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Tuesday, March 31, 2020

Government will not borrow more than K1 billion Kwacha from local banks next year

Headlines Government will not borrow more than K1 billion Kwacha from local banks...

Finance minister Alexander Chikwanda singing in the visitors book during the official opening of Barclays Solwezi Branch as Barclays Bank Zambia Board chairman Jacob Sikazwe (I) and Barclays Zambia managing director Saviour Chibiya (m) and Solwezi Barclays Bank Branch manager Chomba Musonda (r ) look on in Solwezi
Government has said that it will borrow not more than one billion Kwacha from commercial banks next year.

Finance Minister Alexander Chikwanda said that this was to allow commercial banks have sufficient funds available to lend to productive sectors of the economy.

Mr Chikwanda said that government also wanted to reduce the current high interest rates that commercial banks are charging.

He noted that the high cost of doing business in Zambia has also been triggered by high interest rates.

Mr.Chikwanda said that this has hampered the Small Medium Enterprise -SME- sector to access affordable funding to grow their businesses.

The Minister was speaking during the commission of National Savings and Credit Bank NATSAVE Nchelenge branch in Nchelenge district.

Mr Chikwanda praised NATSAVE for assisting farmers in the district through loan facilities.

He said Luapula province needs to transform from fishing to promoting Agriculture.

At the same function NATSAVE Managing Director Cephas Chabu said the Nchelenge branch held a saving deposit of 7 point 5 million Kwacha as at 31st October 2015.

Mr. Chabu said the branch has given out K4.9 million worth of loans to 698 people in the community.

And Nchelenge Member of Parliament Raymond Mpundu thanked government for rolling out banking services into rural areas.

Mr Mpundu said the establishment of a bank in the district will boost economic activities in the area.

And Luapula Province Minister Benson Kapaya said the province is posed for further economic growth due to a number of developmental activities that government has embarked on.

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16 COMMENTS

    • Mixed messages as usual, but the truth is that these are crooks who speak with twisted lips depending on who they are talking to. They are lying to unsuspecting citizens who apparently are gullible. Sad!

    • Chikwanda “said that this was to allow commercial banks have sufficient funds available to lend to productive sectors of the economy”…..

      So he admits Government borrowing is to spend on UNPRODUCTIVE items???

      Hiring jets to take Lungu to New York? Where the lazy swine cannot even promote investment with a BBC interview?

  1. Committed to reducing interest rates …blah blah blah….C’mon chikwandasaurus!! BOZ just announced an increase in its policy rate which is the exact opposite of what you have just said. Who are you kidding

  2. Financial chaos and incompetent government ministers are two sides of the same inflationary coin! They do not even sound credible as they speak. The majority of these politicians would not called to office if they were in The developed world! In fact it is these people who endure the the developing world stays where it is… Barely developing!!!!

  3. So NATSAVE takes deposits? Are they regulated?

    I think of used well NATSAVE can be a game changer for those in the rural area.

  4. I jave problem of understanding numbers and can someone from.Zambia help me. K1.4 MILLION loan to 698 people. K1.4 Million is less than $1000. Am i wrong? Please educate me

  5. $530 equals k6632653.46 and this is Six million kwacha and change. Can somebody do math please! This can be easily Googled fx rate. It is so confusing. In one incidence iread prices corn meal were k70 and am like do you mean K70,000. You guys are confusing! How can one an a trip to Zambia and can hardly understand the math? Someone from Zambia explain not a Us based Zambian

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