![]() Right now the total that we are being owed by Government and parastatals is RTGS$101 million. It is an issue that continuously plays havoc with our cash-flows. “The issue that will really help us is Government paying its debts to TelOne. The legacy debt assumption aside, Ms Mtasa said one of the key issues that will help the company going forward is resolution of Government’s own arrears to TelOne. The debt takeover is likely to make TelOne more attractive to potential foreign investors in view of plans by the Government to privatise the entity, among others. ![]() Official figures show that by the fourth quarter of 2018, the principal balance of the legacy loans was US$177,5 million while interest, arrears and charges amounted to just over US$206 million. But it is the penalty interest rates that have caused a huge jump in the debts. The bulk of the loans, which had punitive interest rates, by global standards, of between 1 percent and 8 percent, were obtained between 19. ![]() The loans were obtained to boost PTC’s network. TelOne owes a number of lenders namely Eksportfinas of Norway (US$13,8 million) Eximbank of Japan (Sumitomo II) (US$9,5 million) BNP of France (US$36,2 million) Tunisia-based African Development Bank (US$89,9 million) Overseas Economic Co-operation Fund (OECF) JBIC III of Japan (US$152,4 million) and Kredittanstalt Fur Wiederaufbau (KFW 11A) of Germany (US$12,6 million). ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |