{"id":64907,"date":"2022-08-24T18:12:15","date_gmt":"2022-08-24T16:12:15","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/treasury-suspends-payments-as-departments-use-parallel-market-rates"},"modified":"2022-08-24T20:27:44","modified_gmt":"2022-08-24T18:27:44","slug":"treasury-suspends-payments-as-departments-use-parallel-market-rates","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/treasury-suspends-payments-as-departments-use-parallel-market-rates","title":{"rendered":"Treasury Suspends Payments As Departments Use Parallel Market Rates"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>The Ministry of Finance and Economic Development has suspended payments to contractors after it emerged that government departments and agencies\u2019 pricing models were based on parallel market rates.<\/p>\n

Finance Secretary, George Guvamatanga has now directed all government departments and agencies to submit due diligence reports on all contracts whose payments were suspended.<\/p>\n

Reads the directive issued by Guvamatanga on August 16:<\/p>\n

Ministries\u2019 internal audit departments shall carry out a due diligence review exercise on all running and future contracts with special focus on pricing to all payment runs submitted to Treasury as at July 31, 2022 and were suspended for funding.<\/p>\n

The due diligence reports for all submitted and suspended payment runs shall be submitted to the Secretary for Finance and Economic Development by September 2, 2022. In future, the Internal Audit Department shall carry out due diligence review exercises on prices for future contracts and procurements and submit their reports attached to the payment runs to Treasury.<\/p>\n

Internal audit heads shall appoint internal auditors responsible for carrying out due diligence review exercises, who will not audit procurements and contracts, as this will be self-review.<\/p>\n

Treasury suspended payments for all contracts submitted as of July 31 after noting that ministries, departments and agencies (MDAs) were submitting pay runs for the disbursement of cash for goods and services procured using parallel market exchange rates.<\/p>\n

The government says the pricing model was causing inflationary pressures and also fuelling parallel market activities.<\/p>\n

This comes as authorities are struggling to curb inflation and stabilise the exchange rate, a situation that has resulted in price instability, market indiscipline and erosion of market confidence.<\/p>\n

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

Africa-Press – Zimbabwe. The Ministry of Finance and Economic Development has suspended payments to contractors after it emerged that government departments and agencies\u2019 pricing models were based on parallel market rates. Finance Secretary, George Guvamatanga has now directed all government departments and agencies to submit due diligence reports on all contracts whose payments were suspended. 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