Tuesday, June 18, 2024

Transfer of funds to CEEC will disadvantage beneficiaries

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A Lusaka based Business Consultant has observed that the transfer of empowerment funds from various government departments to the Citizen Economic Empowerment Commission (CEEC) would disadvantage the less privileged.

Mr. Bob Sichinga notes that the structure that the commission would use to disburse the funds would make it difficult for the less privileged to access the funds for economic empowerment.

Featuring on the Zambia National Broadcasting Corporation (ZNBC) Mid-morning programme, Mr. Sichinga said the reason for the creation of the funds under government ministries was to make it easy for the intended beneficiaries to access at affordable rates.

He said at the current 30 per cent interest rates, very few people would be able to benefit from the funds.

“ The Youth Empowerment Fund (YEF) when it was created was meant to empower the youth in various constituencies and the money would be disbursed at the discretion of the area Mp,” he said.

He observed that if guidelines were spell out on the disbursement of the fund, the K40 billion would have remained idle for a long time.

Government has announced the transfer of all funds that were being administered under various government ministries to the Citizens Economic Empowerment Commission, CEEC.

Some of the funds moved include the Youth Empowerment Fund, Tourism Credit Fund, and the Women Development Fund under the Ministry of Community and Social Services .

1 COMMENT

  1. In all fairness, we would want to see a situation were the vulnerable Zambians benefit from these funds. It is always very bereaucratic when accessing these funds. I believe there is a screen system that has been put in place, but let people benefit on merit and not face.

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