Bankers, Manufacturers hail 2018 budget

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The Bankers Association of Zambia (BAZ) has described the 2018 National Budget as progressive and aimed at attaining economic growth.

ZANIS reports that BAZ Chief Executive Officer, Leonard Mwanza said the 2018 national budget is poised to propel economic growth in the country.

Mr Mwanza said the banking sector was optimistic that banks would adjust lending and interest rates accordingly.

Mr Mwanza revealed that the banking sector was putting up measures to ensure that the culture of holding money by people is reduced.

He said currently over K6 billion is circulating in people’s hands and that the trend should come to an end.

The BAZ Chief said one of the measures that had been put in place to reduce holding of money is the introduction of e-payments.

Meanwhile, the Zambia Association of Manufacturers (ZAM) said the 2018 budget was favourable to the manufacturers, and expressed optimism that the sector will help promote growth in the economy through enhanced production and job creation.

ZAM Chief Executive Officer Chipego Zulu noted that the approach by government of promoting industrial clusters as espoused in the Seventh National Development Plan is a good initiative that would accelerate development countrywide.

5 COMMENTS

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    How many times have we heard this from the Bankers ? Unless you were born in recent times your reference points will be limited to imagine that indeed these comments are totally objective. Usually when such statements are made just know that the budget is not aligned with the ordinary person. If indeed all budgets are progressive as the bankers always seem to insinuate this country by now would have been way too advanced economically. The PF is well known for policy flip flopping and I am sure 2018 will be no exception. We saw them increase the debt approval ceiling in Parliament and one is not to take their word for it besides they will continue as majority.

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      The issue of people saving can never be realized if government continues borrowing from the banks through domestic borrowing and issuance of T-bills. The money that the bankers are seeing circulating is the hand to mouth that people have to sustain themselves on a day to day basis. What is there to save for the majority ?? We are living cocooned lives and the PF after coming to power with the strong drive to increase peoples purchasing power have done the opposite. And as is typical a fan base continues to applaud !! I am tired of this cycle in Zambia in which I know for Sure 5-10 years down the line everyone will be cleverer and enlightened …

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    Just redundant statements.I expect propound on how its going to lead to economical growth and which sector of the budget are going to help do so.Not just mere statements.

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