The Coalition of Individual Bondholders Groups (CIBG) has stated that it is disturbed by the failure of the Ministry of Finance to commence implementation of a Memorandum of Understanding (MoU) between the government and the group on payment of coupons and principal on bonds.

The group said the MoU, which was signed on the June 16, 2023 on payment plans have not been honoured by the government.

“It has been 42 days since reaching the understanding and 11 days since the signing with no implementation undertaken. We do not want to believe that the invitation to dialogue was a futile action and a time buying gimmick but a conscious effort by both parties to ensure there is some relief to bondholders”, a statement issued by the group said..

It added that payments of bonds have been in default for over 100 days, plunging people into a lot of hardship, discomfort and untold distress.

“We expect as a matter of urgency, the Ministry of Finance to as agreed; make full payment of all outstanding Principals and coupons by COB Friday, 30th June 2023”.

The group also appealed to government to fast track the Memoranda on Treasury bill conversion (June and beyond maturing bonds) for consideration of membership by COB Friday, 30th June 2023.

It lamented that each day of refusal to pay the matured coupons and principals represents critical health care and medication denied and serious injury to health of its membership and their dependents including their aged parents.

The statement pointed out that the situation is made worse by the inability of bondholders to pay school fees as children are denied children denied education, food and shelter.

“It will be insensitive for the government to renege on its promises again to our membership as this will trigger myriads of actions we have tried so much to control. We have had our fair share of the burden with Principals locked for over 4 months losing value with each passing day. It is the turn of the government to demonstrate its sense of responsibility, fairness and sensitivity to its citizens who opted to trust it with their hard-earned savings”.