President Michel Sata says government will this year recapitalise the Zambia National Building Society (ZNBS) to a tune of K167 million.
Mr Sata said the move is aimed at providing affordable finance to the Zambian people to access mortgages for the construction of housing units.
He said government through the ZNBS is promoting its broad branch network in order for all citizens to access both mortgages as well as loan products to either, renovate, purchase or build property.
President Sata reaffirmed government’s commitment to cushion the country’s housing deficit which has resulted in scarce and expensive accommodation for the majority of Zambians.
The Head of State said this on his facebook page today.
And Mr. Sata said government expects the ZNBS mortgage portfolio to grow from K111.9 million as at March 31, 2014 to K212.2 million in on March 31, 2015 representing a growth of K100 million.
The President expressed hope that the number of people who will be able to access mortgages is expected to increase by 159% from 1,238 as from December 2013 to 3,363 by the end of December this year.
This will represent an average of 172 people accessing mortgages per month, from an average of 50 people per month in 2013.
Meanwhile, Mr Sata has directed Local Government and Housing Minister Emerine Kabanshi to expeditiously implement and explore various partnership and investment to cushion the current national housing deficit.
The President said he will ensure that people are empowered with suitable accommodation adding that he will strive to ensure that this dream is realised for the majority of Zambians.
Facebook is very addictive… we now have a president who is addicted to Facebook,,
By the way, what are we going to call facebook in our several local languages??
ibuku lya pamenso Lol
Brilliant move Mr President but falls short of addressing the shortage of affordable houses because the poor can access those mortgages . The best idea would be to embark on massive house construction for councils around the country. If you can build at least 250 houses in every major cities per year, that would mitigate the housing crisis and increase the people’s disposable income like I said the other day.
I hope its not just another hot air(bufi) like the Railway issue. Two years has passed no action on the renovation of the railways.
I hope all citizens will benefit from this initiative irrespective of any party they support when after all its all Zambian who contribute that tax income.
Correction. I meant to say the poor can not access those mortgages.
In Bemba: Icitabo ca finso
or better still
Citabo-finso
@Sattish nice try…..but its not Book-Face (Citabo-Finso) but Face-Book (Finso-Citabo).
Good job though, FINSO CITABO! way to go!
In the United States, Fannie Mae and Freddie Mac are the two government-linked agencies that guarantee the majority of America’s residential mortgages do exactly and in some case even more than what ZNBS is now scheduled to be doing for the smart people of the Zambian Enterprise.
I like the initial goals, but a lot more needs to be done especially after the first phase has been completed. Also, home values need to be consistent so that entreprenueral start-ups can be encouraged as people develop capacity to borrow against equity in their homes for their small business ventures.
For instance, here in the US new home equity loans were a record $430 billion in 2006. That’s almost half a trillion dollars that home owners with a business sense can access for start-ups and employ others.
Yes freddie and Fannie Mae where nationalised by the federal government….the reason for that subrime mortgages which blew the financial system during the crisis. You surely cant compare what Sata and company are doing to what has happened to financial institutions in the west. Indeed I personally think it would have been better to let those mortgage companies die like Bear Stearns was let go. The sooner these companies are returned to the private sector the better for all.
@ lusakaboy …. blah blah blah. You said nothing!!! Give me some figures, for instance the Federal Reserve has been buying Mortgage Backed Securities (MBS) to solidify governments interest in America’s wealth.
Do you own a house in the US? Do you have equity in your home if you do? Let’s talk more after you answer my questions above … thanks a trillion
Mr Mumba I’m not in the business of telling lies to people. I dont own any properties in the states. But I will ask you this question. What is the major difference between the old subrime loans in the housing market and the MBS.? These securities have to be verified by credit rating agencies like the good old days before 2008. Elo Banks dont have to worry about the risk profile of the people asking for the loans due to MBS. Its nothing but seeds to another disaster in the housing market. And how long do you think the Federal government will continue to support these securities. The original point I was trying to make to you is that U cant possibly equate what has gone in the financial system in the west to what socialists like Sata are trying to do.
