HomeBusinessAll public firms must submit audited books'

All public firms must submit audited books’

Ndamu Sandu

ALL public enterprises must provide annual financial reports to parliament, says legislator Priscilla Misihairabwi-Mushonga, who chairs the Public Accounts Committee.

NT face=”Verdana, Arial, Helvetica, sans-serif”>The legislator was reacting to the call by Reserve Bank of Zimbabwe (RBZ) governor Gideon Gono that all parastatals should produce annual reports and turnaround programmes to access cheap funds from the central bank.

“We are waiting to see what is going to happen because some of these parastatals have not been producing reports for years,” Misihairabwi-Mushonga said.

“Does it take the governor of the Reserve Bank to get annual reports or is it that they have to produce reports to parliament?”

She said if the parastatals produce reports and give them to the governor they must explain this to parliament.

Parastatals have to produce annual reports by July 31 to access cheap funds from the RBZ’s productive sector facility.

To date theonly parastatal that has produced audited results is the Industrial Development Corpora-tion of Zimbabwe led by Mike Ndudzo.

In his monetary policy statement review in April, Gono said all parastatals and local authorities could source development funds fromthe central bank’s productive sector facility at 50% interest a year, if they could produce externally audited fina-ncial statements.

“After 31 July 2004, the facilities will cease to be available to the institutions,” Gono said.

“Applications for sup-port must be accompa-nied by credible turn-around plans to rid themselves of current bottlenecks, including manning levels, and board and management structures which make economic sense.

Without these supporting docu-ments, the Reserve Bank will not avail them of the productive sector monies which are cheap and necessary for their turnaround.”

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