Africa-Press – Tanzania. THE Parliamentary Public Accounts Committee (PAC) has directed the Public Service Social Security Fund (PSSSF) to make evaluation of the social security scheme so that its stability is known.
Equally, PAC Chairperson, Ms Nagenjwa Kaboyoka ordered the PSSSF management to submit the evaluation report next month. She gave the directive after the committee met with the fund’s management to get its details and know its sustainability adding that the scheme’s current position indicates that its financial capability is not good.
Ms Kaboyoka told reporters that the weak financial position of the fund is due to a number of factors including unpaid public servants’ monthly contribution amounting 4.6tr/- which are arrears from 1999.
The PAC Chairperson named other factors following PSSF investing in TIB Development Bank fixed accounts deposits which are yet to be paid back. Of the fixed assets, she said, included US dollars 111.1-million and 82.1bn/- which are yet to be paid by the bank.
Moreover, she said, PSSF loaned the government to undertake investment projects including the University of Dodoma (UDOM) the debt which is yet to be cleared.
“PSSSF gave the government a 731.1bn/- loan for a number of projects including construction of UDOM and so far it has paid part of the loan, and yet to clear 231bn/- bill,” said Ms Kaboyoka.
“We have directed them to conduct an evaluation and give us a report of the fund’s stability status so that we can know measures to take” said PAC Chairperson On TTCL, Ms Kaboyoka tasked the government to invest in the Tanzania Telecommunications Company Limited so that it operates for profit.
“TTCL has more debts than running capital, the government must inject money as it operates under a negative working capital of 132bn/-whereas the liabilities exceed its current asserts,” said PAC Chairperson.