@ LusakaBoy … I give you credit for coming out clean and to answer your question the same subprime mortgages are not turning around because the Fed has been pumping $85 billion a month purchasing the MBSs.
They have also been working on other issues on fiscal policy related to Quantitative Easing (QE) while keeping inflation and interest rates down. So, what would stop us from doing the same thing? We are all human beings, we breathe the same air and we graduate top of our classes when we go to the same colleges and universities Americans go to!!!
Bottom line is we can change anything in our system and create the best environment possible we just have to think of ourselves as equals. Your comparisons here make me believe that you think you are made of less better material
meant to say “… the same subprime mortgages are “NOW” turning around”. And to continue the discussion. You are not less of a human being than an average American. And if that is true and you believe it, then what an American can do, you too can do.
What the Federal Reserve can do to turn things around for the US economy, Bank of Zambia can. America has gotten here in a series of trial and error but in their over 230 years as a nation, they have had the boldness to face every challenge with confidence.
In our 50 years, we have not … we need to change our state of mind. Our Psyche is where its at!! Once a people change their way of thinking and start believing in themselves, they can change and/or achieve anything. For the smart people of the Zambian Enterprise, that time is…
For the smart people of the Zambian Enterprise, that time is now …
@ BR Mumba, Sr
For the “smart”people of the “Zambian Enterprise”???
And for the majority (presumably “Not Smart”) ?
And so it begins the nationalization of everything the government can get its hands on. Nothing but going back to failed socialist policies. Now the government is going to be providing mortgages??? Is this what people voted for? Why not let the private sector through its banks etc provide mortgages to those that need them. Elo how is this going to create the so called jobs that this govt promised under this ponzi scheme? The problem with african politics is that we never learn from our mistakes. Time to get rid of these old politicians with their socialist policies to no where. Tax payers money been wasted on non entities. I pity those of you who support such ponzi schemes by this administration
But there is no money to pay for the REFERENDUM on the CONSTITUTION which is far more important and will help many more Zambians????
Sata is still telling his LIES, he has not changed, and is too stupid to be consistent.
@ lusakaboy …. blah blah blah. You said nothing!!! Give me some figures, for instance the Federal Reserve has been buying Mortgage Backed Securities (MBS) to to the tune of $85 millions a month until recently solidify governments interest in America’s wealth.
Do you own a house in the US? Do you have equity in your home if you do? Let’s talk more after you answer my questions above … thanks a trillion
And don’t lie because I will find out the truth if you don’t own property anywhere in the US.
@ lusaka boy
dont waste time on that fooool called B R MUMBA, chikkalah alefwayafye ukushaina ati ali ku stetes bukala bwakwe.how do you honestly compare theses kamikaze policies to whats happening in the states be it in success of failure.all these funds being allocated will be looted by cadres.the burger doesnt know?
@ BR Mumba
Blah, blah, blah of Lusaka Boy is at least his own.
Yours is just selective copying of somebody else analysis.
Can you please enlighten me from where average Zambian will get money for deposit? From Federal Reserve? ZANACO? NAPSA?
@ 142 …. your comments are laughable. It is the difference between speaking from without and being enlightened with facts and speaking from within. In an intellectual discourse facts are stubborn things and numbers don’t lie.
As a professional accountant and CEO of my own enterprises, data is crucial to everything I do … thanks a trillion.
I have seen that to ndobo, wnzelu, jay jay etc everything is to condemn as long as it is coming from PF. Be like Cindy who criticizes where it is due. What kind of people are you? What is wrong if someone put across his ideas on facebook? Is Sata not an individual who is free to use facebook? Are you the one ndobo who is the owner of facebook? Some of us have no time to watch news and facebook is the best tool I use to update myself with the news. If you don’t want to see what Sata posts on facebook, don’t visit the site. I am not PF but I have seen that Sata has beaten you squarely because you thought Lusaka times, Watchdog won’t be challenged. On facebook Sata has in the range of 400 to 800 comments on each posts 95% of them praising Sata. Is HH, Chipimo or Mumba not facebook?
sata is president of a country unlike you who could just be a katolela. as president he needs to speak to every body even those in kaputa who do not know how a handset looks like, but at least a radio can be available. the 40 you are talking about compare it with the population of the country, ludicrous!
