The proposed liquidation of the Asset Management and Recovery Corporation (AMRC) is awaiting Cabinet consideration, with the government preparing to submit a draft bill to the National Assembly for the necessary legislative action.
The Minister of Finance and Economic Affairs, Seedy Keita, disclosed this during a question and answer session at the National Assembly in response to a question from the Member for Brikama South on the corporation’s dissolution and the transfer of its essential staff.
Keita told lawmakers that the Ministry of Finance had established a liquidation taskforce to examine the process.
According to the minister, the task force has completed its work and submitted its report, while the draft liquidation bill is now before Cabinet for consideration before it is transmitted to the National Assembly.
The question raised concerns the continued financial burden of maintaining the corporation, with the parliamentarian noting that AMRC was still incurring costs despite having only a few staff remaining.
The member sought to know how soon the government could fast-track the process to avoid further expenditure on an institution intended for liquidation.
In response, Keita reiterated that the taskforce’s report was before Cabinet and that the bill would be forwarded to the National Assembly for consideration.
The minister explained that AMRC was established through an Act of Parliament and could therefore only be dissolved by Parliament.
This means that the completion of the liquidation process depends on the necessary legislative steps being taken after Cabinet has considered the draft bill.
However, the minister did not provide a specific date for when the bill would be submitted to the National Assembly or when the corporation’s liquidation would be completed.
The proposed dissolution comes amid concerns over the continued cost of maintaining AMRC while the government works towards formally ending its operations.
