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Proposed debt agency won’t cure our fiscal indiscipline
Friday December 11 2020
The management of public finances has been characterised by fiscal indiscipline with massive expenditure overruns. FILE PHOTO | NMG
By GEORGE BODO
Summary
The problem does not lie in the lack of an independent public debt management agency, but rather the lack of commitment to implement public debt management reforms, the PFM law and failure by oversight bodies to perform their role.
There is proposed legislation by the Member of Parliament for Nambale Sakwa John Bunyasi titled The Public Debt Management Authority Bill, 2020, and dated October 29, 2020.
Through the Bill, the Member of Parliament wants the functions of national debt management expunged from the Treasury and handed over to an autonomous agency, a Public Debt Management Authority (or PDMA) and the Bill lays out a legal framework for the establishment of the authority.