How many people has sata posted in missions abroad and how many are benefiting from pf ,so as a president follower ‘s 400-800 comments doesn’t depict a good image,most people know that it’s George chella running sata ‘s Facebook.its good to be ration than to be irrational.otherwise the pf is taking us backwards and iam pretty sure they are emulating north Korea ,Zambians should learn from Ghana,Botswana,Brazil .of late china has allowed capitalist in its economy,alot of usa business houses have invested heavily in manufacturing,construction.zambianisation is not a good policy in 21’century.
@Matipa, the people commenting on facebook are those who have access internet. It is true he is a president of Zambia. Internet is just part of the tools to disseminate information. Besides facebook, there is radio 1, radio 2, radio 4, ZNBC TV1 and TV2 etc. The problem I have is for people to condemn Sata for using facebook. I know that Zambia is larger than facebook but facebook could be used as an assessment for Sata’s popularity. 95-98% of the comments are positive whereas on LT and ZWD about 70% of the comments are negative about Sata. I have observed that it is just the same bloggers on LT and ZWD who pass -ve comments: Jay jay, Wnzelu, Matipa, Ndobo, Australia Engineer etc as opposed to facebook. However I agree that our president needs atleast one press conference to update us
@BBC
I will applaud and give credit where its due, the reason you see most of us condemning the gov’t is that there are just too many wrongs than rights….any gov’t can blindly pump funds in any gov’t institution…what is important is improving the “distribution” system of those funds.
Merely hoping that the number of people who will be able to access mortgages would increase by 159% from 1,238 as from December 2013 to 3,363 by the end of December this year is NOT enough what about the quality of those selfsame people.
Already people are saying cadres will benefit.
@BBC
Its interesting to note that some people like you go bed with my blog name ringing in their heads.
Matipa and others have tried to correct you but you are still adamant that Face book should replace press conferences. In my last blog you are referring to I did not condemn Sata for using Face book. All I said was it is un presidential for the president not to engage the public through press conferences. All heads of states have facebook accounts but they still find it important to hold press conferences.
You know what ;even Zukerberg the facebook inventor does not conduct most his business meetings on face book. He calls for face to face meetings with his workers and clients. He calls press conferences very often.Just think about it
Facebook should be used during free…
Ka Cindy comes to play and make penpals not blog iwe.
At Wnzelu, jay jay you win guys. All the best in this life. Mine is just to observe and make comments independently. I may be wrong or right in what I say. God bless
Matipa mwandi walasa! Nimachitidwe .
There we go again, back to failed UNIP days, what plonker of a president!There is no place for failed institutions like ZNBS in modern financial set-up,let them compete profitably as any other financial institution that offer mortgages as just one of the many products. Existing banks are capable of fulfilling the role. This idea of spoon-feeding some institutions led to the collapse of Zambia Airways,Superloaf,UBZ & other INDECO constituent companies.The role of government should be limited to setting policy goals they would wish achieved by professionals with the know-how. Not this crap. I can underastand Sata’s critics of Facebook communication, he’s taken advantage to have a long nap while Chellah tinkles on edges of issues he can hardly understands.
Former ZISC boss to head Industrial Development Regulatory Authority it has been confirmed.
Just as was mentioned earlier mortgage institutions Freddie Mac and Fannie May were taken over by the Federal govt in the USA.Clearly the private sector in the US failed to play it’s role because of greed.They cared less about the nations economy and focused on enriching themselves….they basically bet on mortgage holders defaulting on their obligations.
When the US economy collapsed,the government were the only ones who could rescue the situation.Coming back to Zambia,how many purely Zambian owned business giants have been created since 1991….I can only think of Trade Kings who have a steel plant in Kafue.So what should govt do after 23 years of economic liberalization? Just sit back and watch the Zambian economy stagnate?
