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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COMMENTS

WORDPRESS: 10
  • comment-avatar
    ak musumali 6 days ago

    if the one who puts into sinking funds has no idea of how is there know that the account does not even exist. for sure why default on euro bond. the idea was late sata and kambwili i remeber 2years or so ago pf blamed cholera as usual now even covid 19

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    We told you he was just as clueless as his boss!! Have ‘nt you noticed that in all critical positions, appointees have questionable qualifications and character-con court, ministry of justice, bank of Zambia, ministry of finance, roads development agency, KCM liquidator, FRA board, zesco board ECZ…to mention “A FEW”

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    Zedpeople 2 weeks ago

    Lies have short legs. Now the account holder does not know how much money he is holding on behalf of the Zambian population. What a sad scenario it is. PF are not serious at all.

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    He doesn’t hv to memorize this figure and recite it every time he’s requested. But he can easily provide the information by asking his officials whose day job it is to look at this thing.

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    Samlindo 2 weeks ago

    MINISTER OF FINANCE DOES NOT KNOW THE MONEY KEPT IN ONE OF HIS FUNDS? WHO IS HIDING THIS INFORMATION FROM HIM BECAUSE THIS SHOULD DIRECTLY FALL UNDER HIS PORTFOLIO, IS HE SAYING THE TRUTH OR IS HE HIDING FROM THE TRUTH BECAUSE THE TRUTH IS SO SCARY?. PERSONALLY I DO NOT BELIEVE THAT THE MINISTER CAME CLEAN ON THIS ONE, THE TRUTH COULD BE THAT THE MONEY HAS BEEN MISAPPLIED AND ADMITTING THIS WOULD SEND HIM INTO RETIREMENT, SO AS USUAL HE HAS TO JOIN THE BAND WAGON OF MAMA GOGO AND TELL LIES WHICH IS A PF TRADITION.

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    Disgusted 2 weeks ago

    That’s what happens when you have a sociologist or whatever social scientist he is to run an economy of the country 

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    Not surprising there. We had Magande who had no idea how much we had sold Zanaco for.

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    Kujai 2 weeks ago

    This is what happens when you have kaponyas in governmentn’t. PF is a party of mishanga sellers president included. Ma chimbwi no plan.

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    Are we running a Kantemba or a nation?

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      nineo 7 days ago

      Mwine wakantemba aziba mishanga zingati zilipo at any time ba Popi. This is just hopelessness by the pfools like always