Government says it will request the Zambia Revenue Authority (ZRA) and the National Pension Scheme Authority (NAPSA) to transform the debt owed to them by all public media institutions into equity capital.
Minister of Information and Broadcasting Services Chishimba Kambwili says the development will enhance operations at the affected public media organisations namely Times of Zambia, Zambia Daily Mail and the Zambia National Broadcasting Corporation (ZNBC).
Mr. Kambwili said his ministry has already begun the formulation process and it will soon take the matter to cabinet for approval.
He stated that the move to request ZRA and NAPSA to transform the debt into equity capital is among many measures government intends to use to recapitalise and resuscitate the public media institutions so that they can operate profitably.
The Minister further said the development will no doubt help the Times of Zambia which is mostly affected to go on the open market as their balance sheet will be greatly improved and enhanced.
Mr. Kambwili who was speaking during a press briefing in Lusaka yesterday, said government is committed to ensure that all public media institutions in the country are well sustained.