No they govt should offer tax breaks to investors who should partner with Zambians,the govt can offer soft loans to people who are innovative.unvouchered receipt of k553 billion and the auditor general report clearly stated its a means of concealing wrong doing.this means tax payers money is going in some people ‘s pockets.
I have some bad news for some people here … PF is UNIP reincarnate! And just in case you didn’t know, the same progressive individuals who built our Zambian Enterprise from nothing to what the MMD inherited and subsequently destroyed are back in business … this time to correct the wrongs we did under UNIP.
Sata was UNIP Mayor and eventually Governor of Lusaka. Chikwanda was at Finance as young as 36 years in the 70s. Guy Scott was one of us before he joined MMD and then formed Lima Party … the list goes on an on.
What does the MMD have to show for in the 20 years they took us back 40 years. UNIP can point to everything including all major sky risers along Cairo Road. PF is here to do it right, under UNIP we were completely socialist but under PF we are a mixed economy.
@ Ba BR Mumba,
You know you have made me go back to one of the nice movies I saw sometime bach which had a line of how people who are always looking back are just desperate for a simple excuse!
I always wonder how some individuals who oppose to development just because it’s suggested by someone they dont approve of, are blind to good work. If these guys we’ve entrusted our country with somehow manage to sail the ship across the storm, what does it really matter if it gets anchored and everyone gets off board safely?
Fact is, people who are always looking back and pointing at how that did not work are just selfish and plain clueless period!
@rb mumba,sata was in mmd from 1991-2001,and these are the years mmd under performed and he was the #3 man.so to concern mmd is as good as condemning sata.sata was not a mayor of Lusaka,check your history.
@ chikubabeniso … yes, that’s after he was fired by KK in UNIP. In my executive positions I have fired people and guess what they learnt from their mistakes and became better people.
You are the one with incomplete history, pal … check the fact. Sata was UNIP and job MMD at formation because he was no longer with us in UNIP. Back to my analogy of firing people.
I believe Sata grew up, he learnt from his mistakes and now he is the right people to bring in the UNIP perspective full circle. Watch him implement want he learnt from the master, KK … my Zambia is back!!
meant to say “right person” not people … also “join” not job MMD
I mean times have changed since Lewensky taught us how to hold a pen, so has it changed from when Kaunda introduced 1Ngwee, It wasnt the same when FTJ surprised us by picking Mwanawasa over Sata and it has definitely changed from the day RB cried after conceeding to HEMCS! My point is Time is the culprit of all uncertainity, therefore, people need to look at events and situations differently. Chikwandas calculations of then is not the same as today, new formulars have been introduced and older ones out. My point? those looking back are just using that as some lame excuse period!
@Cindy
My worry is Sata has has announced a lot projects already. Why not finish them first before embarking on new ones.
Please help here, what has happened to the $750 million Eurobond borrowed to revamp the railways. What works has been done regarding the rail infrastructure so far. I would accept your assertions if PF government had bought at least a good second hand train out that that money by now. Tazara has ground to a halt and yet the money is there.
It is from such failed projects that we begin to doubt Mr Sata ability to deliver on his promises after already having failed the Zambians over the constitution. Now he says the colonial constitution which he violently condemned when in opposition is good enough for Zambia. Ain’t that madness, if not tell me what it is.
Ba Cindy … you are the best!!!
Spot on my brother!People must know when to critise and not judt critise and post negative comments all tge time.It shows lark of understanding of issues,biasness,bitternes and unreasonable thinking.Ndobo sounds like a bitter tribalist who has failed to understand that the PF government and Sata were put n power by the Zambian people and they need the support and contructive critism not the daily rubbish Nfobo posts!Its absurd,immature and very disappointing!!Ndobo grow up man! !!
Very good move, every caring Government always find means of providing its people with home ownership! Just make sure there will always be jobs to make sure the morgages are paid back., I love the direction you are taking, very important basic needs being taken as priority is something I love to advocate for! If you can be able to come up with such, then I know you are doing something worthwhile. Now lets make sure the Economy is floating so more other basic needs are achieved, am keeping my fingers crossed. I may just believe Scottys words from the other day about PF developing Zambia before 2016, I dont care who develops our country as long as it is done, well done and wish you success on this venture!
