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Government gives K396 million grants to youth organisations

Guest Editor
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13

Government has given a grant amounting to K396 million to various youth and sports organisations in the country and has pledged continued support to organisations that look after the welfare of children.

The grant which is divided in three categories with the sports department getting K110,468,000.00 for 8 sports institutions, Child department K46,750,000.00 for 21 institutions and the youth department K239,166,000.00 for its 27 institutions country wide.

Youth, Sport and Child Development Minister Kenneth Chipungu said the grant is aimed at creating and promoting dialogue between youth institutions and government.

Speaking when he met stakeholders from different youth Non Governmental organisations (NGOs) in Lusaka yesterday, Chipungu said government recognized the role that young people play towards the national development and therefore it will continue supporting efforts intended to develop the youths.

He noted that institutions such as Orphanages, Empowerment clubs, Community youth clubs, Sports clubs and other child care organisations should be given support by all.

He said these organizations supplement government’s efforts in reaching out to the vulnerable groups in society.

The minister explained that through these NGOs, government would be able to effectively monitor Child, youth and Sport development in the country.

Chipungu noted that there is need for all stakeholders to be involved in issues concerning child development if the country is to achieve sustainable development.

He added that if children are well developed they are likely to contribute to the Socio-Economic development of the country.

Meanwhile the Minster has urged all the organisations that have received the grants not to be complacent but to work hard and generate more resources for their operations.

Chipungu pointed out that in this time of global economic crunch, government cannot manage to provide all the needed resources for the operations of all NGOs in the country wide.

He further called upon the recipients to ensure that the grants save the intended purpose of uplifting the living standards of people in the country.

Beneficiary organisations are the National Youth Development Council (NYDC), National Sports Council, Girls and the Boys Brigade, SOS children Home, Cheshire Homes, Chiota Empowerment Club, Young Women Christian Association (YWCA) Chilenje transient home among others.

ZANIS/MM/MKM/ENDS.

Lubinda rubbishes ultimatum

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Given Lubinda
Given Lubinda

Opposition Patriotic Front, PF, Kabwata Member of Parliament, Given Lubinda, says he would not be intimidated by some political party cadres, who are using Constituency Development Fund, CDF, to create confusion in the constituency.

Mr. Lubinda said Kabwata is among the constituencies in the country that have utilized the CDF towards the intended projects.

He vowed not to be threatened by ultimatums being issued by the cadres of a named party over CDF.

He explained that the Lusaka City Council, LCC, is better placed to explain the utilization of the funds through its annual reports.

He urged the concerned people to check the statements of Account for CDF from the ministry of local government and housing or LCC.

He explained that the funds are managed by LCC and not the Parliamentarian as he has no access to the funds apart from helping identify beneficiary projects.

He, however, indicated that CDF was inadequate to finance all development projects in Kabwata Constituency.

Some residents in Kabwata Constituency have threatened to pass a vote of no confidence in Mr. Lubinda if he does not explain how CDF has been utilised in the constituency within two weeks.

Yesterday scores of Kabwata Constituency residents in Lusaka demonstrated against member of Parliament, Given Lubinda for allegedly failing to help improve roads, water and the drainage facilities in the area.

The residents marched from Kabwata Basic School to Kabwata market to show their displeasure against their MP whom they said should ensure development in the area.

Kabwata youth representative, Ellium Kapalamula said during the demonstration that the townships in the constituency had poor drainage systems, no clean water and roads were almost impassable.

The group gave Mr Lubinda 14 days in which to react to their demonstration.

“We have given Mr Lubinda 14 days to react to our demonstration, failure to that we are going to follow him to his constituency office and declare him no more in this area,” Mr Kapalamula said.

He said that Mr Lubinda had not done much for the constituency since the time he was first elected in 2001.

Mr Kapalamula, however, wondered where the Constituency Development Fund was taken since the funds were meant for the constituency.

He said the MP was told about the complaints from his people but he ignored them, adding that sometimes he blamed the Government just because he was coming from an opposition party.

Speaking at the same occasion Kabwata resident representative, Elizabeth Zulu said children were unable to go to school after heavy rain because of poor drainage systems and roads.

Ms Zulu said the area councillors and Mr Lubinda were elected to represent the people and help them solve problems.

She said she had been to Lusaka City Council on the situation in the area but she was told to inform the area councillors and the MP.

