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Govt paying back PPF loans-official

24th May 2012
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The Parastatal Pensions Fund (PPF) has started getting repayment for its investments in government projects, specifically financing of the construction of Parliament building in Dododma, a senior fund official has said.

Speaking at a Breakfast Talk with editors in Dar es Salaam yesterday, Lulu Mengele who is the PPF public relations manager, confirmed that the Fund was being paid as per the agreement with the government.

PPF has also invested in the construction of the University of Dodoma, an ongoing project, that Lulu said has not started attracting repayments.

The Fund is allowed to put between 5 and 30 per cent of its investment income into real property, comprising buildings for accommodation, recreation facilities, nurseries and residential houses.

She also revealed that the fund has enabled over 1,200 children of members who died while in service to access the education benefit, spending over 475m/- to accomplish the goal.

The benefit is granted to four children of the member who dies while in service, paying for their education from nursery to Form Four secondary school level.

Lulu clarified that the fees are paid directly to the school’s bank account at the beginning of each academic year.

On loans, the PPF official said the focus was on lending to savings and credit cooperative societies.

By last year more than 36 Saccos groups had accessed loans from the Fund totaling over 40bn/-, Lulu said.

SOURCE: THE GUARDIAN
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