The Banking sector is happy with Government for signing a staff level agreement with the International Monetary fund (IMF), saying the move will enable Banks to scale up lending facilities to customers.
ABSA Bank Managing Director, Mizinga Melu said the staff level agreement between the Zambian government and IMF to restructure credit extended facility of paying back loans for a longer period of time.
Speaking in an interview with ZANIS in Lusaka, Ms. Melu explained that the new loan facility payment plan will restore the economic stability and an all-inclusive economic recovery.
“With the signing of this staff level agreement, definitely stakeholders will start flocking to the Banks to access loans to grow their various businesses,” she said.
The ABSA Managing Director, who is also Bankers Association of Zambia president has praised the New Dawn administration for speedily engaging the IMF to restructure debt payment for Zambia.
She said signing of the staff level agreement with IMF in itself is a positive move and has brought more confidence to the market and seen more banks are expending more credits to stakeholders in the country.
She said the policies of the new administration will spur economic growth as many players will be involved in the market due to a conducive environment in terms of lending rates.
Ms. Melu added that the signing of a staff level agreement will translate in the growth of the economy from last year’s 3.3 percent to 3.5 in the fiscal year 2022.
She said that following the signing of staff level, the government must in the next few months start engaging a number of creditors in the country to restructure the facility and accord borrowers a chance to borrow.
In his Budget speech presentation to Parliament in October last year, Finance Minister Situmbeko Musokotwane announced that government projects to grow the economy to 3.5 percent in 2022.
She said the only and fastest way to spur economic development in the country is through banks lending money to clients in order for them to exploit the agriculture and other sectors of the economy.
She will lose her respect in first round.
It is much wiser for that chick to focus on sponsoring football, including female teams than start sleeping around with UPND in IMF beds.
Madam please, staff level agreement and extended credit facility is not debt restructuring so how will this result in loan periods being extended. These are two separate things. Just praise new policies but do not expose ignorance as a bank MD. Awe mwe
She is becoming irrelevant. Nichi upnd supporter ci Melu.
She is simply a parrot saying whatever she is told by her bosses in RSA and UK spewing nonsense to appease the govt of the day…please show us who flocks to your bank at those interest rates even when the economy was good during the MMD it was the same story with these commerical banks.
Another f00Iish capitalist chola boy or girl for the whlte capitalist man just like chi scruffy hh
Next Finance minister, an improvement from Nabakwi….kikiki
I’m currently listening to a song titled abakulu bambi masaka
Yes it’s good because you are going to benefit somehow, somewhere. The poor people won’t see it the way you see it. Better to keep quiet.
Your bank has become useless…. Concentrate on improving service delivery than talking about things you dont know!!
Shocked that a bank MD can say such…… I hope you were misquoted.
I had a strong opinion about this lady……but if what she has said is true….I am dissapointed.
Africanacity!!!! kikkiki………Your customer base is dwindling!
We will only be happy if the end result helps poor people, the signature alone can not make us happy, after all the board has not yet even approved it has just been approved at the lower level subject to final approval, so how can that make some body happy. Anyway may be she is seeing what we are not seeing, benefit of doubt.
KAIZAR and TARINO are on the same page… Wonders never cease to amaze….
Champondamike, even tarino cannot hide the truth. He knows this govt is useless