Ruling over trust accounts


THE Chief Secretary through the Central Agencies Coordinating Committee (CACC) should have waited for the new government to decide on trust accounts operating under commercial banks.
The money has been part of annual budgets passed by parliament and therefore CACC has no right to call on the finance secretary to issue an instruction to freeze those funds which had been put aside for specific purposes.
There is more than K1 billion there and all are pre-committed under contract.
It’s savings and should not be touched.

Gala Via email NCD

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