PARLIAMENTARY PUBLIC ACCOUNTS COMMITTEE POSTPONES DISCUSSION ON TIB ACCOUNTS REPORT

Parliamentary Public Accounts Committee (PAC) on Tuesday refused to discuss accounts report of the Tanzania Investment Bank (TIB) for 2015 following what it termed as contradictions between the Controller and Auditor General (CAG) report and the statement of the bank’s management.

The Chairman of the PAC, Mr Aeshi Hilaly, said the committee had received the CAG report, and the members saw number of weaknesses in the accounts of the bank, but the report does not give detailed information.

“The committee has failed to discuss the CAG report because what we have seen in this report differs with what you (management) have presented to us. So we are postponing this meeting until September 7,” Mr Hilaly said.

He said on September 7, the committee would meet with the officials from the CAG office and the management so that they get more time to get clarifications on number of issues that were not clear to the committee.

The Chairman of the TIB board of Directors, Prof Palamagamba Kabudi, who was appointed to the position recently, said he agreed with the committee decision to postpone the meeting. As he thanked President John Magufuli for appointing him to the post, Prof Kabudi said the TIB is the ideal bank that would provide major support for the country to realize industry-powered economy.

Main focus of the bank is to assist in catalyzing economic growth by providing debt finance for investment in corporate and Small and Medium Enterprises (SMEs)

The TIB’s financing covers many sectors including manufacturing, agriculture, tourism, construction and so on. He admitted that previously the bank faced number of challenges that prompted President Magufuli to form new board of directors.

“I believe that after we meet on September 7, we will follow the directives that the committee would give and we will work on them during our first meeting to be held soon,” he said.

Daily News