FAILURE TO PAY BACK CDF LOANS BY BENEFICIARIES IRKS KABWE MP
KABWE Central Constituency Member of Parliament, Chrizoster Phiri, has expressed disappointment with failure by most beneficiaries of the Constituency Development Fund loans to pay back the monies owed to government.
Mrs Phiri says the failure to pay back the loans compromises chances of other people to access the money which is supposed to be a revolving fund.
She said in Kabwe, that the funds were intended to improve people’s lives by enabling them to invest in profitable businesses and also contribute to the country’s development.
Mrs Phiri regretted that some individuals who applied for loans are still on the waiting list due to limited funds.
She has since cautioned the beneficiaries not to take advantage of the government by not paying back the money, saying it is a huge cost to the government.
”Some politicians and government workers have been arrested for misusing government funds, and CDF loan beneficiaries are no exception,” she warned.
Zanis
No one who works or has worked in the financial sector is surprised that CDF loans are not being repaid. The money will never be recovered.
Since when do our people pay back? It’s our culture to eat and never pay, it’s the reason lending institutions make it extremely hard to lend money. We have a very bad culture financially. I suggest the government starts to sensitise the public about the importance of paying back. It has to start somewhere.