Thursday, June 20, 2024

Government to deal with loan defaulters-Kambwili

Share

BETTY Nyau, Director of a business called Betty’s baby wear, receives a cheque of K 28, 509,000-00 from Youth and Sport Minister, Chishimba Kambwili, during the handover ceremony of youth empowerment cheques to youth in Eastern Province
BETTY Nyau, Director of a business called Betty’s baby wear, receives a cheque of K 28.5 million from Youth and Sport Minister, Chishimba Kambwili, during the handover ceremony of youth empowerment cheques to youth in Eastern Province

Government has warned that it will not hesitate to bring to book any youth group that will not pay back the loans that they have accessed from the Youth Development Fund, (YDF).

Youth and Sports Minister Chishimba Kambwili has expressed regret that out of the K4 billion that was disbursed by the MMD government to the youth groups in the country, only about K100 million have so far been paid back.

Mr Kambwili said that this is why this time government will put strict measures in place to ensure that all the monies that will be given out to the youth is paid back for others to benefit.

Speaking when he handed over 18 cheques to youth groups in Chipata today, Mr Kambwili said it is a duty of government to ensure that the living standards of the people especially the youths are uplifted.

He said government will ensure that all the monies given to the youth groups are properly accounted for in a transparent and efficient manner.

He noted that government has a responsibility to effectively facilitate, promote, coordinate and monitor youth empowerment initiatives in order to improve the quality of lives of the youth throughout the country.

Mr Kambwili explained government has recognized the youth as partners in the development of the country.

He said entrepreneurship is an integrated component of youth empowerment and job creation that can be attained through enterprise, training and development of micro credit for small scale business as well as start up capital.

The minister noted that this is why his ministry has created the youth development fund as a vehicle to promote enterprise development for wealth and job creation among the youth in the country.

Earlier Eastern Province Permanent Secretary Emmanuel Mwamba assured the minister that the province will ensure that the loans given to the youth are repaid and that beneficiaries are fully aware of this revolving fund.

In a speech read for him by his Deputy Permanent Secretary Zachariah Luhanga, Mr Mwamba said it is gratifying to note that the ministry has prioritized youth as key to national development.

He further thanked government for creating the youth fund adding that it will go a long way in building capacity and making the youth to successfully contribute to the economic development of the country .

And one of the recipients of the loans Mwima Mutime thanked the PF administrative for fulfilling the election promise of improving the welfare of the people and empowering the youth throughout the country.

In the 2012 budget, the government has allocated about K11.8 billion for the youth fund where as K700 million has been allocated to Eastern province.

ZANIS

8 COMMENTS

  1. What do you expect when the number qualification when awarding loans was if one was a party cadre. Such un-merited loan dispersions and awarding of contracts is what chokes our national economy

  2. The intention of the YDF may be noble but it is obviously doomed to fail if managed directly by government. It would be at high risk even if managed by a quasi government fund like the failed citizenship economic empowerment fund. The best way for government to intervene in this areas considering commercial banks and MFIs may find it too risk to provide their own funds is for the government to provide ring-fenced wholesale funds to commercial entities such a the commercial banks and MFI to onward lend to the youths a risk based assessment basis. The key to success is that the borrowers should not see the funds as government funds. So maybe another layer that would help with this is to have government fund an apex institution like Development Bank of Zambia

  3. This minister either slept in a bottle store or has taken to smoking opium. The ka 11billion youth fund eq $2.5million is not enough to support youth empowerment programs who constitute 60% of Zambia’s population. Thats 7million youths. Now consider half of these being active adults and individually receive K28million eq  US$5500 makes this money only accessible to 450 youths. assuming the K11billion doesn’t include operating costs.

    These guys are uselessly playing with our lives as youth. If the presido can buy an MP for 100million why not raise monies by calling the 14billion debt mmembe owes and seal the loopholes mathani is taking advantage of so there is enough billions for youth fund. These are the ones who will vote you OUT!! Watch this space

  4. #5 you must be one those useless cadre who has gottn loans and sponsored on trade and exchange trips to places like china. I will move around such circles and i know what goes on, do shall your empty shallow reasoning in public and prove youself duller than what you appear to be

  5. iam one of those got it follow me, waishapa polo Kambwili, speaking through the anus as usual, remember how you were dismissed from Labou and foreign affairs.

Comments are closed.

Read more

Local News

Discover more from Lusaka Times-Zambia's Leading Online News Site - LusakaTimes.com

Subscribe now to keep reading and get access to the full archive.

Continue reading