On Tuesday, March 11, Deputy Flory Mapamboli introduced a bill seeking to amend and supplement the law on public finances. Hailing from Kasongo-Lunda, the lawmaker aims to enhance the government’s accountability to Parliament regarding the budget. In a move to bolster transparency and oversight, Mapamboli proposes changes to ensure that when the government presents the budget bill, it is the Prime Minister, along with the entire cabinet, who must then be responsible for reporting back to the Parliament on the financial accountability.
“I have just submitted the bill amending the public finance law. We seek to modify two provisions of this law. We want to strengthen the government’s accountability to the national representation. When the government submits the budget bill, it is the Prime Minister who presents it with his entire government. However, when it comes to being accountable in what we call the rendering of accounts, only the finance minister appears to defend the bill, even though he does not represent the entire government. Through this proposed amendment, we seek to ensure that it is now the Prime Minister who must be accountable to Parliament because it is he who made the commitment during the general budget debate. It is his duty to account for the actions of his entire government,” explains Deputy Flory Mapamboli.
Moreover, Mapamboli advocates for Parliament to remove restrictions on public borrowing, allowing the government to borrow from local banks and international financial markets. By addressing the issue of budget sustainability, he highlights the need for legal clarity in government borrowing practices.
“The principle of budget sustainability clearly states that the government cannot borrow from the local market. In reality, the government is already in debt to local banks through the issuance of public securities, such as treasury bills and bonds, despite it being prohibited by law. Today, we aim to rectify this illegality by proposing a bill to permit the state to borrow from the local banking market. Furthermore, the law currently prohibits the government from borrowing internationally. We also seek to remove this barrier so that the government can issue sovereign debt securities in the international market,” he announces.
Flory Mapamboli, a former corporate finance professional and advisor to the Minister of Finance on treasury matters, brings a unique perspective and firsthand experience to the table. Having witnessed the inconsistencies within the existing public finance law during his time in the executive branch, Mapamboli now leverages his financial expertise in the legislative realm to propose amendments that align with practical realities.
Expert Insight: Addressing Fiscal Challenges
In analyzing Mapamboli’s proposed changes to the public finance law, fiscal experts emphasize the importance of aligning legislative frameworks with current economic conditions. Dr. Marie Nkulu, an economist specializing in public finance, notes, “The amendments introduced by Deputy Mapamboli reflect a proactive approach to addressing fiscal challenges. By enhancing government accountability and expanding borrowing options, these changes could contribute to a more transparent and sustainable financial system.”
Personal Experience: From Finance to Legislation
Mapamboli’s journey from the financial sector to the realm of legislation underscores the interconnectedness of economic expertise and policy-making. Drawing on his background in corporate finance and government advisory roles, Mapamboli navigates the intricacies of legislative processes with a keen eye for pragmatic solutions. His hands-on experience with fiscal matters lends credibility to his proposed amendments, bridging the gap between theory and practice in the realm of public finance.
By advocating for greater transparency, accountability, and flexibility in government financial operations, Deputy Flory Mapamboli’s proposed amendments to the public finance law signal a step towards a more responsive and adaptable fiscal framework. Through a combination of expertise, firsthand experience, and a commitment to addressing real-world challenges, Mapamboli’s legislative efforts aim to lay the groundwork for a more resilient and effective financial governance system.