The European Union (EU) has committed 13.6 million Pounds (about K104 million) for supporting the public finance accountability and statistics.
Out of this amount, 3.2 million Pounds will go towards the National Assembly of Zambia capacity building programmes.
Deputy Speaker of National Assembly Mkhondo Lungu disclosed that the actual implementation of the EU funded three-year project commenced on September 1, 2014.
Mr. Lungu said experts have already made headways in preparing the inception report.
He said the project will among other things enhance the capability of the Public Accounts Committee to ensure that its recommendations and those of the Auditor General are systematically followed-up by the executive.
Mr. Lungu was speaking in Lusaka today during the official launch of the European Union supported project meant to strengthen parliament’s oversight role in public finance management.
And EU Head of Delegation to Zambia Gilles Hervio commended Zambia for being one of the countries with the strongest and uninterrupted parliamentary traditions in Africa.
Ambassador Hervio said the Zambian parliament was one of the longest functioning legislatures in Southern Africa.
He further noted that parliamentary scrutiny of public spending was a vital mechanism of a democratic system.
He said effective financial scrutiny ensures that governments are held accountable for their actions and fiscal policy decisions.
Meanwhile, Secretary to the Treasury Fredson Yamba said the European Commission was the largest provider of grant aid.
Mr. Yamba said in a speech read for him by public finance management project coordinator Mumba Chanda, that the EU was also providing substantial aid in the agriculture, roads, aviation, health and energy sectors.