{"id":43745,"date":"2021-12-23T16:28:52","date_gmt":"2021-12-23T16:28:52","guid":{"rendered":"https:\/\/www.africa-press.net\/tanzania\/?p=43745"},"modified":"2021-12-23T14:26:00","modified_gmt":"2021-12-23T14:26:00","slug":"tanzania-government-to-finally-pay-sh2-17-trillion-debt-to-psssf","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/all-news\/tanzania-government-to-finally-pay-sh2-17-trillion-debt-to-psssf","title":{"rendered":"Tanzania government to finally pay Sh2.17 trillion debt to PSSSF"},"content":{"rendered":"

Africa-Press – Tanzania. <\/strong><\/span>Dodoma. The government on Wednesday December 22, 2021 signed an agreement with the Public Service Social Security Fund (PSSSF) on the payment of Sh2.17 trillion debt in the form of a special bond.<\/p>\n

The amount that would be paid in a period of eight to 25 years was part of Sh4.66 trillion owed by the Fund inherited from the defunct Public Service Pensions Fund (PSPF).<\/p>\n

Speaking in Dodoma shortly after inking the agreement yesterday, Finance and Planning permanent secretary Emmanuel Tutuba said the agreement has been made after a comprehensive analysis on the best way of servicing the debt.<\/p>\n

He said despite being established in 1999, PSPF started paying benefits to retirees effectively from 2004 covering beneficiaries who were recruited in 1970.<\/p>\n

\u201cThis has caused problems in balancing resources of the fund and its respective obligations to pay retirees\u2019 benefits,\u201d he said.<\/p>\n

He said the government has found it appropriate to review and clear the debts in order to ensure sustainability of the fund and citizens\u2019 inclusion in building the country\u2019s economy.<\/p>\n

According to him, repayment agreement originates from a covenant made between the fund and the government during its establishment procedures in 1999.<\/p>\n

\u201cCurrently, PSSSF pays Sh60 billion in pensions to retirees every month,\u201d he said.<\/p>\n

\u201cIt is the hope of the Ministry of Finance that the money will help in making timely payment of retirees\u2019 benefits, monthly pension disbursements and increase the value of the fund once the funds are invested in business ventures,\u201d he said.<\/p>\n

Regarding the amount it owes in relation to development projects, Mr Tutuba said the government has paid Sh500 billion out of Sh724 billion to PSSSF after verification of the debt.<\/p>\n

Mr Tutuba said the government would continue to allocate funds for servicing the debt in a sustainable exercise.<\/p>\n

For his part, PSSSF director general Hosea Kashimba said the Sh2.7 trillion investment in securities will enable the fund to generate Sh120 billion revenue.<\/p>\n

\u201cPSSSF believes that implementation of this agreement will enable the fund to recover the Pre-1999 debt (prior to the establishment of the fund). Also, the amount will enable the Fund to fulfil its fundamental obligations to pay benefits to pensioners,\u201d he said.<\/p>\n

Mr Kashimba said PSSSF has opened regional offices that have been given more powers to address members\u2019 challenges.<\/p>\n

According to him, most of member claims would be processed at the regional offices.<\/p>\n

He also said in the Fund\u2019s efforts to improve the quality of services offered to its members, PSSSF has come up with PSSSF Mobile aimed at moving services between the Fund, employers and members at the highest convenience of all the stakeholders.<\/p>\n

For More News And Analysis About Tanzania<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Tanzania. Dodoma. The government on Wednesday December 22, 2021 signed an agreement with the Public Service Social Security Fund (PSSSF) on the payment of Sh2.17 trillion debt in the form of a special bond. The amount that would be paid in a period of eight to 25 years was part of Sh4.66 trillion […]<\/p>\n","protected":false},"author":84,"featured_media":43744,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,3,8,16],"tags":[6990,6991,711],"class_list":["post-43745","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-community","category-homepage-english","category-twitter","tag-africa-press-2","tag-africa-press-tanzania","tag-tanzania"],"yoast_head":"\nTanzania government to finally pay Sh2.17 trillion debt to PSSSF - Tanzania<\/title>\n<meta name=\"description\" content=\"Dodoma. 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