THE latest Auditor General's report for the financial year 2012 has reflected a sharp decrease in the misappropriation of public resources since the Patriotic Front (PF) formed Government in 2011. The report shows that funds misappropriated in the year under review amounted to K463, 000 (K463, 631,579 old currency) compared to 2011 and 2010 which had misappropriated funds amounting to K1 million (K1, 060,362,947 old currency) and K1 million (K1, 096,257,658 old currency), respectively. However, Auditor General, Anna Chifungula said in the report released in Lusaka yesterday that the financial audit at the Ministry of Finance on Constitutional and Statutory expenditure reflected non-consistency towards servicing of external loans owed to Iraq , China and Brazil totalling US$123,446,502 . Ms Chifungula noted that loans from Brazil were last serviced in June 2001 , while the loan from Iraq was last serviced in July 1984 . The one from China had never been serviced. Ms Chifungula said interest on the three loans had since accumulated interest amounting to $44,906,325 . The position on domestic debt reflected an increase from K21.4 billion as at December 31, 2011 to K30.7 billion as at December 31, 2012 , representing an increase of 43 per cent. The increase in the debt levels was attributed to new borrowings made in 2012. The report added that although records obtained at the Bank of Zambia revealed that K9.1 billion was raised in treasury bills and bonds during the period under review, there were no records maintained at the Ministry of Finance . "In this regard, it was not possible to ascertain whether there was effective monitoring and management of bonds by the ministry," she said. Ms Chifungula said the Ministry of Finance did not provide reports clearly showing the debt stock for pre-Highly Indebted Poor Countries (HIPC) and post-HIPC position of the country.
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