BOZ rejects proposal to remove parliamentary oversight on debt contraction

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Dr Denny Kalyalya

The Bank of Zambia has opposed a number of proposals contained in the Constitution of Zambia (Amendment) Bill 10 of 2019, among them the proposal to remove the National Assembly’s oversight role on the contraction of public debt and the reintroduction of deputy ministers.

Bank of Zambia Governor Denny Kalyalya says the National Assembly’s oversight role on the contraction of public debt is critical in a democratic dispensation like Zambia.

Dr. Kalyalya says the constitution must not be crowded with functionalities but must rather stick to principles.

Speaking when the Bank of Zambia made their submission before the select parliamentary committee on the constitution amendment bill on Monday morning, Dr. Kalyalya says among their submissions is a proposal to have additional functions in the Central Bank.

Among the functions proposed to be included in the central bank is to have proper management of the countries international reserves and the management of the countries payment systems all of which must be provided in an ACT of parliament.

The Bank of Zambia have submitted that the constitution must only capture the primary function of the Bank while the rest of the principals must be provided in an ACT of parliament proposed

Meanwhile, the Central Bank also rejected the proposal to re- introduce deputy ministers.

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Start: 2019-07-01 End: 2019-07-31