The Ministry of Finance says in line with the Government’s on-going commitment to dismantle domestic arrears, the Treasury recently released K30 million for former employees of Tanzania Zambia Railway Authority (TAZARA), Zambia Telecommunication Company (ZAMTEL) and former Railway Systems of Zambia.
Secretary to the Treasury Fredson Yamba tells Money FM News in a statement that the funds will help to facilitate the settlement of terminal benefits to the eligible former employees, some of whom were represented by legal firms.
Mr Yamba said the Ministry hopes that in processing the payments, eligible beneficiaries such as orphans, widows, and other vulnerable persons, will be accorded special consideration.
“The funds will help to facilitate the settlement of terminal benefits to the eligible ex-employees, some of whom were represented by legal firms, the Ministry of Finance hopes that in processing the payments, eligible beneficiaries such as orphans, widows, and other vulnerable persons, will be accorded special consideration,’’ he said.
Mr Yamba added that the funds were transferred to ZSIC Life Limited, National Pension Scheme Authority (NAPSA), Mak Partners, and L.M. Matibini and Company Limited.
He also noted that the Ministry of Finance is cognizant of the tight liquidity conditions that continue to impact on businesses and households in the Country, especially that the Country has been faced with reduced tax, and non-tax revenue inflows due to factors such as the Covid-19 induced economic slowdown.
He further said even under such a difficult scenario, the Government remains committed to dismantling of arrears, prudent utilization of resources, and implementation of fiscal consolidation measures.
“The Ministry of Finance is cognizant of the tight liquidity conditions that continue to impact on businesses and households in our country. As a country, we are also faced with reduced tax, and non-tax revenue inflows due to factors such as the Covid-19 induced economic slowdown. Even under such a difficult scenario, the Government remains committed to dismantling of arrears, prudent utilization of resources, and implementation of fiscal consolidation measures,” He explained.
“The K30 million facility for the youth empowerment scheme announced by President Edgar Lungu on Thursday, coupled with other facilities such as the K10 billion medium term financing facility being managed by the Bank of Zambia (BOZ), the K1 billion recently released for crop purchases by the Food Reserve Agency (FRA) and the US$29 million for implementation of the aquaculture seed fund under the Zambia Aquaculture Enterprise Development Project aimed at enhancing fish production for more than 3,000 entrepreneurs, are instances that demonstrate the Government’s commitment to mitigation of liquidity constraints in society.”