The Government has released K30 million in an on-going commitment to dismantle domestic arrears for ex-employees of TAZARA, ZAMTEL, and former Railway Systems of Zambia.
The Treasury said that the funds will help to facilitate the settlement of terminal benefits to the eligible ex-employees, some of whom were represented by legal firms and 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.
the funds were transferred to ZSIC Life Limited, National Pension Scheme Authority (NAPSA), Mak Partners, and L.M. Matibini & Company, as follows; ZSIC Life Limited TAZARA K 7,000,000.00, ZSIC Life Limited ZAMTEL K7,000,000.00, National Pension Scheme Authority TAZARA K7,000,000.00, L. M. Matibini & Company ZAMTEL K 5,403,858.25 and Mak Partners RAILWAY SYSTEMS K3,596,141.75, bringing the total to K30,000,000.00
The Ministry of Finance also said that it is cognizant of the tight liquidity conditions that continue to impact on businesses and households in the country, but faced with reduced tax, and non-tax revenue inflows due to factors such as the Covid-19 induced economic slowdown, and that under such a difficult scenario, the Government remains committed to dismantling of arrears, prudent utilisation of resources, and implementation of fiscal consolidation measures.
“The K30 million facility for the youth empowerment scheme announced by President EDGAR CHAGWA LUNGU on Thursday, coupled with among other facilities – the K10 billion medium term financing facility being managed by the Bank of Zambia, the K1 billion recently released for crop purchases by the Food Reserve Agency – 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, ” read the statement.