The State Revenue Fund
In the previous editions a number of issues raised by the Auditor-General relating to the State Account and the State Revenue Account were published and discussed. Here are some of the last issues raised in the report:
Debt to the Government
The largest amounts due to the Government are:
Loans to local authorities: N$ 185 265 535 (2011: N$ 186 235 424) of which
N$ 25 025 992 (2011: N$ 20 147 254) is in arrears.
Loans for Windhoek infrastructure projects: N$ 318 564 328 (same as previous year) of which N$ 125 547 834 (same as previous year) is in arrears.
Namibia Water Corporation: N$ 25 172 554 of which N$ 24 979 385 is in arrears. (Same figures as in the previous year).
In total N$ 213 595 990 (previous year: N$ 183 494 002) of capital redemption is in arrears as at 31 March 2012.
Interest is due to the Government is as follows:
Local authorities: N$ 72 753 947 (2011: N$ 68 509 913).
Windhoek infrastructure projects: N$ N$ 504 388 879 (same as previous year).
Namibia Water Corporation: N$ 16 108 900 (same as previous year).
In total interest amounting to N$ 621 684 195 (2011: N$ 614 324 293) is outstanding.
The following municipalities did not repay any of their debt to the Government:
Grootfontein joined the other local authorities from the previous year with non-payments this year.
As in the previous year, none of the towns, villages and the settlement areas repaid any debts. In some instances the audit report again does not reflect any outstanding interest or capital. The Auditor-General should take a closer look at these issues..
The debt recovery system of the Government is clearly not functioning properly. Should any of the loans have been written off, they should not appear on the statement.
Government should seriously look into this issue as surely there are loan agreements and if one party does not comply with the stipulations, there are steps to implement!