Blocking Debt Management Cracks

The management of internal debt seems to have developed dangerous fissures in the years past. The consequences as stated inter alia by authorities of the Ministry of Finance are to say the least disgustful to the State treasury and by implication the national economy. The problem as has been identified at the Ministry of Finance revolves on one thing; regular claims from service providers and other actors on the nonpayment of services some of which have curiously been settled. This state of affairs is partly responsible for the floating debt that is not exactly mastered by finance authorities. Of particular concern are salaried arrears (advancements, reclassification, pension and others), payment of some projects already executed and some other expenditure generated by management and administrative structures including State corporations, University institutions, and Councils.
The Minister of Finance in a recent decision wants to put an end to this cacophony and bring in some sanity into the country’s internal debt management system. The aim is to install credibility in its management, off root fraudulent practices and eliminate double payment to service providers. It is for this reason that an audit operation has been setup to run from December 01, 2020 to March 05, 2021. Those concerned with the operation are: Ministries, University authorities, General Managers of State Corporations, and Councils. Pending the results that might come out from the audit, it is however worrying to imagine a situation where the State is completely ignorant of how much it owes as internal debt. From every indication, the figures regularly advanced are more or less based on rough estimates. If really that were to be the case, it becomes practically difficult to build up credible budget or in other words prepare a finance law that effectively covers the debt needs of the country. 
In any case, the good news about the audit operation is that the State might decide at th...



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