GOVERNMENT says it has developed a three-year financial strategy that will liquidate all the statutory debt that the University of Zambia and Copperbelt University owe.
Currently, the University of Zambia has a staggering debt amounting to around K2.5 billion in statutory obligations and other arrears.
And Ministry of Higher Education Permanent Secretary Mabvuto Sakala said once the financial strategy is implemented it would help the institutions channel their resources to other developmental areas.
“I’m sure you are aware that the public universities had a lot of statutory and other financial challenges in terms of what they are owing. As government, we have developed a financial strategy hoping to liquidate the public universities’ debt,” Mr. Sakala said.
Mr. Sakala revealed in an interview with Millenium Radio that UNZA and CBU owe huge sums in tax obligations, staff pensions and other public debts.
He however, said the government has committed to liquidate the debt in a three-year period once the plan was initiated in January.
Mr. Sakala said once Government offsets the debt the universities owe, resources would be channeled to other areas, especially research which is not adequately funded, as well as infrastructure.
“Currently we do have a huge public debt in terms of what these institutions are owing their members of staff in pension, NAPSA, ZRA and other statutory debt. In January we are putting up a financing strategy where we are beginning to liquidate this debt,” Mr. Sakala said
You need to liquidate your stealing First. After being cited as a worst culprit in stealing by Auditor General report, do not issue empty promises before you tell us how you will close the loopholes in creating thousands of fake student Records etc…
You call K2.5 billion is “staggering”? Just admit it – you are broke. You may just as well file for bankruptcy!
Correction: You call K2.5 billion “staggering”? Just admit it – you are broke. You may just as well file for bankruptcy!
Liquidating may mean alot of things …surely what financial strategy can the likes of crooks likes dull Lazy Lungu come up with apart from auctioning off public assets to Chine Construction Companies…they are probably looking at that open green land in front of the campus as prime land to build their flats!!
It’s a debt economy