AfDB, Morupule B debt repayments kick-in
Friday, February 28, 2014
Finance Minister, Kenneth Matambo
The minister is also proposing P44.6 million as initial repayment of the principal for the US$136.4 million Morupule B loan received five years ago from the World Bank.
According to draft estimates of expenditure currently before legislators, the AfDB will also receive P150 million in interest repayments, while the World Bank will be paid P4.5 million as interest for its loan.
Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...