After numerous calls by industry and relevant stake holders alongside the recent pronouncement by President Mnangagwa for transparency in parastatals, the Postal and Telecommunication Regulatory Authority of Zimbabwe (Potraz) has produced financial report for Potraz and the Universal Services Fund (UAF) for the year ending, September 2017.
Audited by the Auditor General’s office, the results speak to major transactions for the period January to September 2017.
The results bared all on how Potraz spent funds during the period under review. More importantly, the set of results clarified the air on how the Universal Services Fund was used. The disclosure of USF financial activity comes after Econet had demanded to see how the funds they are levied were used.
According to the Report, POTRAZ’s actual revenue for the period under review was $22, 704, 650 while the budgeted revenue was $20, 804, 107. Budgeted operating expenditure was $19, 818, 690 while the actual closing retained income was $83, 762, 760 and the budgeted closing retained income was $101, 802, 664.
Actual closing retained income for USF was $26, 126, 067 while the budgetd closing retained income was $13, 629, 091.