Ms Zulu said the councillors and Mr Lubinda were informed about the problems but had not responded.

She said the people would not remain quiet until they saw progress in Kabwata constituency.

ZANIS/AJN/ENDS/SJK

MMD youths mobilised for cleaning up of Leopards Hill cemetery

editor
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14

The National Initiative for Citizens Awareness (NICA) has mobilised 300 youths from various communities to carry out a cleaning activity at the Old Leopards Hill Cemetery.

NICA President Kelvin Sampa says in a statement to ZANIS that his organisation has mobilised the youths mainly from the ruling MMD for the activity which will start at 09: 00 hours, Sunday.

Mr Sampa said the activity is in accordance with President Rupiah Banda’s challenge, in his 2009 Youth Day Celebrations speech, for youths to be innovative.

He said it is for this reason that his organisation has come to realise that youths should take a leading role and show the nation that they could come together for national development.

THE NICA president said his organisation is spearheading the project with the support from Chines Associations based in Zambia.

The project is the first of its kind in the country. Many a cemetery in the country remain unkempt and with over grown grass as often times the bereaved families rarely find time to tend cemeteries of their deceased loved ones.

Mr Sampa expressed his hope that his organisation’s initiative would enable other groups and organisations to emulate.
ZANIS/MM/ENDS/MM

China gives Zambia loan for constructing Ndola Stadium

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The Zambia and Chinese governments have signed a 150 Yuan loan contract for the construction of a new stadium in Ndola.

Finance and National Planning Minster Situmbeko Musonkotwane signed on behalf of the Zambian Government while Chinese Ambassador to Zambia Li Qiangmin signed on behalf of his government.

And Anhui Foreign Economic Construction Company of China has been engaged to carry out the 26 months construction project.

Speaking at the signing ceremony in Lusaka today,Dr. Musonkotwane expressed happiness that China has continued to show its continued support towards infrastructure development in Zambia.

Dr. Musonkotwane noted the project which is expected to start by June this year has come at right time when many of the local people are losing jobs due to global economic meltdown.

He said it is for this reason that government is pleased as the project will not only improve the sports standards in the country but will also cushion the impact by creating more job opportunities for the local people.

He urged the business community in the country to take advantage and boost their businesses by building more infrastructures such as hotels, lodges and shops around the stadium.

And at the some ceremony Chinese Ambassador to Zambia Li Qiangmin retaliated his government commitment towards infrastructure improvement in Zambia.

Mr. Li said despite the economic hardships that most of the countries are facing in the World, China will ensure that it implement all the projects that it has started.

He further assured the Zambian government that work will be done according to schedule by the engaged constructor.

And in Mumbwa district, a Chinese Mining Investment Firm has donated K10 million towards the development of infrastructure at Nangoma High School .

Senior Chief Shakumbila of the Sala People disclosed to ZANIS that a Chinese Firm called common Resources Holdings (CRH) donated the money towards the expanding the infrastructure of the school.

The Chief said that he was happy with the assistance made by the investors, adding that Traditional Leaders appreciated efforts that aimed at propping up education in Chiefdoms.

He said the management of the firm had informed him that they were still prospecting for minerals in his chiefdom, and that more donations could follow after the commencing of production.

And Mumbwa District Commissioner Dowell Chilimboyi said the donation was illustrative of the private public – Partnership (PPP) that was needed in complementing government’s efforts towards improving the education sector in rural areas.

Mr. Chilimboyi urged other investors in the district to emulate common Resource Holdings Firm adding that much could be achieved if government and the private sector worked together in developmental projects involving education infrastructure.

ZANIS/MM//CMM/MKM/ENDS.

Juvenile delinquency caused by lack of sports facilities, says Lusaka PS

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Government has observed that the rapid dilapidation in sports facilities has greatly contributed to juvenile delinquency in the country.

Lusaka Province Permanent Secretary, Stephen Bwalya, said lack of investment in sports infrastructure development and lack of recreation facilities in the country has deprived many youths of the chance to explore their talents.

Mr. Bwalya said this when he officiated at an Inter-denomination youth tournament held at Matero Boys Secondary School in Lusaka yesterday..

He said sports development should be encouraged because it acts as a catalyst for fostering peace and national development at all levels.

He added that government stands ready to partner with the private sector in the developing sport in the country.

Mr. Bwalya has since implored the church and civic leaders to incorporate sports in their extra curricular activities in their church activities for the young people.

