Pay subsequent coupons and matured principals on due dates – Pensioners to Government

The Pensioner Bondholders Forum has urged the Government to pay all outstanding coupons and principals on due dates without delay.

This follows the delay in payment of the coupons and matured principals despite the fact that most pensioners were exempted from the Domestic Debt Exchange Programme(DDEP).

The Ministry of Finance per its letter of 15th February, 2023 to the Forum confirmed that all pensioner bondholders who opted not to participate in the DDEP had been exempted from the DDEP.

However, the Pensioners stated that there had been some inconsistencies in the payment of their subsequent coupons and matured principals, hence the call.

“We wish to confirm that pensioners have since Wednesday, 15th March 2023 been receiving coupon and principal payments as the Ministry assured in its Press Release on 14th March 2023. We however, wish to state that, as much as we recognise the efforts of the Government to pay all outstanding coupons and principals of the old bonds, we reiterate that pensioners were exempted from the DDEP, and consequently must always be paid their coupons and principals on due dates without delay, and in the same manner as was done prior to the DDEP,” the Pensioners stated.

The Pensioner Bondholders Forum continued that,”We are therefore requesting the Ministry to take immediate steps to pay pensioners all their outstanding coupons and matured principals as at 20th March 2023, and pay all subsequent coupons and matured principals religiously on due dates, as the market dictates for bonds exempt from the DDEP.”

Naturally, the Pensioner Bondholders Forum said its membership was deeply disappointed by the Ministry’s failure to pay coupons and matured principals of pensioner bond holders exempted from the DDEP on the due dates and in the same manner payments were made prior to the DDEP.

“Consequently, we look forward to the rectification of this anomalous situation by the Ministry as a matter of urgency. If the anomalous situation we are complaining about persists, we shall be left with no other option than to explore other means of getting resolution to the situation,” The Pensioner Bondholders Forum threatened.