Parliament Debates US$ 2.5 Mn Treasury Cyber Heist 📈

The Government yesterday agreed to a Parliamentary debate regarding the theft of US$ 2.5 million from the Treasury, reversing a previous refusal. The debate highlighted significant gaps in debt management and institutional oversight during the transition of responsibilities under the Public Debt Management Act. • The Loss Breakdown Total Amount: US$ 2.5 million via 10 fraudulent transactions. Timeline: Payments occurred between 14 Nov 2025 and 29 Jan 2026. Recovery Status: Authorities were alerted of the non-receipt by creditors on 23 March 2026; investigations are ongoing. • Sectoral & Institutional Impact Public Debt Management: Opposition members flagged "monumental confusion" in roles between the External Resources Department and the Public Debt Management Office. Cybersecurity: The Treasury maintains the incident is a cybercrime involving altered SWIFT/account details despite a four-step verification process. Banking & Finance: The Central Bank's Financial Intelligence Unit and CID are investigating the payment chain. • Key Economic Implications Default Risk: The Govt. asserts this is not a "technical default" as the intent and ability to service loans remain intact; creditors (including the Paris Club) have been briefed. Governance: Concerns were raised over the lack of specialized expertise in key Finance Ministry roles and the delayed disclosure to Parliament. Fiscal Burden: Warnings were issued that unrecovered losses may ultimately be borne by taxpayers.