And Victory Ministry International Bible Church Youth coordinator, Alex Katongo, said the objective of the tournament wais to evangelize to the youths through sport.

Mr. Katongo said the church will continue to organize such tournaments, which act as a platform for disseminating information to the youths on behavioural change.

Earlier Lusaka Province Sports coordinator Doris Mulenga said such tournaments keep the Youths away from vices.

ZANIS/JT/CMM/KSH/ENDS

Zambia and China undertaking feasibility study in Kawambwa on the Bio fuel project

Guest Editor
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9

A combined team of Chinese and Zambian investors is currently conducting feasibility studies in Northern Province on the possibilities of establishing a US$ 3 billion bio-diesel joint venture project.

Traditional rulers in Northern Province have expressed willingness to provide large portions of land for the project, which is likely to create employment for the local people.
Speaking in Kasama recently during a meeting with heads of Government departments attended by the investors; Commence Minister Felix Mutati said there was need to attract more investors to create job opportunities for the local people.

Mr. Mutati said Government was working hard to ensure that it creates a conducive environment for both local and foreign investment.

The Minister expressed hope that the project which is aimed at creating massive out-grower schemes for bio diesel would be well received by the province failure to which it will be moved to another province.

Delegation leader from the Private Sector Development Reform Programme, Lovemore Simwanda said Bio-mass development PLC, a Zambian company and Wuhan Kaidi holdings of China, plans to invest about US$ 3bn in the bio-fuel project in Zambia.

The investment is expected to create about 50,000 job opportunities for the local people.

He explained that the team which was targeting five districts in Northern Province was looking for land in excess of 700,000 hectors where to set up plantations for the extraction of bio-fuel.

He said the land which was being looked at was that which had been degraded through massive cutting of trees.

Chief Chitoshi and Mukupa Kaoma of Mporokoso district have expressed willingness to provide land for the Bio Diesel project if their areas are found suitable for the project.

The Chiefs told ZANIS in separate interviews recently that they were ready to sit down with the investors so that they could discuss how best the project would benefit their subjects.

They observed that they have been longing for investment which would help to improve the living standards of people in their chiefdoms.

The districts targeted are Nakonde, Isoka, Chinsali, Mporokoso and Luwingu.

ZANIS/HH/MKM/ENDS

Arrows, Zesco Looking to Tame The West

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Red Arrows, Zesco United and the Zambia Under-17 national team all take to the field in an action packed weekend of football.

Arrows and the Under-17 team are in action on Saturday at home while Zesco are on the road away in Cote d’Ivoire.

At Nkoloma Stadium in Lusaka, Arrows hosts Ocean Boys of Nigeria in a Caf Confederations Cup 1st round, 1st leg match.

This will be Ocean Boys first ever trip to Zambia for the club that was formed in 2002 before winning the Nigeria league in 2006.

While Arrows began their Confederations Cup campaign with a preliminary round 7-0 aggregate win over Mundu of Zanzibar, Ocean Boys enjoyed a bye in only their second outing in Africa.

Ocean Boys last African campaign ended in a 1-0 preliminary round aggregate defeat at the hands of Kallon FC of Sierra Leone in the 2007 Caf Africa Champions League after a scoreless home draw.

And on the same day down the road in Mazabuka, the Zambia Under-17 side take on Malawi Under-17 in a junior international friendly at Nakambala Stadium.

Malawi face Zambia in a preparatory match ahead of their participation in the Algeria 2009 Caf Africa Under-17 Championships that kickoffs on March 19 in Algiers.

Meanwhile, Zesco make the first Caf club competition visit to West Africa when they face Africa Sports in Abidjan on Sunday afternoon in a Caf Africa Champions League 1st round, 1st leg match.

Like Arrows West African opponents, Africa Sports enter the fray in the 1st round on bye while Zesco arrive in Abidjan after qualifying from the preliminary stage 5-1 on aggregate.

Zesco travel to face Africa Sports minus striker Enoch Sakala who is serving a one-match ban while loan-signings from Lusaka Dynamos defender Hichani Himoonde and midfielder Josphat Nkhoma are expected to make their debuts after recovering from injuries.

Top scorer Clifford Chipalo on three goals in the competition so far is in the team.

 

UPND’s Hakainde Hichilema defends his meeting with RB

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hhakaindeUnited Party for National Development UPND- president, Hakainde Hichilema, says his meeting with President Rupiah Banda should not be politicized.

