Barclays Bank Zambia Managing Director Mizinga Melu says the removal of subsidies by government has sparked economic growth in the country.
Mrs. Melu says removal of subsidies has also led to a reduction in inflation and interest rates on the market.
Speaking during a breakfast meeting with journalists in Lusaka, Mrs. Melu also noted that the positive partnership Barclays has enjoyed with government has led to positive results in the agriculture sector.
She said Barclays continues to work with government in areas such as input distribution under the Farmer Input Support Program -FISP- through the e-voucher system where it dealt with around 80-thousand cards.
Mrs. Melu said this demonstrates government’s support toward the sector.
She is also happy that government has started looking at various forms of crops in agriculture beyond maize such as cassava which has various benefits.
And Mrs. Melu said the bank performed well in 2017 introducing new products and registering growth in profits.
She has also revealed that the bank will soon be launching three new branches as part of its expansion program but will also be looking at supporting more of a digital platform.
And Barclays Chief Financial Officer Risper Genga said the tightening of the monetary policy last year tightened liquidity leading to an increase in the cost of funds.
Meanwhile, Barclays Retail and Business Banking Director Regina Mulenga said the bank has continued to support small scale businesses by linking them to markets and helping them with finance.
Melu, I have a better weave for you. Call me, sister.
Is the weaver you have from China, India or Brazil, I desperately need a weave for the missus for the ‘Christmas do’. I want her to look batter that Melu
How dare you call yourself “Nubian” ….Stupidity at its best…you might as well tell her you have a better chain around you neck as you are brainwashed. There is nothing attractive about a black woman in a weave…go to East Africa and you will see how those girls are proud of their own hair.
Wake up from your folly and study about self!!
Removing subsidies without controlling Govt expenditure is like pouring water into a cup with holes at the bottom. Jona & his cronies are globe-trotting, Civil service is bloated, BoP is huge thus making the sacrifices meaningless.
Even USA, European countries subsidize farmers, public transport etc. Subsidizing production is ok. Subsidizing consumption is wrong.
Actually when the World wheat price is low USA Govt buys it from their farmers & dumps it into the sea.
In Zambia, farmers haven’t received their inputs & haven’t been paid for last years produce.
Paya Farmer is such a shame!!
You save $42 Million from farming input subsidies, kill the farming industry and then you take the money to buy 42 WHEEL-BURROWS (Fire-fighters). That’s PF for you
The question my village headman asked was;.. in whose benefit where the subsidies placed in the first place and who has benefited from their removal?
Who owns the economy? Why are we now paying more for services after the removal of the subsidies. He says his income has not improved and he is now worse off, yet Barclays Bank is saying the economy has improved.
He is looking for political a cadre to explain to him this economic jargon.
Somebody help him.
Some people say things just to keep their jobs. It’s easy to sit in an air conditioned office and see economic growth. You should have said “we will” as in 2018 going forward. Your measure of economic growth should be “wealth creation” which is another word for “poverty alleviation” a term used by colonialists like IMF and World Bank. Tell me how your security guard who opens your gate or your maid who vacuums your house going to benefit from reduced interest rates in a short term?
We get very vocal about foreigners controlling Zambian mines.
However, we fail to take account of the fact that foreigners rule 90% of our financial sector, and put a rented black in the forefront to make it look local.
Weave or not, the real power at Barclays resides in lily white hands
Careful, Mizinga. In Zambia today, you speak any truth and anything to support the government and you will be labelled a cadre!! The bantustan hordes and the diaspora hooligans will attack you and insult you!!! Careful my sister.
It is very difficult to justify Melu’s vision of economic growth without seeing trickle down effect. What she could have said is that with the measures the govt has put in place, the economy has started showing signs of economic growth and one of the signs is the increase in the number of beneficiaries of FISP than to state categorically that there is economic growth which the majority can not see.
Tongas are not bashing her! Kekekeke! Blood is thicker than water in Namwala!
Which economic growth is this woman talking about? Economic figures or improved lives of ordinary Zambians who are not PF looters? Madam Melu, drop down to planet earth if you are perceiving realities in Zambia through the PF lenses or goggles. Be realistic in short!
If this same message was brought by the President, mammals from a perpetually losing party were going to be farting at His Excellency unrelentingly! Losers and …..!
Mrs. Melu says removal of subsidies has also led to a reduction in inflation and interest rates on the market.
