REVISION OF FINANCIAL MANAGEMENT ACT KEY TO MAKING PARASTATALS COMPETITIVE

Economist Lubinda Haabazoka has called for the revision of the financial management act to enhance the performance of parastatal bodies in Zambia.

Dr. Haabazoka observes that various financial laws like the financial management act are imposed on the mainstream civil service and parastatal bodies, thereby reducing their performance.

He says these regulations hinder the competitiveness of parastatals, which unlike the private sector, are not created for profit making but for the mainstream civil service.

Dr. Haabazoka says this necessitates the need for Zambia to revise these regulations and enable parastatals to make investment decisions that can compete with the private sector.