Finance Minister blank on how much was in sinking fund

Finance Minister Dr Bwalya Ng’andu has told parliament that he does not know how much money is in the sinking fund that was put up to set aside money for repayment of the many Euro bonds borrowed by the PF led government.

In a follow up question Wednesday afternoon after Finance Minister Bwalya Ng’andu issued a statement on the country’s financial position after defaulting on its Euro bond payment that was due last Friday, Hon Lufuma wondered why the country defaulted yet there was a sinking fund established under Statutory Instrument (SI) 75 to set aside money for repayment of the bonds and further asked if there was money in that sinking fund.

“May I know why your government did not adhere to the Statutory Instrument number 75 and consequently finding ourselves in this situation where we are, is there any money in this sinking fund as at now,” Hon Lufuma asked.

In his response Dr Bwalya Ng’andu claimed that the sinking fund was there and there was money set aside for that purpose but said he did not know how much money was there in the sinking fund.
“Mr Speaker the answer is yes there is some money in the sinking fund, I am not exactly sure where the balance stands at,” Dr Ng’andu said.

Dr Ng’andu further claimed that the difficulties in servicing debt obligations were exacerbated by the covid 19.

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