Finance, Economic Development and Investment Promotion Minister,Prof. Mthuli Ncube said on Wednesday government will no longer accept new applications for release of blocked funds.

In a statement, he said registration of applications for the release of blocked funds was concluded in 2020, and processing of these had began.

Prof Ncube was reacting to an influx of new applications for release of blocked funds from individuals and companies.

He said the new applicants will not be entertained due to time lapse.

“Please kindly note that the application for the approval of Blocked Funds was completed in 2020. Treasury has already completed the registration of all Blocked Funds and the validation of the same,” he said.

Blocked funds refer to money that the owner could not take out of the country for various regulatory reasons, in the majority of cases due to lack of foreign currency.

The government assumed responsibility for block funds, which are essentially debts, through Finance Act No 7 of 2021, and is now in the process of validating all the claims lodged.

New Ziana