26 Aug 2021

Government is committed to have in place an efficient, transparent and accountable public procurement and asset disposal system, Minister of Finance and Economic Development, Ms Peggy Serame has said.

Responding to legislators prior to the adoption of the Public Finance Management (Amendment) Bill in Parliament on Wednesday, Ms Serame said a transparent asset disposal system would enhance public confidence in government’s procurement and asset disposal processes.

She underscored the importance of carrying out disposal of public assets in accordance with laid down procedures for the country to attain its socio-economic development objectives.

She said government would only achieve the best available net return a fair, transparent and accountable system.

The minister emphasised that amending the Act would ensure fair competition during disposal of government assets at all times.

Ms Serame advised the MPs to be mindful of the fact that the new law would include practical guidelines on how to manage the disposal process as well as the most appropriate disposal option.

She further said government’s intention was to reserve the right of procurement of disposed assets to locals during auctions sales in an effort to promote assets ownership.

The MPs voted unanimously for the Bill to pass second reading to committee stage where they intend to introduce some amendments. ENDs