roles of the Ministry of Finance (MoF) and the Bank of Zambia (BoZ) in cash and debt management.
• Accounting and Reporting: There is no clear mandate for the adoption of international accounting standards (IPSAS) and the Government Finance Statistics Manual (GFSM) 2001.
• Oversight and Control: The legal framework does not adequately define the responsibilities of oversight bodies in monitoring local governments, Grant-Aided Institutions (GAIs), and State-Owned Enterprises (SOEs).
• Sanctions Regime: The current sanctions regime is limited and does not cover all relevant entities and individuals.

Proposed Legal Framework

• A single integrated PFM law (PFMA) is recommended to replace the current fragmented system.
• The law should include principles, objectives, and rules for macroeconomic and fiscal policy, ensuring transparency, accountability, and sustainability.
• It should define the MTEF and NDP and ensure their alignment with the budget process.
• The law should specify the budget calendar and documents, and include procedures for supplementary budgets, virement, and carry-over.
• The law should clarify the roles of MoF and BoZ in cash and debt management.
• It should incorporate IPSAS and GFSM 2001, and ensure the independence of the Office of the Auditor General (OAG).
• The law should include a list of all GAIs and SOEs in its schedule and define their financial responsibilities.
• It should establish a sanctions regime covering both organizations and individuals for non-compliance with financial regulations.

Implementation Roadmap

• A single technical working group should be established to coordinate the drafting of the PBB and PFA, ensuring consistency and integration.
• The two Bills should be submitted to the Cabinet and the National Assembly (NA) concurrently.
• A revised roadmap for PFM law reform should be prepared, aligning with the new Constitution and the decentralization strategy.
• The technical working group should also review and revise other PFM-related laws, including those on debt management, SOEs, and local government finance.
• The IMF is ready to provide further technical assistance to support the reform process.

Recommendations

• 2.1 Establish a permanent framework of principles, objectives, and rules for macroeconomic and fiscal policy.
• 2.2 Specify institutions and procedures to ensure MTEF and NDP are consistent.
• 2.3 Submit MTEF and report for monitoring expenditure targets to Parliament.
• 2.4 Define principles, procedures, and institutions for public investment management.
• 2.5 Define a budget calendar and documents.
• 2.6 Establish institutions and procedures for parliamentary scrutiny of the budget.
• 2.7 Define a unit of appropriation and provide for transition to output or program budgeting.
• 2.8 Specify rules and procedures for virement, supplementary budget, and carry-over, and discontinue excess expenditure appropriation.
• 2.9 Clarify the scope of the Consolidated Fund, establish a Cash Management Committee (CMC) and Cash Management Unit (CMU), and define roles for the Treasury Single Account (TSA).
• 2.10 Incorporate debt management principles into the PFA and establish a separate law if needed.
• 2.11 Set out commitment control rules and ensure the Treasury can enforce audit recommendations.
• 2.12 Refer to internationally accepted accounting standards and require local governments to comply with the central government Chart of Accounts (CoA).
• 2.13 Incorporate the contents of the draft new Constitution into the annual financial reports.
• 2.14 Specify the content and timeline of in-year financial reports and include enforcement measures.
• 2.15 Ensure the independence of the OAG and reconsider the establishment of the State Audit Commission (SAC).
• 2.16 Include a list of all GAIs and SOEs in the law's schedule, to be updated regularly.
• 2.17 Define the responsibilities of key players in the oversight of GAIs and SOEs.
• 2.18 Specify the process to determine the distribution formulas for the Local Government Equalization Fund (LGEF).
• 2.19 Require local governments' budgets and borrowing to be approved by the MoF and MoLG.
• 2.20 Require GAIs' budgets and borrowing to be approved by the MoF and specify transparency requirements for state-owned mining companies.
• 2.21 Update and clarify the roles and responsibilities of key players in the PFM process.
• 2.22 Specify organizational sanctioning measures.
• 3.1 Adopt an outline of an integrated PFM law or two laws without overlap.
• 3.2 Submit both bills to the NA concurrently if the twin-track approach is followed.
• 3.3 Revise the roadmap for the preparation of the integrated PFM law or two laws.
• 3.4 Organize a single technical working group of MoF officers and MoJ lawyers to draft both the PBB and PFA or an integrated PFM Bill.
• 3.5 Revise the PFM Reform Strategy to include MoF restructuring.
• 3.6 Replace existing debt management laws with provisions from the integrated PFM law or a separate public debt management law.
• 3.7 Mandate the technical working group to prepare amendments to the LGA jointly with the MoLG and review other PFM-related laws.

Conclusion

The report emphasizes the importance of an integrated legal framework for PFM in Zambia to ensure coherence, transparency, and accountability. It also highlights the need for coordination among government agencies, early consultation with the National Assembly, and the use of a single technical working group to manage the reform process effectively. The IMF is prepared to support the government through further technical assistance.