Bank of Zambia’sSRF: A Path to Economic Resilience
In a media statement released on December 28, 2024, Kanchibiya Member of Parliament, Sunday Chilufya Chanda, welcomed the launch of the K5 billion Stability and Resilience Facility (SRF) by the Bank of Zambia. He described the initiative as “a proactive step toward addressing the economic and financial challenges posed by the 2023/24 drought and energy shortages.”
“This initiative comes at a critical time when many sectors, particularly agriculture and energy, have been severely impacted, leading to food insecurity, rising production costs, and a struggling financial sector,” Mr. Chanda stated.
Highlighting the potential of the SRF to stabilize the economy, he outlined its key contributions:
- “Supporting the agriculture sector, which is vital for food security and rural livelihoods.”
- “Enhancing financial stability through targeted support to Financial Service Providers (FSPs) for onward lending to viable businesses.”
- “Mitigating the adverse effects of external shocks on vulnerable industries and households.”
However, Mr. Chanda emphasized the need for strategic implementation to ensure the facility achieves its intended impact. He urged:
Transparency in Implementation
“The disbursement of funds must be guided by clear, transparent criteria to ensure that the most affected and viable businesses benefit. Mechanisms for accountability and oversight should be established to prevent misuse.”
Focus on Resilience
“While the SRF provides short-term relief, long-term solutions must address systemic challenges, including investment in climate-resilient agriculture, renewable energy, and value addition to agricultural produce.”
Monitoring and Evaluation
“Regular assessments of the facility’s impact should be conducted to measure progress and inform necessary adjustments to maximize benefits for targeted sectors.”
Broader Economic Strategy
“The SRF should be part of a comprehensive economic recovery plan that includes job creation, energy sector reform, and industrialization to build a more resilient and inclusive economy.”
Mr. Chanda affirmed his commitment to advocating for policies that uplift vulnerable communities and strengthen Zambia’s key sectors. He expressed optimism, stating, “We look forward to seeing this facility translate into meaningful support for small-scale farmers, businesses, and households across the country.”
He concluded by linking the SRF to Zambia’s long-term development agenda, including Vision 2030 and the 8th National Development Plan, saying, “Together, we can build a resilient Zambia that leaves no one behind.”
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