Now, you can talk all you want but the same old UNIP spirit that built a sanctuary for all the smart people of the Zambian Enterprise is not only back in PF but also here to do things right once and for all. In the next 5 years, you are all going to be mauless … watch this space!!
In 2 years, there are bulldozers everywhere again … Sioma has electricity for the first time in 50 years of independence, new schools are being built, new hospitals, new universities … airports being upgraded to international standards, new opportunities everywhere.
What is wrong with all these good things taking place? We have huge natural gas and oil reserves the new IDC will open new opportunities for that, we have gold reserves, the new IDC will help explore that …
Iwe BRM,
All that is WHAT GOVERNMENT IS SUPPOSED TO DO! You don’t praise somebody for doing what they are expected to do. We organized government expressly for that purpose.
Back to the topic – People cannot criticize Mr. Sata for reintroducing any of the failed initiatives if he demonstrated that he understood the causes of failure in initial attempts and has ensured the redefinition of success imperatives. Make sure failure is not an option.
For instance, what factors caused UBZ under-performance?
:Are those factors still there?
::If not, what has been brought in their stead?
:::What guarantee is there that new CSFs will hold?
Mr. Sata needs to provide this information each time he reintroduces something that did not work well before.
Whar are moderating in my coomrnts when u fail to moderate comments with insults from other people?Whats wrong with you guys,Lusaka Times?If some posts insults you just post them without even moderating!!Why kind of editor do you have?Is he from Matero university?
Over a million people will be employed increasing the income per capita of the nation. PF is bringing a new wow effect back and I am proud of them even though I still remain UNIP to the core.
I have a feeling some of these critics have never run anything businesses in their own lifetime and everything looks hard to them but as for me, I fully understand the direct we are taking.
Also, others just wished their party was in government doing these same projects but naci bababa and they can’t contain themselves because they can’t handle the fact that PF is progressively changing the face of our beloved nation. You are going to counter these proposals gives us facts, otherwise don’t argue from without, facts are stubborn things … thanks a trillion.
Rb mumba,USA has alot of oil but why do they reserve it?nobody is against progressive development but nationalization,its a better way to partner with the private sector.mitt Romney,Donald trump and many businessmen do partnership with the Chinese govt owned companies.some people earn same money,do same job but they always wonder why they can’t develop ,I know unip did its part when copper prices were up but how do u explain the concerns raised by the auditor general report,k553billion unvouchered receipt?there is no way any sensitive person can blindly entrust such a govt to run public institutions.
BR Mumba i think its folly to compare what Fannie & Fredie Mac does and what ZNBC does because one is a lender the other is a pure guarantor.Furthermore the interest rates in Zed are atrocious while those in U.S.A are 400% lower.
Thats why mortages are affordable in USA while quality housing is out of reach for majority of zambians.
Rb mumba,am product of unip and no nothing about suffering but learnt and saw it at boarding school.which year did sata serve as Lusaka mayor?maybe if u say District political secretary,after sefunkwe
BRM, I was the youngest director of a parastatal company in 1986. I know why quasi government organizations flopped. And I say to you, nothing has changed. Different uniforms on the same players, more crafty players, same old selective approach to enforcement of faulty rules, same name of the game, and everyone singing the same out of tune song of paternalism, “we want government to feed us!” BS!
Have you heard about reinventing government? The US and its OECD counterparts have since discovered that accomplishing anything through government agencies is more costly than engaging private entities.
This should be sufficient for the purpose of this debate, figure will overwhelm you.
@ chikubabeniso … the US does not keep their oil only as reserves!!! Man, you are so off on a lot of things. Let me bring you up to speed. The oil business is booming right now in the US. In North Dakota and West Texas using a combination of horizontal drilling and hydraulic fracturing to unlock oil previously trapped in layers of shale rock, production has increased.
In fact, right now Texas is again leading the entire United States in terms of oil production. If Texas was not a State but an independent country, it would be the world’s 10th largest producer of the oil. How about that?!!!
