Thursday, 5 August 2010


Chileshe Kapwepwe
The Zambian Government says her efforts in social service delivery and infrastructure development in health, education, roads and other sectors are being frustrated by Zambian nationals through misapplication of scarce resources.
Finance and National Planning Deputy Minister Chileshe Kapwepwe said as such, corporate failure and auditing change was a critical area that needed to be addressed if enormous public and private sector resources were to be used efficiently for set objectives.
Ms Kapwepwe charged that the Integrated Financial Management and Information System (IFMIS) would be used as a tool to strengthen the quality of decision making and monitoring on utilization of funds for development in the public sector.
She said this yesterday when she officially opened the 2010 Zambia Institute of Chartered Accountants (ZICA) Annual Business Conference at Zambezi Sun Hotel in Livingstone under the theme: Change and Paradigm Shift for the Accountancy Profession.
Ms Kapwepwe also stated that the launch of audit committees in government in the recent past was meant to improve corporate governance structures in the public sector.
“The launch of audit committees in government in the recent past is premised on improving the corporate governance structures in the public sector to match best practice measures in leading private sector entities,” she said.
She said for the country to develop, a complete shift in how people managed resources including time, attitude towards work and enthusiasm to act as agents of value-adding change at all levels was needed.
And Ms Kapwepwe revealed that government had made enormous strides in attracting Foreign Direct Investments with over US$ 1.3 billion being recorded in the first quarter of 2010 unlike last year when only US$ 195 million was recorded during the same period.
She urged commercial banks to reduce their lending rates as doing so would enable the private and household sectors respectively, borrow and participate in sustainable economic development.
“By failing to reduce lending rates, commercial banks are making it difficult for the private sector and household sector to borrow and participate in sustainable economic development,” she said.
Ms Kapwepwe further said government welcomed any interventions in the education system by the private sector aimed at making high quality education available to disadvantaged children.
She said education was a key factor in any meaningful change and emphasized the need for young people to be guided into seeking education that would help them compete on the international labour market.

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