The Bank of Zambia has clarified that not all Small and Medium Enterprises will be able to benefit from the K10 Billion Stimulus Package.

The Central Bank says because these funds are a loan, SMEs need to fulfill some minimum criteria required by their Financial Service Providers.

It said there are Financial Service Providers that specifically service SMEs that are eligible to participate in the Facility and can, therefore, benefit from the facility particularly through the FSPs that already serve small and micro-enterprises.

And the Central Bank says ensuring that the facility trickles down to the intended beneficiaries is one of the requirements stipulated under the terms and conditions of the Facility that Financial Service Providers should demonstrate how the benefits obtained on the Facility are passed on to their clients.

The Bank says it will regularly monitor performance and any Financial Service Provider that will fail to comply will be subject to mandatory repayment as provided for under section.

And regarding interest rates, the Bank of Zambia says it has provided incentives for Financial Service Providers that offer lower interest rates to their clients.

In its publication dubbed “The K10 Billion Stimulus Package. FREQUENTLY ASKED QUESTIONS”, the Central Bank says Financial Service Providers will determine the interest rates at which the funds will be on-lent to their clients.

However, the Bank of Zambia said Financial Service Providers are obliged to pass on the benefits of lower interest rates, fixed interest rates, and the possibility of a payment holiday to their clients.

It said it will check on the benefits being passed on prior to the disbursement of funds.

Further, BoZ has provided additional incentives to Financial Service Providers which lend to their clients at no more than 5 percentage points above the cost of funds from BoZ.

It said if Financial Service Providers borrow the funds at 12.5% from BoZ and lend to clients at no more than 17.5%, then they have access to more funds from the facility.

The Bank of Zambia says it has put in place mechanisms to ensure adherence to the set terms and conditions.

“Firstly, access to the funds on the Facility by any Financial Service Providers is subject to the terms and conditions as provided for under section 2.4. and all Financial Service Providers are subject to regular reporting to the Bank and this is in addition to the Bank’s continuous surveillance through on-site and off-site inspections”, it said.

The Central Bank said failure to report appropriately shall result in sanctions as guided under section 14 and the imposition of such sanctions is without prejudice to the Bank’s use of its regulatory powers as provided for in the Bank of Zambia Act and Banking and Financial Services Act.

Economics Association of Zambia President Dr. Lubinda Habazoka has urged Zambians to stop fighting and concentrate o developing one another.

Dr Habazoka has noted with regret that Zambians have prioritized politics at the expense of development.

He said Zambia is endowed with so many resources which Zambians should start using to develop one another instead of fighting.

Dr. Habazoka has noted with regret that the fights amongst Zambians on either political or tribal lines have paved way for foreign entities to loot resources especially minerals which they are using to enrich themselves.

Speaking on Hot FM, Dr. Habazoka said a lot of minerals have been and continue to be stolen by people who come as saints not only in Zambia but the African continent.

He said Zambians must come together and start forging partnerships that will lift them out of poverty instead of waiting on International partners like the International Monetary Fund to better their lives.

He accused the International Monetary Fund of contributing to the high poverty levels on the African Continent who he says have never been and will never be a solution to the many challenges facing the African continent.

And Dr. Habazoka has urged the Zambian Government to stop using the US Dollar in its foreign reserves.

He said the Zambian government must be stock up minerals such as Copper and Gold in the reserves which is the actual money instead of the US dollar which is just coloured paper being forced on them by the IMF, the World Bank, and others.

Dr. Habazoka has wondered why a country that has so much mineral resources is still having the US Dollar in its foreign reserves when European countries such as Britain have Gold.

He said the IMF and World Bank must stop enslaving other countries especially Sub Saharan Africa by forcing them to be using the Dollar for everything including trade.

“How is it that the strength of other currencies is dependent on the performance of the dollar, you want to buy oil, you pay the dollar, selling your own copper you pay the dollar and importing goods from South Africa you also pay the dollar and this must come to an end”, he said.

Dr. Habazoka said Africa must also consider coming up with one currency which they will use for trade.

By DERRICK SILIMINA and MEMORY CHIPILI

COPPER production will be sustained amid COVID-19 outbreak as the industry is vital to the national treasury.

This came to light when North-Western Province Minister Nathaniel Mubukwanu and district administration teams visited Sentinel Mine in Kalumbila district to appreciate the COVID-19 prevention and response measures being implemented in the workplace and the district.

