{"id":57596,"date":"2024-02-07T21:47:05","date_gmt":"2024-02-07T21:47:05","guid":{"rendered":"https:\/\/www.africa-press.net\/zambia\/all-news\/government-mops-all-ministry-provinces-and-govt-agencies-money-and-repatriates-it-to-boz-amb-emmanuel-mwamba"},"modified":"2024-02-07T22:04:41","modified_gmt":"2024-02-07T22:04:41","slug":"government-mops-all-ministry-provinces-and-govt-agencies-money-and-repatriates-it-to-boz-amb-emmanuel-mwamba","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zambia\/all-news\/government-mops-all-ministry-provinces-and-govt-agencies-money-and-repatriates-it-to-boz-amb-emmanuel-mwamba","title":{"rendered":"GOVERNMENT MOPS ALL MINISTRY, PROVINCES AND GOVT AGENCIES MONEY AND REPATRIATES IT TO BOZ- Amb. Emmanuel Mwamba"},"content":{"rendered":"

Africa-Press – Zambia. <\/strong><\/span>Ministries, Provinces and Local Government to maintain Zero-Based Balances in accounts at Commercial Banks. Purpose of the Guidance The Treasury has observed that Ministries, Provinces and Agencies are<\/p>\n

maintaining approximately K12 Billion in various bank accounts at commercial banks on a monthly basis. In order to enhance effectiveness and efficiency in the<\/p>\n

utilization of cash, the Treasury, through consultative process with key stakeholders, found it necessary to implement stringent cash management measures.<\/p>\n

To this effect, this circular has been issued to provide guidance to Ministries, Provinces, and Agencies on cash management arrangements for bank accounts maintained in Commercial Banks.<\/p>\n

3.0 Cash Management Arrangement for Commercial Bank Accounts maintained by Ministries, Provinces and Agencies.<\/p>\n

Pursuant to section 7 (z) of the Public Finance Act No. 1 of 2018, the Treasury wishes to provide guidance as below: 3.1 Efective Monday, 30th January 2024, the Treasury shall implement the<\/p>\n

ZERO-BASED BALANCE (ZBB) on Government bank accounts in Commercial Banks. 3.2 All funds in Commercial Bank Accounts to the Credit of MPAs shall be mopped to the Mopping Account at Bank of Zambia.<\/p>\n

These funds shall be transferred back to the Commercial Bank Accounts of respective MPAS upon submission of a request to the Treasury. 3.3 Controlling Officers and Sub warrant Holders should ensure that all requests are<\/p>\n

accompanied by proof of certification of works for capital projects and an approved plan for immediate program with stipulated timelines for operational programmes.<\/p>\n

3.4 The Treasury shall transfer funds back to Institutions within 48 hours of receipt of such request.<\/p>\n

For More News And Analysis About Zambia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zambia. Ministries, Provinces and Local Government to maintain Zero-Based Balances in accounts at Commercial Banks. Purpose of the Guidance The Treasury has observed that Ministries, Provinces and Agencies are maintaining approximately K12 Billion in various bank accounts at commercial banks on a monthly basis. In order to enhance effectiveness and efficiency in the […]<\/p>\n","protected":false},"author":84,"featured_media":57595,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,7,12],"tags":[234,235,233],"class_list":["post-57596","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-head-lines","category-policy","tag-africa-press","tag-africa-press-zambia","tag-zambia"],"yoast_head":"\nGOVERNMENT MOPS ALL MINISTRY, PROVINCES AND GOVT AGENCIES MONEY AND REPATRIATES IT TO BOZ- Amb. 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