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By Bernadette Deka-Zulu (PhD Researcher – Public Enterprise)

BUILDING upon the critical analysis of Zambia’s Public Financial Management (PFM) system from the previous article, this installment ventures into the profound interplay between PFM and enterprise development.

As we continue our exploration, the focus now shifts towards unraveling how the efficacy of public financial management intricately influences the trajectory of enterprise growth and economic prosperity.

Introduction

In our preceding analysis, we delved into the intricacies of Zambia’s Public Financial Management (PFM) system, exposing its challenges and envisioning a path toward reform and resilience.

Today, we extend our gaze to the nexus between PFM and enterprise development – a symbiotic relationship that lays the groundwork for sustainable economic progress.

This exploration transcends mere fiscal governance, diving deep into how sound financial management directly catalyses the growth and vitality of enterprises within a nation.

PFM as the bedrock of enterprise development

Public Financial Management is not a detached bureaucratic mechanism; it is the bedrock upon which the edifice of enterprise development stands.

Effective PFM practices create an environment conducive to entrepreneurial endeavors by providing stability, predictability, and a transparent financial landscape.

As we navigate the nuanced terrain of enterprise growth, let’s illuminate the key facets where PFM acts as a catalyst for fostering a flourishing business ecosystem.

Policy implementation: Shaping the terrain for enterprises

The challenges highlighted in translating policy into effective implementation, as discussed last week, bear a direct impact on enterprise viability. Policies efficiently executed become the lifeblood of enterprise development, offering stability, reducing uncertainty, and providing a roadmap for businesses to thrive.

The alignment of national development goals with enterprise objectives becomes pivotal, forging a synergy that propels economic prosperity.

Technological innovation: Empowering enterprise agility

The sluggish adoption of modern technologies, a concern raised in our previous analysis, directly affects enterprise efficiency. Here, we underscore the crucial link between technological innovation and enterprise growth.

PFM practices that embrace digital solutions empower enterprises with the tools needed for agility and resilience.

From efficient revenue collection to streamlined expenditure tracking, technology becomes the bridge that propels enterprises into a realm of heightened competitiveness.

Anti-Corruption measures: Safeguarding enterprise integrity

Drawing from the cautionary tale of corruption in South Africa, the role of anti-corruption efforts becomes amplified in the realm of enterprise development.

Transparent and accountable PFM practices act as a shield, fostering an environment where enterprises can thrive without the looming shadow of malfeasance.

The integrity of enterprises is intrinsically tied to the robustness of the nation’s financial management systems.

The Public Accounts Committee: Guardian of enterprise interests

Revisiting the role of the Public Accounts Committee (PAC), a reinvigorated PAC becomes more than an oversight mechanism; it becomes a guardian of enterprise interests.

By ensuring judicious management of public resources, the PAC contributes to an environment where enterprises can flourish with confidence.

Addressing political interference and resource constraints enhances the PAC’s efficacy in safeguarding both public finances and the interests of enterprises.

Paving the way for enterprise resilience

In conclusion, the impact of Public Financial Management on enterprise development is profound and far-reaching. It is not a mere administrative necessity; it is the force that shapes the contours of a nation’s economic landscape.

As Zambia grapples with the challenges within its PFM system, the call for reform resonates not only for the sake of financial governance but as a clarion call for building a resilient nation where enterprise development is integral to the tapestry of economic progress.

In forging ahead, let the lessons learned contribute to the evolution of a financial ecosystem that propels enterprises not only to survive but to thrive in the ever-evolving global marketplace.

bernadettedekazulu@gmail.com

By NATION REPORTER

TWO University of Zambia (UNZA) dons have torn the Access to Information (ATI) bill, describing it as problematic requiring an overhaul before it is e anacted into law.

By NATION REPORTER

EXPELLED Patriotic Front (PF) Matero Member of Parliament Miles Sampa and his cohort, Morgan Ng’ona have been dragged to court for forgery, perjury and attempting to commit an offence for purporting that they are president and secretary general of the former ruling party when in fact not.

By NATION REPORTER

THOMAS Zyambo, Zambia’s renowned investigative journalist was in the early hours of Tuesday trailed and arrested by the Zambia Police in Silverest area after being stalked for days.

By NATION REPORTER

HIGHLY controversial concessions rejected by the ZCCM-IH and Zambian technical experts have been granted to Vedanta Resources, in what is being described as the country’s biggest scandal ever.

Postpartum hemorrhage is the leading cause of maternal mortality and morbidity worldwide and a common pregnancy complication. This serious medical condition is understudied and not universally defined or well represented in health records. A new study by investigators from Brigham and Women’s Hospital has used the large language model Flan-T5 to extract medical concepts from electronic health records in order to better define and identify the populations impacted by postpartum hemorrhage.

Social media use is associated with risky health behaviors in young people, including increased alcohol, drug and tobacco use, anti-social behavior, risky sexual behaviors and gambling, finds a review of the latest evidence published by The BMJ today.

Air pollution from using fossil fuels in industry, power generation, and transportation accounts for 5.1 million extra deaths a year worldwide, finds a new modeling study published by The BMJ.

Actively monitoring abnormal cells (lesions) that line the cervix rather than removing them straight away is associated with an increased long-term risk of cervical cancer, suggests a study published by The BMJ today.

Scientists from the Terasaki Institute for Biomedical Innovation (TIBI) have developed an injectable or catheter-administered hydrogel with enhanced capabilities for treating hepatocellular carcinoma (HCC), a deadly form of liver cancer. As described in their recent publication in Advanced Functional Materials, this drug-eluting hydrogel can provide sustained, pH-dependent drug co-delivery and has capabilities for promoting anti-tumor immune responses. This reduces tumor cell proliferation and growth and offers a more efficient means of enabling tumor cell death.