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{
    "id": 683777,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/683777/?format=api",
    "text_counter": 169,
    "type": "speech",
    "speaker_name": "Hon. (Eng.) Gumbo",
    "speaker_title": "",
    "speaker": {
        "id": 24,
        "legal_name": "Nicholas Gumbo",
        "slug": "nicholas-gumbo"
    },
    "content": "The seventh issue is on weak financial management and control by the National Treasury. Sections 12 and 13 of the Public Finance Management (PFM) Act, 2012, gives wide ranging responsibilities and powers to the National Treasury all aimed at ensuring effective financial management and controls in the public sector. Specifically, Section 12 states as follows:- “12. General responsibilities of the National Treasury (1) Subject to the Constitution and this Act, the National Treasury shall – (a) formulate, implement and monitor macro-economic policies involving expenditure and revenue; (b) manage the level and composition of national public debt, national guarantees and other financial obligations of national Government within the framework of this Act and develop a framework for sustainable debt control; (c) formulate, evaluate and promote economic and financial policies that facilitate social and economic development in conjunction with other national governments entities. (d) mobilise domestic and external resources for financing national and county government budgetary requirements; (e) design and prescribe an efficient financial management system for the national and county governments to ensure transparent financial management and standard financial reporting as contemplated by Article 226 of the Constitution, (f) Provided that the National Treasury shall prescribe regulations that ensure that operations of a system under this paragraph respect and promote the distinctiveness of the national and county levels of government; (g) in consultation with the Accounting Standards Board, ensure that uniform accounting standards are applied by the national government and its entities; (h) develop policy for the establishment, management, operation and winding up of public funds; (i) within the framework of this Act and taking into consideration the recommendations of the Commission of Revenue Allocation and the Intergovernmental Budget and Economic Council, prepare the necessary legislative proposals and annual Division of Revenue and County Allocation of Revenue; (j) strengthen financial and fiscal relations between the national Government and county governments and encourage support for the county governments in terms of Article 190(1) of the Constitution in performing their functions; and, (k) assist county governments to develop their capacity for efficient, effective and transparent financial management in consultation with The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}