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Thursday, May 23, 2024

ADMARC needs K123 billion to buy Maize-Chilapondwa

By Lovemore Khomo

CHILAPONDWA: What happened last year cannot be repeated

Parliamentary Cluster Committees on Natural Resources and Climate Change, and Agriculture has proposed that ADMARC should be capitalized with K123.3 billion to purchase 38,700 metric tons of Maize, 50,000 metric of fertilizers and for repayment of K40.7 billion outstanding loans.

During presentation of cluster report on Monday, vice chairperson Ulemu Chilapondwa said the committee proposal follows the failure by NFRA to purchase Maize last year which left the country into a mess.

In 2022/23 National Budget NFRA was allocated MK12 billion and some of the procured maize, went missing.

“It should only be ADMARC that should procure maize as per it’s mandate, NFRA should store the maize. What happened last year cannot be repeated, therefore, the money that has been allocated to NFRA for the purchase of maize should be allocated to ADMARC.”

“Financial Year 2023/24, government has allocated MK4 billion to ADMARC for it’s recapitalization. We are aware that there was an overhaul of the institution at ADMARC and more 1500 positions needs to be filled,” Chilapondwa told the house

However, Chilapondwa expressed concern over ADMARC’s struggling with the repayment of loans with commercial banks and that the loans were accumulating interest over the years while rolling over.

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