Govt seeds new Chema Chema with P200m
Monday, February 05, 2024 | 14500 Views |
Walking tall: Serame announced several new initiatives, including the Chema Chema revolving fund for the informal sector PIC: MORERI SEJAKGOMO
Presenting the 2024-25 budget speech to the National Assembly earlier today, the minister said government would seed the revolving fund with P200 million.
"The Chema Chema Fund with an initial capital injection of P200million is aimed at fundamentally transforming the informal sector and providing the necessary financial support to entrepreneurs and small businesses," said Serame.
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...