Having noted that the Public Finance Management Act (PFMA) is lenient, the Ministry of Finance, Economic Planning and Development is reviewing the Act, to introduce hefty penalties for law breakers and the implementation of the new “watertight” Integrated Financial Management Information System (Ifmis).

Secretary to the Treasury Cliff Chiunda revealed that the review of the Act is expected to be presented in Parliament in June this year, but meanwhile the review is stiffening penalties.

According to Chiunda, the current PFMA, limits the Secretary to the Treasury from enforcing sanctions to non-compliant controlling officers, heads of parastatals and chief executive officers. “So, we are revising penalties and finding best solutions of meeting them out.” he said.

Treasury also outlined that the review of the Act is being aligned to the Public Procurement and Disposal of Assets Act and the Public Audit Act.