Two thirds of money loaned out to SME’s is not returned: Auditor General

A report by the Auditor General Mrs Mildred Chiri revealed that 67 percent of the money loaned out by the Small and Medium Enterprises Development Corporation (SMEDCO) has not been recovered. The money was loaned out between 2011 and 2016. The report also noted that officials at the ministry of SMEs were reluctant to account for the money.

Part of the report reads:

Introducing the Pindula News Mobil App
Download from Google Play Store

The Ministry (of Small and Medium Enterprises and Cooperative Development) disbursed $4,595,000 to Small and Medium Enterprises Development Corporation (SMEDCO) from 2009 to 2016, however, repayments amounting to $3,075,000 were still outstanding.

…There is, however, risk that the ministry may fail to recover both the capital and interest if follow ups are not done on time. Of concern is the absence of an effective follow up system on outstanding loan repayments

More: New Zimbabwe


Mildred Chiri

Mildred Chiri is Zimbabwe's Auditor General. Read More About Mildred Chiri

Join WhatsApp & Telegram News Groups:

WhatsApp Group:

Telegram Group:

Back to top

Write a Comment

Your email address will not be published.

Share Full Post

Nyaradzo logo

RSS Recent Profiles Created

Satisfaction survey
How likely is it that you would recommend Pindula News to a friend or colleague?
SuggestionsHow can we improve?
You have already submitted your feedback. If you would like to add more feedback please write us on