The Zambia Railways Limited (ZRL) says the 2017 Auditor General’s report highlighting its troubled financial status has been over-taken by events.
Zambia Railways Board Chairperson Lubinda Linyama explains that the loose positions highlighted in the latest Auditor General’s report were as a result of two parallel pay rolls that the company was managing consisting of retirees and active employs.
He added that the company has since managed to pay off all retirees, hence, extinguishing the second pay roll which he said was a strain on the company’s financial status.
Mr Linyama said this in a statement issued to ZANIS in Lusaka today by First Secretary for Press and Public Relations at Zambia’s High Commission in South Africa, Naomi Nyawali.He stated that Zambia Railways Limited has put in place a number of interventions aimed at dismantling historical liabilities with statutory entities that were affecting the company’s balance sheet.
Mr Linyama mentioned that the company has entered into a time- to- pay agreement with the National Pensions Authority (NAPSA) and Zambia Revenue Authority (ZRA) among others, with a view of demolishing the historical liabilities which will help clean up the company’s balance sheet.He noted that contrary to the impression that has been created that the company’s locomotive strength was gloomy, his company has made a lot of strides such as the introduction of new locomotives secured from its partners to help turn the fortunes of the company.
The Zambia Railways Board Chairperson added that the railway company has embarked on re-manufacturing of locomotives within its workshops, which has enhanced the company’s capacity to move cargo.He said the company has also revised its strategic plans to run from 2018-2025 in a bid to improve its performance.And Mr Linyama has expressed confidence that Zambia Railways was on the right track to recovery, owing to the number of measures that have been put in place to over-turn its fortunes.
He was speaking in Johannesburg in South Africa, after addressing delegates at the South African Railway Association (SARA) Rail Conference and Exhibition held at the Gallagher Convention Centre.