Mr. Hichilema says he met the president to consult with him on a range of issues affecting the nation.

He says the meeting gave his party an opportunity to make suggestions on the economic recovery of the country.

Mr. Hichilema says the substance of the meeting was essential and it is up to government to accept the UPND proposals or not

Mr. Hichilema told ZNBC news that the two discussed issues relating to the economy and job losses in the Mining Sector.

He said the meeting also looked at the need for voter registration and the electoral system in the country.

The meeting also looked at the need to speed up the completion of the National Constitutional Conference so that the money being spent on the programme is channeled elsewhere.

On Thursday, President Banda held a consultative meeting with Mr Hichilema.

The Church and various civil society groups have welcomed the meeting between President, Rupiah Banda and an opposition leader.

The civil society organizations said dialogue is the only way in which solutions to challenges facing the country can be found.

Council of Churches in Zambia Secretary General, Susanne Matale, told ZNBC news that the meeting between Mr. Banda and UPND leader, Hakainde Hichilema is a positive development.

And Caritas Zambia Executive Director, Sam Mulafulafu, said it is the hope every Zambian that the discussion between the two leaders will bear fruit.

Meanwhile, Zambia Congress of Trade Unions president, Leonard Hikaumba has appealed to other organisations and political parties to uphold dialogue and avoid confrontation.

Chief Government spokesperson, Ronnie Shikapwasha, has urged political parties to put their differences aside and work towards developing the country.

Lieutenant General, Shikapwasha says government is willing to work with all Zambians in its efforts to develop the country.

General Shikapwasha who is also information minister says government is ready accept ideas from opposition political parties that can contribute to the development of the nation.

Chiluba’s judgement day set for July 20

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The Lusaka Magistrate court has set July 20, this year as the date for judgement in a case where former President, Frederick Chiluba, is facing theft by public servant charges.

Dr. Chiluba, is jointly charged with two directors of the defunct Access Financial Services-AFS, Faustin Kabwe and Aaron Chungu in a case involving 500 thousand US dollars.

Ndola High Court Deputy Registrar, Jones Chinyama, sitting as magistrate in Lusaka, also set April 24 as the date by which the defence should present to court their written submissions.

Mr. Chinyama said the prosecution team will on the other hand be expected to make their submissions in reply by May, 22.

On Friday, the defence team led by Lusaka lawyer,John Sangwa, concluded its defence.

The defence called several witnesses to the stand who also included Auditor General, Anna Chifubgula, Attorney General Mumba Malila and Task Force on Corruption Executive Chairman, Maxwell Nkole.

Dr. Chiluba was take to court to answer charges of theft after his immunity was removed by parliament in 2003.

/NEWS/ZNBC/

Do not divulge confidential govt information, Kunda warns ex and current Ministers

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George Kunda
George Kunda

Vice president, George Kunda, has warned serving and former ministers not to divulge confidential government information.

Mr. Kunda says both serving and former ministers are under oath to protect confidential government information.

He said in Parliament on Friday that those who leave government should maintain their sworn oath.

The Vice President also said ministers are not immune to investigations when in office.

He was responding to Luena MP, Charles Milupi, who wanted to know whether it is government trend to only investigate ministers when they leave office.

Mr. Milupi referred to calls for former Finance Minister, Ngandu Magande, and former Works and Supply Minister, Ludwig Sondashi, to be investigated for alleged corrupt practices while serving in government.

/ZNBC/NEWS

Power host arch-foe Zanaco in Premature Homecoming

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The 2009 league seasons kicks off with four matches taking place on Saturday and another two to follow on Sunday.

The biggest match in Week 1 will see Power Dynamos host Zanaco at Arthur Davies Stadium in Kitwe.

Both sides will have new coaches on the bench with Mohamed Fathy for Power and Wedson Nyirenda at Zanaco but it will be an emotional return to Arthur Davies for the homeside after one year of playing their home games away from home.

Arthur Davies was shut for rehabilitation works last season only to suffer a protracted delay and the stadium reopens with spectators only enjoying access to one-third of the venue.

The grandstand and one half of the open wing will be accessible for spectators while the closed-off section of the terraces get a short-term touch-up.

Meanwhile, Zanaco will have a score to settle against Power on day 1 of the league.

This match will be a repeat of last seasons Week 1 fixture that Power won 5-0 away at Sunset Stadium in Lusaka.
 
