Issue link: https://maltatoday.uberflip.com/i/1497622
3 NEWS 20.4.2023 FROM PAGE 1 Sources said there will be eight shipments in all from Malta, totalling 806 pallets of banknotes weighing 182,962 kilogrammes. The first of the chartered flights is set to leave Malta on 2 May. Oberthur will be airlift- ing 360 pallets of banknotes, weighing 92,721kg, across six xharter flights. Both tenders can be extend- ed for a further two months by CMA, if necessary. The money will be delivered to Argentina fully printed with all security features and cut to size. Each batch of 1,000 bank- notes is estimated to have a printing cost of $120 to $125. Argentina will therefore be paying between $31.2 million and $32.5 million for the bills, excluding air freight costs. That puts each bill's cost at around $0.12. Lack of transparency The tendering process for the bills has been criticised in Argentina, with many pol- iticians citing a lack of trans- parency. Government Cabinet Chief Agustín Rossi came under fire from legislators request- ing details on the tendering process. Rossi cited commercial con- fidentiality to avoid providing additional details. He said that the BCRA pays the final price per finished banknote, since it contracts directly and solely with Casa de la Moneda Argentina (CMA). "When it is impossible to meet the required quanti- ty, BCRA requests author- ization to subcontract to money-printing companies abroad, such as Casa de Moneda de Brasil, the Fábri- ca Nacional de Moneda y Timbre de España, and China Banknote Printing and Mint- ing Corporation". e 260 million banknotes arriving from France and Malta will be added to the estimat- ed 200 million that Argentina imports monthly from Spain, Brazil and China, and also to the more than 65 million bank- notes produced each month on average by the CMA, whose annual production capacity amounts to 800 million bank- notes. is amount of Argentine pe- sos printed in three continents is a reflection of the accelera- tion of inflation in the country, which reached a record of 7.7% in March. e government is also re- fusing to issue higher denom- ination bills, beyond the few 2,000-peso bills that will hit the streets this year. Analysts attribute the BCRA's decision to seek additional sup- pliers for the printing of bank- notes to the pressure being exerted by mayors and prov- ince leaders to put pesos back into the pockets of Argentians ahead of the general election. THE Auditor General, Charles Deguara, presented a performance audit assessing capital projects at the University of Malta to the Speaker of the House this week. is performance audit focused on cap- ital projects relating to the Sustainable Living Complex (SLC) and the Campus Hub to enable the NAO to determine the extent to which capital projects are ful- filling the University's (UM) needs in a cost-effective manner. e National Audit Office (NAO) tar- geted these projects in view of their sub- stantial financial materiality involved (€48 million and €46.7 million respectively), their specific objectives within the UM's strategic development, as well as to en- able comparative analysis between the direct implementation of projects by the UM and those that were subject to co-fi- nancing arrangements with the European Union (EU). From a procedural perspective, the SLC project complied to EU requirements as it was supported by a sound business case which not only addressed financial con- siderations but also the UM's current and future needs. As some justifiable delays materialised, the project team opted to deviate from aspects of the original pro- ject design to minimise the effect of pro- ject prolonging. Forfeiting the originally planned in-situ stone extraction, to be utilised for the substructure as well as for cladding purposes, resulted in a missed opportunity to better embrace the princi- ples of the circular economy. On the oth- er hand, the University intends to retrofit various sustainable elements into the SLC project. An evaluation of the planning and pro- ject management approaches utilised in the Campus Hub project identified three main shortcomings. Firstly, the UM em- barked on a project financial feasibility appraisal on the receipt of the Request for Proposals (RfP) but it did not make avail- able initial workings. Secondly, the UM issued an RfP directly rather than through the Department of Contracts (DoC). Whilst this approach was not irregular at the time, best practices dictate that the UM would have exploited competitive advantages and safeguarded its interests further had it opted to utilise the tender- ing expertise available at the DoC. ird- ly, coordination issues hampered the UM/ Government from fully crystallising their needs at an early stage, preferably prior to the issuing of the RfP. ese circumstanc- es effected the potential relocation of the Medical School within Campus Hub, the amount of space that the UM was to lease from this project and the management of the car park. From a value for money perspective, the NAO noted that the SLC's development costs are largely in line with the prevail- ing market prices within the construction industry. Although the SLC has largely managed to retain its costs within budget, this could be impacted negatively in case of severe delays given the increasing costs of materials and works in recent years. Similarly, the Campus Hub project ful- fils financial and economic criteria. Nev- ertheless, this audit questions whether the UM could have made a better deal. is statement considers the non- in- volvement of the DoC and the possible relocation of the medical school. is performance audit has shown that these two projects have the potential to enrich University life. is review has also confirmed that the UM's administrative framework has the appropriate capacity to implement capital projects of signif- icant magnitude and to monitor their outcomes in terms of the University's strategic objectives. Yet their impact in fi- nancial, economic and social terms could have increased through better communi- cation, coordination and planning. Nonetheless, this report elicited a num- ber of issues relating to the management processes adopted and value for money. Crane Currency $22 million tender can be extended for two months Crane Currency will be sending to Argentina 806 pallets of banknotes weighing 182,962 kilogrammes Performance audit assessing capital projects at University tabled in Parliament