And the North-Western provincial administration says it has special interest in the operations of the mine and will support the mine management in safeguarding its workers’ welfare.

“Government, particularly the President attaches great importance to the operations of this mine and that is why we will do everything possible in our means to ensure that production is not disrupted at all,” Mr Mubukwanu said.

He said the Kalumbila Sentinel mine was important not only to its shareholders or investors but just as important to the workers and the people of Zambia.

He stressed that if the mine were to shut down today, its entire contribution to the national treasury would be forfeited.

And the minister has appreciated the screening at main entry points to the mine township and mine area. He noted the thermal scanners that had been put in place at the mine’s main check point which captured individual temperatures.  

The state-of-the-art sensor technology scanned people’s faces within four square meters screening zone.

The ministerial entourage also visited the isolation centres put in place by the mine and met with the health workers to whom he expressed thanks for their dedication to duty.
Provincial Health Director Charles Msiska has requested FQM management to extend its goodwill and have a similar thermal scanner installed at Solwezi Airport.

“There is need to put scanners not only here at your airport; but also consider Solwezi Airport because remember that even your other members of staff come through that airport.”

During the visit, Kalumbila Minerals Limited General Manager Gavin Whyte presented the donation of 5,000 (N95) examination gloves and 4,000 examination gloves.
Mr Whyte said FQM had since the outbreak of the coronavirus invested a lot of effort, time and money against the global pandemic, adding that concerted effort from all stakeholders is required to win the fight.

He saluted Government for playing an active role in the fight against COVID-19 and ensuring that everyone was up to date with news and information on the pandemic.
“There is need to keep everyone informed; even if it is bad news, we need to know where we are,” Mr Whyte stated.

The province recorded its first five cases who tested positive as at May 9, 2020. – Story courtesy of SUMA SYSTEMS.

The Ministry of Fisheries and Livestock has approved 736 aquaculture business loan applications from citizens.

Ministry of Fisheries and Livestock Permanent Secretary, Dr. Benson Mwenya said through the Aquaculture Seed Fund, local people in all provinces of the country are being empowered to undertake investment projects along the aquaculture value chain.

Dr Mwenya said this is being done with a goal to eliminate the national deficit in fish production, contribute to economic growth as well as increase food and nutrition security in Zambia by 2022.

Dr. Mwenya revealed that the Citizens Economic Empowerment Commission will disburse the business loans to the 736 projects valued at over K118.3 million on behalf of the Ministry to some of the successful applicants in all the ten provinces of Zambia.

He said more projects will be funded in due course but explained that the projects exclude the 12 fish hatcheries and nurseries valued at K20.7 million that are already receiving funds.

Dr Mwenya said this initiative is within the framework of the 50.89 US dollars million Zambia Aquaculture Enterprise Development Project co-financed by the African Development Bank and the Zambian Government.

And CEEC Director General Likando Mukumbuta who confirmed receipt of the funds from the Ministry of Fisheries and Livestock stated that the Commission will soon begin the process of disbursement.

He said the CEEC will begin with facilitating pre-finance training for the beneficiaries this week and start disbursements by next week.

Mr Mukumbuta said the first phase of investments will be fully disbursed by the end of May 2020, and will create 4,366 sustainable jobs impacting further 21,830 individuals and increase national fish supply by 1,148 metric tons by December 2020, thereby, contributing to poverty reduction and food security by developing the aquaculture value chain.

President Edgar Lungu has tasked Finance Minister Bwalya Ngandu to clear the air on public opinion concerning the 10 billion Kwacha economic stimulus package.

Information and Broadcasting Services Minister Dora Siliya disclosed during a COVID-19 Live Interview on ZNBC Radio 2.

Ms. Siliya said it is befitting to explain to Zambians regarding the right institutions that would administer the 10 billion Kwacha stimulus package and the conditions attached to accessing the funds.

Meanwhile, Ms. Siliya, who is also Chief Government Spokesperson, has also called on Zambians to embrace patriotism amid the COVID-19 and stop making baseless allegations of corruption.

She said it is counterproductive and a drain on national resources to prosecute baseless corrupt cases in the courts of law.

Ms. Siliya further called on Zambians to be proactive and take personal responsibility to help combat the spread of the COVID-19.

She said except for front line workers, the government cannot afford to buy protective equipment for every Zambian.

And, Ms. Siliya has called on parents to desist from letting loose children in public places as the COVID-19 pandemic persists.