And in the rest of Saturdays Week 1 games, Green Buffaloes visit Konkola Blades in Chililabombwe, Kabwe Warriors host promoted Nakambala Leopards and Choma Eagles await fellow promoted team Forest Rangers.

City of Lusaka and Chambishi’s match at Woodlands Stadium in Lusaka including Roan United’s visit across town at Queensmead to Lusaka Dynamos will be played on Sunday.

Meanwhile, Zesco and Red Arrows Week 1 away fixtures against Zamtel and Young Arrows respectively have been posted due to their African club competition commitments this weekend.

The Week in Pictures

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1.

A youth trumpeter blows his instrument.
A youth trumpeter blows his instrument.

2.
Cadets fire a 21-gun salute at the Freedom Statue during Youth Day cerebrations in Lusaka yesterday
Cadets fire a 21-gun salute at the Freedom Statue during Youth Day cerebrations in Lusaka yesterday

3.
President Rupiah Banda, with Sports Youth and Child Development Minister Festus Chipungu (left), waves to matching youths at Freedom Statue
President Rupiah Banda, with Sports Youth and Child Development Minister Festus Chipungu (left), waves to matching youths at Freedom Statue

4.
PF youths wave their party symbol at President Rupiah Banda.
PF youths wave their party symbol at President Rupiah Banda.

5.
Former republican President Frederick Chiluba shakes hands with service chiefs
Former republican President Frederick Chiluba shakes hands with service chiefs

6.
President Rupiah Banda after laying a wreath at the Freedom Statue in memory of youths who lost their lives during the independence. This was at the Youth Day cerebrations in Lusaka
President Rupiah Banda after laying a wreath at the Freedom Statue in memory of youths who lost their lives during the independence. This was at the Youth Day cerebrations in Lusaka

7.
President Rupiah Banda talks to former Republican President Frederick Chiluba as Deputy Speaker of the National Assembly Mutale Nalumango (left) looks on
President Rupiah Banda talks to former Republican President Frederick Chiluba as Deputy Speaker of the National Assembly Mutale Nalumango (left) looks on

8.
Pallbearers carry the casket for late Gen. Tembo
Pallbearers carry the casket for late Gen. Tembo

9.
Late Christon Tembo's niece Zindaba Nyirenda (c) mourns as his widow Nellie (l) confers FDD president Edith Nawakwi during requiem mass in Lusaka
Late Christon Tembo's niece Zindaba Nyirenda (c) mourns as his widow Nellie (l) confers FDD president Edith Nawakwi during requiem mass in Lusaka

10.
SQUEEZE SQUEEZE...There was not enough space on the bench forcing Regina Chiluba (c)to squeeze herself between Maureen Mwanawasa (r) and Dr Chiluba (l) during late Christon Tembo's funeral in Lusaka
SQUEEZE SQUEEZE...There was not enough space on the bench forcing Regina Chiluba (c)to squeeze herself between Maureen Mwanawasa (r) and Dr Chiluba (l) during late Christon Tembo's funeral in Lusaka

Govt. to promote rural tourism

Guest Editor
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17

Government says tourism plays an important role in promoting rural development and ensuring sustainable development in the country.

Minister of Tourism Environment and Natural Resources, Catherine Namugala said tourism provides employment and income generation activities for both urban and rural people.

Ms. Namugala said the tourism industry offers many other unique opportunities in both urban and rural areas for economic diversification and job creation.

She was speaking in a speech read on her behalf by the acting Permanent Secretary in the Ministry, Lubinda Aongola at tourism stakeholders’ forum in Lusaka today.

The Minister said government has since allocated K5 billion in this year’s budget to rehabilitate heritage sites, especially in rural areas where much of the heritage sites that can contribute to tourism growth are located.

She stressed that her ministry is currently putting in place measures for the licensing and authorization of tourism enterprises category that were previously dealt with by the Zambia National Tourist Board under the Act 19 of 1979.

Ms. Namugala further said dialogue among stakeholders in the tourism sector should be promoted in order to boost growth of the industry.

Earlier, Tourism Council of Zambia (TCZ) chairman, Mark O’Donnell said the industry should encourage local investors to take part in the hospitality business.

Mr. O’Donnell said the industry would work towards creating relationships with the private sector, a move that would make it easier for local people to venture into different business.

