The government of Zambia has signed a USD 6.1 million grant agreement with the government Norway to facilitate the implementation of the Public Financial Management (PFM) Reform Program through a Mining Sector Monitoring Mechanism.
According to the Zambian Secretary to the Treasury, Fredson Yamba, the total cost of the project is USD 10.2 million, the majority of which will be funded using the grant from Norway with the remainder coming from a Multi Dollar Trust Fund grant as well as funding from the Zambian government.
“This will ensure effective and comprehensive refinement of PFM, the reforms will target integrated improvements in planning and budgeting, financial management information system, cash management, public procurement, internal audit and control, revenue administration, strengthening tax policy formulation and program management,” explained Hon. Yamba in a released treasury brief.
The Secretary went on to explain that the Zambia Revenue Authority (ZRA) has also approved a joint collaboration with the United Nations Conference on Trade and Development (UNCTAD) to further develop a world-class mining sector monitoring system.