Overall, since 2008 the US has reduced dependence on foreign oil. The United States produced more crude oil in October, 2013 than it imported for the first time since early 1995.
Its a good move from Gov. especially in creating opportunities for those who can not access the mortgages form private sectors given the make up and slow pace of Zambias development of alternatives investments from traditional for the poor populace except that the investments policy statements for ZNBS ought to be reviewed to mirror private Its also an opportunity to create capacity in the sector thorugh morgate pass through securities
Its important also to review the foreclosure period and carefully look at the investment policy statements for the Maes and see how the private behave and behaved after the crisis and the response from the Federals These state enterprises have helped the US
There are many alternative investments firms in realts in and across but very few have shown the interest to invest because of the risk and return characteristics of many poor salaried Zambians who cannot afford the negative indentures imbedded in the mortgages we have read and seen
This is where the FEDERAL HOME SECURITY scheme of Zambia falls in because without the initiative the poor will never ever fulfill the indentures. That said the performance of the Fund/mortgage should never be below par but must be managed like we have seen similar vehicles performing successfully in the neighbors side by side with private sector.The federal home loan corporation has uplifted many in the…
And how wide open is the foreclosure door in the same market? Continue being factual.
Then some mortgage calculators and the costs for our citizens are onerous in commensurate to the loans obtained for such a house given the salaries tenure of employment condemning many generation as most are owner occupied and non commercial
With careful verification, performance reporting, auditing and reporting to best global investments performance standards the facility can work to help many who may not afford the chance of life time as similarly to other private
Then industrial analysis has shown that most social scheme facilities are better managed by state enterprises matching liabilities and assets long-term in perpetuity as opposed to private shorterm
Just more money in their pockets: mortgages for PF & family
BR Mumba, I have got bad news for you. MYSRIP. Please contest in next election and I will vote for you and you will be the next President! You like that?
Sorry, I am not interest in running for President for the smart people of the Zambian Enterprise … life is great where I am at and I think I can constructively contribute in a different capacity
@lusakaboy(#2.1):
I think you should vest yourself with some historical facts about some of these issues before you set yourself up to be an expert or as a well-informed individual. B.R Mumba is close to the truth on the issue of Fannie and Freddie than you are.
“…Fannie Mae was created in 1938 as part of Franklin Delano Roosevelt’s New Deal, following the collapse of the national housing market in the wake of the Great Depression which discouraged private lenders from investing in home loans. Fannie Mae was established in order to provide local banks with federal money to finance home mortgages in an attempt to raise levels of home ownership and the availability of affordable housing…”
cont…
“For the first thirty years following its inception, Fannie Mae held a veritable monopoly over the secondary mortgage market.
In 1968, due to fiscal pressures created by the Vietnam War, Lyndon B. Johnson privatized Fannie Mae in order to remove it from the national budget. At this point, Fannie Mae began operating as a GSE. This means that, although the two companies are privately owned and operated by shareholders, they are protected financially by the support of the Federal Government.
These government protections include access to a line of credit through the U.S. Treasury, exemption from state and local income taxes and exemption from SEC (Securities and Exchange Commission) oversight.”
cont…
“In order to prevent any further monopolization of the market, a second GSE known as Freddie Mac was created in 1970. Currently, Fannie Mae and Freddie Mac control about 90 percent of the nation’s secondary mortgage market.
GSEs such as Fannie Mae and Freddie Mae, with their combination of private enterprise and public backing have experienced a period of unprecedented financial growth over the past few decades.