ZANIS/WM/ENDS/KSH/

‘Diversify from fishing to agriculture’

Guest Editor
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15

Government has urged the people of Luapula Province to diversify from fish to agricultural farming because fish had depleted in the region.

Fishermen in Luapula Province have, for a long time, been practicing illegal fishing methods that included the use of mosquito nets to catch fish and fishing during the fish ban between the months of December and March every year.

Luapula Province Permanent Secretary (PS), Jazzman Chikwakwa, said in Chiengi yesterday when he paid a courtesy call on District Commissioner (DC), Mwaba Lwaminda, that there was need to diversify for the province to develop.

Mr Chikwakwa said venturing into agriculture would help develop Chiengi district because Program for Luapula Agriculture Rural Development (PLARD) was undertaking improved cassava farming for farmers to be self sustained.

He said if agriculture was put as number one priority, people would do better economically.

The PS noted that farming of cassava and other crops that did not require fertilizer would assist farmers and government to deviate money meant for the national Fertilizer Support Program (FSP) to other programs.

He observed that cassava had market both locally and internationally and that farmers should take advantage of drought resistant crops as they were easy to cultivate.

Mr Chikwakwa further said that government was aware that it required opening training schools for fish farmers in order for them to learn proper fishing methods.

He noted that the only way to preserve the remaining fish was to educate people on the importance of avoiding illegal fishing methods.

He also said those who have settled in the fish breeding areas should be removed so that fish stocks could improve and avoid complete depletion.

Speaking earlier, Chiengi DC, Mwaba Lwaminda, said that the fisheries department was implementing co–management program where PLARD has given 120 farmers half a lima each of improved cassava cuttings.

Mr Lwaminda said Programme Against Malnutrition (PAM) had targeted 108 famers in two camps for them to diversify from fish farming.

He explained that Chiengi district’s major economic activities were fishing, agriculture and trading.

ZANIS/ENDS/CB/EB.

Zambia witnessing higher levels of personal loans

editor
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13

BANK of Zambia Governor, Caleb Fundanga, has warned insurance companies in Zambia to be cautious when underwriting bank loans in view of the anticipated high default rates during the current global economic melt-down.

He said for the first time, Zambia had witnessed personal loans growing to higher levels than previously thought.

Dr Fundanga said if one looks at sectoral distribution of credit, agriculture which for many years was always number one, had been pushed to second place, thereby ringing some warning bells.

“One thing I have always been told is that most of the personal loans are insured so that in the event that the borrower loses a job or dies,
the insurance company makes good and clears the debt,” he said.

Dr Fundanga said the warning bells were because in the mining sector some people were being retrenched and most of these personal loans were salary-based, and many retrenched miners borrowed some money.

He called for caution in the insurance industry during this period of retrenchments and job losses across the country.

Dr Fundanga said with most commercial banks, personal loans were covered by insurance companies and the current job losses due to the financial crisis, especially in the mines, could lead to borrowers defaulting on their loans from lending institutions.

“The only problem is that in the real world when the default rates become very high, even insurance cover may not be adequate,” he said.

Dr Fundanga was speaking in an interview at the Africa-International Monetary Fund (IMF) high-level conference, which has attracted over 300 participants, including African central bank governors and finance ministers.

He warned that the industry should not forget that even insurance companies collapse when the demands on them are too high.

Dr Fundanga cited the United States of America’s insurance firm – AIG – the largest insurance group in the world, which is facing financial problems even after getting billions of dollars from the government’s stimulus package.

Meanwhile, Dr Fundanga has continued to express concern over the high interest rates charged by commercial banks in Zambia, saying there is a big disparity between what savers get and what borrowers are charged.

“Everybody on the continent of Africa wants to borrow at affordable rates, and this is particularly so for the weaker producers. Money has got a cost also because it comes from somewhere else, somebody is selling and those people selling need a mark-up. The spread has caused a problem as savers ask why there should be such a big difference,” he said.

Dr Fundanga said most Zambian savers were getting about four per cent interest while borrowers were paying an average lending rate of 25 per cent.

He said this meant that other borrowers were getting loans at a higher rate.

Dr Fundanga said there were many interpretations over why commercial banks in Zambia were charging high interest rates.

He said some people argued that the operations of banks were costly while others thought banking in Zambia was profitable.

Dr Fundanga said recently the BoZ carried out a study which revealed that either banks were running inefficiently or they wanted to get a lot of profit.
[Times of Zambia]

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