What Problems Would the Minister of Finance Encounter in...

What problems would the minister of finance encounter in the process of budget formulation and implementation in Zambia? The national annual budget is a document containing various government activities or work programmes expressed in monetary form. Thus, the budget is an important economic policy tool for macroeconomic management and resource allocation. It provides a comprehensive statement of the nation’s economic priorities. Accordingly, the budget formulation process has four major dimensions namely (i)Setting up the fiscal targets and the level of expenditures compatible with these targets. This is the objective of preparing the macro-economic framework. (ii)ï€  Formulating expenditure policies. (iii)ï€  Allocating resources in†¦show more content†¦Ideally, supplementary expenditure is supposed to meet unforeseen expenditure such as disasters, but this has not been the case in the past. Some expenditures incurred in the past which were treated as supplementary were purely as a result of poor budgeting as they should have been planned for. (c) Inadequate Time for Consideration of the Budget The time required by Parliament to study and approve the budget is limited. Limited time coupled with inadequate in-house expertise to provide technical and unbiased advice on the budget to Members of Parliament adversely affects the quality of the debates on the floor of the House. (d) Lack of Transparency Again here the Minister of Finance would face pressure from civil society from lack of transparency by the Ministry of Finance when disbursing funds. In other jurisdictions, the community would want disbursements by displaying relevant information on the notice board in respective local areas for transparent sake. Further, the Government would be expected to expedite rolling out the implementation of the Integrated Financial Management Information System (IFMIS) programme to other provinces and districts. (e) Improved Fiscal Management The Government collects taxes on the basis that it will provide specific socio-economic benefits to the people.Show MoreRelatedBudgeting Process10662 Words   |  43 PagesNchite and Nsana, (2004): Public Finance Management and Utilization Project- Report on strategies and Mechanisms of an effective system of public finances management in Zambia. 2. Gumboh Steven, (2004): MTEF Manual for Central Government: Zambia. 3. Mudenda Dale, (2005). The budgeting Processes and Economic Governance in Zambia: A Literature Review. 4. Bolnick Bruce, (1995): Establishing Fiscal Discipline: the Cash budget in Zambia. 5. Dinh Hinh, (2000) Cash Budget in Zambia: Stabilizations versus GrowthRead MorePest Analysis of an Educational Institution19905 Words   |  80 Pagesâ€Å"International Financial Reporting and Analysis† Thomson Task 4 Tisdale M.A. (N.D.) WiseGeek: â€Å"What is a Trade Surplus† [Online] available on http://www.wisegeek.com/what-is-a-trade-surplus.htm# Pettinger T. (2012) Economics: â€Å"Balance of Payments Disequilibrium† [Online] available on http://www.economicshelp.org/blog/185/economics/balance-of-payments-disequilibrium/ Hummel C (2009) E-How Money: â€Å"What Is the Difference Between Trade Surplus amp; Trade Deficit?† [Online] available on http://wwwRead MoreInternational Management67196 Words   |  269 Pagesfoundation gained from research and practice over the past decades. At the same time, we have fully incorporated important new and emerging developments that have changed what international managers are currently facing and likely to face in the coming years. Of special importance is that students of international management understand what will be expected of them from the range of stakeholders with whom they interact and the ways in which technology and social media change the nature of global connectionsRead MoreManagement Course: Mba−10 General Management215330 Words   |  862 PagesCourse: MBA−10 General Management California College for Health Sciences MBA Program McGraw-Hill/Irwin abc McGraw−Hill Primis ISBN: 0−390−58539−4 Text: Effective Behavior in Organizations, Seventh Edition Cohen Harvard Business Review Finance Articles The Power of Management Capital Feigenbaum−Feigenbaum International Management, Sixth Edition Hodgetts−Luthans−Doh Contemporary Management, Fourth Edition Jones−George Driving Shareholder Value Morin−Jarrell Leadership, Fifth EditionRead MoreExploring Corporate Strategy - Case164366 Words   |  658 Pagesstrategic issues. The case studies which follow allow the reader to extend this linking of theory and practice further by analysing the strategic issues of speciï ¬ c organisations in much greater depth – and often providing ‘solutions’ to some of the problems or difï ¬ culties identiï ¬ ed in the case. There are also over 33 classic cases on the Companion Website. These are a selection of cases from recent editions of the book which remain relevant for teaching. The case studies are intended to serve as a basis