adminBusiness Reporter
THE Parliamentary Portfolio Committee on Finance and Economic Development will starting today, roll out countrywide consultations on the Public Debt Management Bill and the Joint Ventures Bill. The Public Debt Management Bill seeks to provide for the raising, administration and repayment of loans by the State and for giving of guarantees in respect of certain loans.
It also seeks to amend the Public Finance Management Act.
The Joint Ventures Bill seeks to establish a set of rules governing public–private procurement.
It will create a Joint Venture Unit within the Ministry of Finance and Economic Development.
The Joint Ventures Bill would provide for the implementation of joint venture agreements between contracting authorities and counterparties and establish a set of rules governing the public-private procurement process.
The move is envisaged to provide for the implementation of joint venture agreements between contracting authorities and counterparties.
According to the Government Gazette issued in April, the Act cited as the Joint Ventures Act Chapter 22:22 would come into operation on the date to be fixed by the President through a statutory instrument.
“The Parliamentary Portfolio Committee on Finance and Economic Development will be conducting public hearings on the Public Debt Management Bill and the Joint Ventures Bill. The public, stakeholders, interested groups and organisations are invited to the hearings,” Parliament said in a notice.
It said public hearings will be held today at Gweru Theatre, Pat Mclean and Civic Centre Hall in Kariba and Masvingo respectively.
The Parliament said contributions made during the marathon public hearings will be part of the committee’s report to be tabled in the National Assembly.
Tomorrow, the public hearings will be conducted at Cooksie Hall and Rainbow Hotel in Chinhoyi and Beitbridge respectively while on Wednesday consultations would be held at Ambassador Hotel in Harare and Gwanda Hotel.
On Thursday, the public hearings will be conducted at the Small City Hall in Bulawayo and Hala Hotel in Bindura while on Friday the hearings would be held at Lupane Hall in Matabeleland North and Farmers’ Club in Marondera.
The team conducting the public hearings would wind off its business at Kingdom Hotel in Victoria Falls and Amber Hotel in Mutare on Saturday.
According to the Public Debt Management Bill, which was gazetted in April an External and Domestic Debt Management Committee (EDDC) will be established to make recommendations to the Ministry of Finance on all external borrowings, domestic debt issuances and guarantees as the government moves to contain loan contractions.
It is hoped that the committee will also make recommendations to the minister on public debt management policy and strategy.
EDDC would be made up of the Secretary of Finance as the chairperson.
It would be composed of the Governor of the Reserve Bank of Zimbabwe and the Attorney-General.
The EDDC “shall for each financial year set forth the recommended maximum amount of new government borrowing and government guarantees, which may be undertaken throughout the year”.
The Finance Minister shall be compelled to take into account the committee’s recommendations when exercising authority on contracting new loans.
The reforms were meant to curb the recurrence of borrowings not meant for key projects.
Zimbabwe’s domestic and external debt was estimated at about $9 billion which it is failing to service, thus militating against efforts to get fresh lines of credit needed to reboot the economy.
Of the total debt, $6.9 billion is public and publicly guaranteed, meaning that it had been secured with government guarantees.
Online Reporter