86 No. 2 of 2016] Constitution of Zambia (Amendment)
Limitation and conditions of warrant
Budget and planning legislation
Investment of public funds
Borrowing and lending by Government
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.
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.
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