IFAC to help improve public finances in Zimbabwe

12 Jan 18

The International Federation of Accountants has said it will assist Zimbabwe in building stronger public sector financial capacity.

This comes as the Zimbabwean president Emmerson Mnangagwa has called for improved accountability and transparency in the public sector.  

IFAC’s chief executive Fayez Choudhury told PF: “IFAC is an avid champion of sound public financial management and quality public financial reporting.

“President Mnangagwa’s call for greater accountability is an opportunity to enhance confidence in government through high-quality financial information, which is also key to better use of scarce resources, better public services and other important public interest outcomes.

“The accountancy profession in Zimbabwe has an important role to play during this significant moment in the nation’s history.”

IFAC has worked closely with the country’s Public Accountants and Auditors Board for the past couple of years and have helped develop the accounting profession.

PAAB chairman, Brian Njikzana told local paper NewsDay that the organisation was working on two projects to professionalise the public sector with support from IFAC.

He said: “I am talking about accountants in the health sector, councils, as well as government’s state enterprises.

“We can better use resources and we can get more value for money with the public sector.”

He said the second project was related to accounting standards, as the country is currently using cash accounting.

The former president Robert Mugabe resigned in November following the military’s attempts to rule out “criminals” close to the president.

Mnangagwa, the former vice president, was sworn in as the new leader on 23 November.

Research fellow at the Overseas Development Institute said the economic recovery in Zimbabwe would still be difficult, despite the resignation of the former president.

The World Bank also called for the government to take bold measures to reform its public spending and lift the country out of financial crisis. 

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