On the other hand, their combined debt is equal to 46 percent of the current national debt. It is this combination of rapid growth and over leveraging that has lead to the current concerns of Congress, the Justice Department and the SEC.”
cont…
“Fannie Mae and Freddie Mac are the only two Fortune 500 companies that are not required to inform the public about any financial difficulties that they may be having. In the event that there was some sort of financial collapse within either of these companies, U.S. taxpayers could be held responsible for hundreds of billions of dollars in outstanding debts. A recent investigation by the Justice Department and the SEC into the accounting practices at Freddie Mac revealed accounting errors in the amount of 4.5 to 4.7 billion dollars and resulted in the termination of three of the company’s top executives.”
cont…
Fannie Mae and its recent cousin, Freddie Mac, only became venerable to market forces after being privatized. In fact, at the time of the financial crisis due to mainly subprime home loans, Fannie and Freddie were in private. So, @LusakaBoy, when you say “The sooner these companies(assumedly Fannie & Freddie) are returned to the private sector the better for all,” which private sector are you referring too? It is the private sector on Wall Street who over-leveraged these two companies and almost broke their backs. A warning to all you people who worship private enterprise to the exclusion of everything else!
cont…
As country and a people, we should be willing to look at all alternatives in order to make Zambia a success story. Unfortunately there is just too many NAY SAYERS. Some of the corporations and institutions in Western countries that are now the envy of the world had shakes starts too, with roots in the parastatal setup. But after being put on some sort of self-sustaining path, Govts backed off.
China seems to be following the same/similar way of developing their country, while all we can do in Zambia is argue theories. Is what PF attempting today 100% guaranteed that things like IDC or ZNBS will succeed? Absolutely NOT, but it is a start!
What is the ALTERNATIVE anyway? Sit back and still wait for the so called PRIVATE sector to do what it has failed to do so far?!
@ Independent and Lusakaboy
Correction, Fannie Mae and Freddie Mac were not private corporations before they got bailed out.They were and are still government supported agencies (GSA) or government linked agencies as per B R Mumba.
Where is my post between #19.1 and 20 ba LT? The conversation looks disjointed between these two posts because you are holding my submission back! What is the problem????????????
Sata is not fair to his financiers and friends who stood by him during his bad times. Finance Building Society of Mahtani and Pan African Building Society financed Mr. Sata. He is letting them by pumping money in a bottomless pit of ZNBS.
All the maes Government-sponsored enterprises –GSEs- are privately owned, publicly chartered entities, with full credit and faith of the US Gov. to help reduce the cost of capital for particular citizenry who may not otherwise be able
Trading securities with returns and risks well positioned with counterparties in the market with reviews of mandates regularly to stated objectives.
The private sector will always have a share given the competitiveness of the sector and market segmentation creating an efficient and more deep alternative investment sector in Zambia to the benefit of many including the private sector its self which can create more mortgages given the rise in assets for many
Cindy and THEORIST BR Mumba. Let me join this debate. What is happening with the PF government is a sure sign of desperation towards 2016 which is around the corner. When you know that you are losing the game because you are trailing, and time is fast running out on you, what do you do? You throw everything at your disposal and normally blindly so, in an effort to salvage the situation. These are desperate salvado moves without economic evaluations, feasibility studies behind them. These are last minute gambles or gambits to say the least which surely will not work because they are based on political survival rather than economic reality. I am speaking from two fronts: as a former chess champion, and a successful business consultant. So Wanzelu and the others are right on many issues.
May I quickly just make an observation here, those people who are saying IDC or INDECO- whatever name it will finally assume will not help Zambians in the long run are things like this. Quasi government institution are always recapitalized or bailed out and this is tax payers money which could have been put to good use. How many times have we had govt bailing out CEEC, Development bank of Zambia, Building society? Why don’t these institution make enough and bail out Zambians instead of the other way? Food for thought for those who like supporting blindly
Why argue about everything, why not wait and see what once the company starts operations….. Save your breath for your livelihood.
Its a good thing and if creatively done can have the multiplier effect Its not only in US but successfully worked in Europe and France in particular.With the full faith and guarantee of GOV liquidity and depth of this sector can be developed to the externality of the same private sector who may participate in mortgage “Bonds” raised and guaranteed on behalf of ZNBS with recourse to those who may have obtained developing this alternative sector deeply. It could be a cheap source of funds and easiest way to raise funds for ZNBS and with careful cash flows and pricing Zambians have managers to make it like the so much esteemed investments firms we fashion.
It can…
It is important to keep experimenting and innovating since the future in store has much more things to offer.
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