Ministries face deadline as axe looms over P6bn Special Funds

Friday, September 04, 2020

Safety net: MPs have previously criticised the diversion of national disaster funds to the DIS

The Ministry of Finance and Economic Development has given ministries until the end of this month to justify the existence of Special Funds under their control, amidst reports that the billions these hold are being abused and diverted.

Special Funds, under the Finance and Audit Act, are established by orders passed through the finance ministry as public revenues for specific purposes.

With many of the funds dating back decades, public officers have battled to properly account for the revenues and expenditure, as more Fund Orders have been requested by ministries and passed through the finance ministry.

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Ministries face deadline as axe looms over P6bn Special Funds

The Ministry of Finance and Economic Development has given ministries until the end of this month to justify the existence of Special Funds under their control, amidst reports that the billions these hold are being abused and diverted.

Stanbic pretax profits up 11%

The audacity to be a unicorn

Faulty gadgets top complaints to BOCRA

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IEC rejects 2,513 registrations

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Inspect the voters' roll!