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DESTITUTE RETIREES RECEIVE SHOT IN THE ARM

By Scoop Reporter

GOVERNMENT has transferred K30 million to pay retirees who worked for TAZARA, ZAMTEL, and Railway Systems of Zambia as an on-going commitment to dismantle domestic arrears, Secretary to the Treasury Fredson Yamba has said.

Mr. Yamba says the money was transferred to ZSIC Life Limited, National Pension Scheme Authority (NAPSA), Mak Partners, and L.M. Matibini & Company.

“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.

“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,” Mr. Yamba said.

“I take this opportunity to announce that we have started the process of acquiring the Covid-19 bond (see collaborative reference below). The facility was approved by Cabinet on Monday and articulated by President LUNGU in his address on Thursday.

“So far, the Government has issued K5.2 Billion, through the Bank of Zambia. Some of the funds to be raised from the Covid-19 bond will be used to pay off the retirees and those on the separatees payroll who have been waiting for their benefits for a long time,” Mr. Yamba said.

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