K58.98m was realized by parastatal companies between 2010, 2012 – PMRC

Policy Monitoring and Research Centre (PMRC) has disclosed that K58.98 million was realized as profit by parastatal companies between 2010 and 2012.

Speaking during the parastatals policy analysis launch in Lusaka today, PMRC head of   research and analysis Alex Amirtage says less than a quarter of institutions reported any profits between 2010- 2012, suggesting that government is not receiving optimal economic returns of its investments.

Mrs Armitage says K7.24 billion was allocated to parastatals for recapitalization, upgrades, new projects and operation between 2010 and 2012.

She says as such parastatals companies are not generating sufficient profits to sustain their operation or capital expenditure.

Mrs Armitage adds that PMRC has noted that some challenges affecting the parastatals   are as a result of goals and intentions of the companies not being clearly defined, while some institutions have public service obligations but also need to operate as profitable commercial enterprises.

She further states that parastatal companies face significant political interference with weak governance and control.

And speaking earlier, PMRC Executive Director Bernadette Deka says launch of the parastatals represents one of the many ways in which the organization is able to achieve its stated aims and mission.

And Auditor General Anna Chifungula has commended PMRC for their efforts in conducting a detailed research.

 

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