BOZ urges law reforms for economic development
BOZ urges law reforms for economic developmentBy Mutale Kapekele in Livingstone
Thursday April 17, 2008 [04:00]
ZAMBIA’S laws do not respond well to changes in the social-economic environment, Bank of Zambia deputy governor Dr Tukiya Mabula has said. In a keynote address at the Association of Law Reform Agencies of Eastern and Southern Africa (ALRAESA) conference in Livingstone on Tuesday, Mabula said the country’s legal framework was archaic.
“Zambian laws have tended to stagnate and do not respond to changes whereas many changes have taken place in the original English legislation on which our legal system is based,” Mabula said.
“It has become apparent that there is not only need for law reform, even of the relatively new laws, but law development as well to meet the challenge of developing the financial sector in the present economic environment.”
Mabula, who was discussing. “The role of law reform in economic development: lessons from the Zambian financial sector development plan” said there was need for regular law reviews to ensure the relevance and adequacy of the legislation governing the financial sector.
“This could be achieved through developing, strengthening, modernising and harmonising the legal infrastructure relating to the financial sector,” Mabula said. “The need for law reform in the financial sector is one of the key sector development issues.”
She said a properly regulated financial system was an important component for economic growth.
“The financial sector plays a key role in the smooth and efficient functioning of the economy,” said Mabula. “It is also common ground that financial development contributes to overall economic growth and development.”
Labels: BOZ, DEVELOPMENT
posted by MrK @ 5:50 AM
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