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## 22. Statement of Investments and Loans Made from Special Funds – (Statement No 8) 

## Public Debt Service Fund 

The balance of P2 231 596 465 representing the value of loans made from the Public Debt Service Fund as at 31 March 2018 included the following items on which comments are made as indicated:- 

## (a) Botswana Meat Commission – P354 000 000 

In common with loans made from public revenues, the Commission had not paid the instalments on the two (2) loans making up the above total. In the case of loans made from the public revenues, Government has issued a directive that they be converted to equity, because of the Commission’s continued liquidity constraints. 

## (b) Bamangwato Concessions Limited – P900 566 097 

Pursuant to Government decision to advance funds to BCL liquidator of up to P1.14 billion to meet the cost of liquidation, disbursements have been made to-date in the total amount of P1 112 510 527 and were accounted for as follows:- 

 A total amount of P900 566 097 had been paid as loan from the Public Debt Service Fund although the loan agreement spelling out the terms could not be produced for audit verification purposes. 

 The balance of P211 944 430 was disbursed as an advance from Government revenue – under Section 33 (1) of the Public Finance Management Act. Arrangements would need to be made for the clearance of this advance. 