How can a product that was subsidised lead to a reduction in inflation ?I thought the opposite is the case, because the product was provided at below market price. When you get rid of the subsidies, the product is then supplied at market price, this would result in an increase inflation and higher interest rates and a fall in exchange rate.
As a matter of fact, the kwacha was trading K12.89 last week , this week ,it is at K14.10 to a pound. I do not fathom what this so called managing director is on about.
Inflation is in two ways … abundance of money in an economy chasing a few goods and scarcity of money in the economy with plenty goods available on the market.
The later is what Mzinga is talking about. The government by subsidising entails sucking that money from the economy, now this has implications on inflation and interest rates. It means less money with John and Juliet in the streets to spend on the goods, which become abundant as a result “implications on inflation”.
It also entails government borrowing and crowding out the public of which the government, Dick and Hurry are competing for local loans from the bank. It means Banks increase interest rates and loan out to the group that can pay more in interest, hence, implications on interest rates.
Are we good now? 🙂
HaJayJay is still thinking about how to “Hattack” and “Hax -ax” his sister who is speaking the truth! Notice how he went further away and did not say anything harshly like, “Lazy Melu” who doesn’t know what she is doing! He recognises she has the credentials and holds a big post so he decides to be quiet! He is playing the Namwala United Football Club mantle! Waiting for HaSpaka and team! See HaLombe’s!
If all that this woman said is true then the IMF bailoutvwould have occurred by now.
Her job description does not include promotion of government or its policies.
She has made a political statement rather than a company statement.
How does tightening of funds spark economic growth,.
Victor/sharon are you ever zble to comment on the actual topic, obviously you are only politically motivated without tge necessat mental capacity to sit down , read and article, see it valid or otherwise points then contribute to the discussion. If pipo dont agree with pf point of view doesnt make them upnd, but your limited logic only thinks one way
Mizinga Melu you are not a Politician.
What you care about social economic benefits is what benefits Barclays and you.
YOU DO NOT CARE ABOUT THE VULNERABLE POOR ZAMBIANS.
So SHUT THE F#@K-UP!
This is an indiscriminate way of ‘bootlicking’ Mzinga! Be professional and speak about economic indicators in an honest manner…
She wants to be the next Mwanakatwe!!!! Sis. Go to Kanyama, Makululu, Chipulukusu, Mulenga and Kwamutonyo – where goats eat papers. Then give your statement thereafter. Mama, its good to chew in silence take a leaf from the BOZ boss.
With this kind of people who see growth where there is stagnation, this country will go nowhere. Just because you are drinking a cup of coffee with corrupt thieves, you want to make them feel better but deep down you know there is nothing to show especially for the poor. Stupid *****.
@NSCS
This woman does not know what she is talking about and you seem to have fallen in the same trap. Inflation can exist at any time in three ways: Demand pull, cost push and structural inflation. Demand pull is too much money chasing too few goods, just to borrow your definition. Cost push is increase in the cost of production and depreciation in the exchange rate. Structural is the inflexibility of prices to come down once they have gone up.Therefore, scarcity of money in the economy with plenty goods available on the market is not inflation.
Also, you do not understand the meaning of subsidy. To subsidise means pay part of the cost of producing (something) to keep the selling price low, so that ordinary people can afford it. So this does not mean government sucking…
@ Alibaba it is funny how you deconstruct a debate, you have misunderstood everything. You read what you your initial argument was first which unfortunately starkly contrasts to your second comment, after a little research may I add.
Just for clarity;
When I say sucking up which is self explanatory – I mean government borrowing, which means less money in the economy for you and I to use in order to finance subsidies.
If you read my retort to your earlier comment, when I say subsidy, I say it in general and did not go to define and classify the types of subsidies. If anything, the impact is the same as it qualifies the first point above.
Also, I am not surporting Mizinga, I agree with everyone else in here how she is going about clarifying economic growth as they are other…
appropriate methods of measuring successes in the economy.
Reason why I got compelled to reply to your earlier comment is because your comments were theoretically incorrect.
money from the economy, it is simply reallocated.
Ba melu, economic growth is nt growth in th profitability of yo bank, its growth in GDP. Tels us wats th grd growth rate btn 2016 n 2017? Dnt jst dream madam Melu, bbz is exploitin pipo wit higher int rest, u even extended repaymnt of loans citing economic meltdown today u stand up n say there is growth??