The Bank of Zambia has opposed the proposed constitutional amendment to remove the National Assembly’s oversight role on the contraction of public debt.
Section 13 of the constitutional amendment Bill number 10 proposes the amendment of Article 63 of the constitutional Act by the deletion of provisions requiring National Assembly oversight over contraction of public debt and ratification of agreements and treaties.
Bank of Zambia Governor Denny Kalyalya said that the National Assembly’s oversight role on the contraction of public debt is critical in a democratic dispensation like Zambia.
Dr. Kalyalya said that the Central bank feels people’s representatives in parliament should have an opportunity to scrutinize the intended purpose of any debt and any international treaties.
The Governor was speaking when he made submissions on behalf of the Bank to the Parliamentary select committee to scrutinize the constitution amendment bill number 10 of 2019
And in response to Lusaka Central Member of Parliament Margaret Mwanakatwe who wanted to find out what would happen if there is an emergency to borrow and parliament was not in session, Dr. Kalyalya said parliamentarians can still be recalled when there is an emergency.
Meanwhile, Dr. Kalyalya opposed the proposed amendment of article 60 which deals with political parties because it will remove provisions requiring parliament to prescribe management issues of political parties which include an obligation to disclose the source of funds.
Dr. Kalyalya said it is important for political parties to state their source of funds so that it is clear to the public that it is not from proceeds of crime.
He further proposed that the requirements for a candidate to the office of secretary to the cabinet should be maintained to the requirement of at least having served 10 years as Permanent Secretary or equivalent rank before being appointed
The Central Bank also rejected the proposal to re- introduce deputy ministers.