86
No. 2 of 2016]
Limitation
and
conditions of
warrant
Budget and
planning
legislation
Constitution of Zambia (Amendment)
204. (1) The issuance of a warrant, in accordance with Article
203 (4), shall be subject to limitations and conditions, as prescribed.
(2) The President shall, immediately after signing a warrant in
accordance with Article 203 (4), cause a copy of the warrant to be
transmitted to the Auditor-General and Parliament.
205.
The following shall be prescribed:
(a) the financial management and regulation of public funds;
(b) the preparation of medium and long-term financing
frameworks and development plans;
(c) the budget preparation process;
(d) public participation, at all levels of government, in the
formulation of financing frameworks, development plans
and preparation of annual budgets;
(e) the content of the financial report of the Republic provided
for in Article 211; and
(f) the control and disbursement of appropriated funds.
Investment
of public
funds
206. (1) Monies forming part of the Consolidated Fund may
be invested into readily marketable securities and deposits or other
secure investments, with a financial institution approved by the
Minister responsible for finance.
(2) The investment of monies made in accordance with clause
(1) shall be prescribed.
Borrowing
and lending
by
Government
207.
(1) The Government may, as prescribed—
(a) raise a loan or grant on behalf of itself, a State organ,
State institution or other institution;
(b) guarantee a loan on behalf of a State organ, State institution
or other institution; or
(c) enter into an agreement to give a loan or grant out of the
Consolidated Fund, other public fund or public account.
(2) Legislation enacted under clause (1) shall provide—
(a) for the category, nature and other terms and conditions of
a loan, grant or guarantee, that will require the approval
by the National Assembly before the loan, grant or
guarantee is executed; and