A Ndola Clergyman has urged the NCC to consider the inclusion of funding political parties with national character to safeguard the nation from political parties forming alliances with foreign organisations threattening national security.

Rabbi Bornface Chisala told ZANIS in Ndola Tuesday morning that for a political parties to qualify for state funding there was need to ensure that they had sufficient paid up members to sponsor a member of parliament in at least five provinces.

He said  the mechanism could help in avoiding opposition political parties going on their knees to foreign organisations to solicit for financial help and making pledges of paying back the funds once elected into government.

He said such alliances could keep the nation to ransom by  sponsoring organisations and cause the government to work under pressure once elected into office.

The clergyman said once such a mechanism was put in place, it was would enable government to keep in check what the opposition political parties were doing as they would be required to disclose their monies or materials given to them by any interested organisation locally or abroad.

He added that democracy must be supported not just by word of mouth but by deeds that were in agreement with the promotion of good democratic ideals.

Rabbi Chisala said the financial support should be restricted to only those political parties that were duly registered with the Registrar of societies with the government.

He said presidential candidates should be allowed to access State security during campaigns.

Rabbi Chisala said there was also need to factor in the airtime units which should be realistically estimated to cover the communication challenge during the whole campaign period.

He proposed a K1 million per day for contigency so that there was no excuse of the political playing field being uneven.

He was categorical tha the facility should not be extended to members of parliament and ward counmcilors sponsoring politicval parties should take care of such positions.
ZANIS/CN/CMM/ENDS/MM.

Bank of Zambia Governor Caleb Fundanga says the financial and economic crisis that developed nations were facing will have a slight effect on the Zambian economy as Zambia’s foreign reserves were belt-up when the country’s economic performance was buoyant.

And the Bank of Zambia has recorded an increase in the cases of counterfeit banknotes in both local and foreign currencies in the second quarter of 2008.

Addressing the Press in Lusaka today, Dr Fundanga, who however appealed to developed countries to inject more money in shrinking economies in the world, said Zambia will slightly be affected by the economic and financial crisis as the country had only spent about US$134 million in foreign investment portfolios in its foreign reserve.

He said like most countries in Africa, Zambia was not fully integrated in the world financial markets, therefore the country’s Banking sector may not be immediately be affected by the negative effects of the financial crisis in the USA and other developed countries.

Dr Fundanga, however, said that the financial turmoil had already resulted in a reduction in projected global economic growth and decline in demand for Africa’s exports, as the USA remains one of the largest players in the world economy.

He further said that despite the financial crisis that the world was facing, interests in African countries has continued to rise partly because rates of return are higher compared to those in developed nations adding that Foreign Direct Investment has continued to grow in Zambia.

Dr Fundanga added that the Zambian foreign exchange market has been partly affected through withdraws by foreign portfolios investors in the Zambian government and private securities on account of demand for liquidity and global risk aversion.

He however assured investors not to panic as the country’s economic fundamentals were still strong and

that cooperating partners were still disbursing financial support to make sure that the country’s financial system remained stable with increased vigilance in the supervisory oversight.

Dr Fundanga further warned that the prolonged recession in the global economy might deepen the risk aversion and discourages both portfolio and foreign direct investment flows into the country.

He said that the slow down in portfolio investments and possible cuts in overseas development assistance may unfavorably affect Zambia’s economic growth and development.

And the Bank of Zambia has recorded an increase in the cases of counterfeit banknotes in both local and foreign currencies in the second quarter of 2008.

Bank of Zambia Governor Caleb Fundanga said that the Bank has this year recorded 30 cases as compared to 21 cases in the first quarter of the year.

Dr Fundanga said that a combined team of both the Bank of Zambia officials and the Zambia Police Service has since recovered counterfeit banknotes amounting to US$2.5 million and has since apprehended two suspects in Mufulira.

He said out of the 51 cases recorded in the country five people have been successfully prosecuted that included three people who were convicted and sentenced to three years in imprisonment in a Nakonde Magistrate Court.

Dr further said that the Court also convicted one person to one year in imprisonment in Lusaka adding that two people were also sentenced to three years imprisonment in Chisamba and one suspect sentenced to a one year imprisonment in a Mpika Magistrate court.

ZANIS/TK/AM/ENDS

The National Pension Scheme Authority (NAPSA) has bemoaned the poor compliance by employers in registering their eligible employees to the Authority.

NAPSA Director of Contributions and Benefits Yollard Kachinda says the non remittance of pension contributions is threatening the long-term financial sustainability resulting in the Authority failing to fulfill its obligation of paying the retires.

Mr. Kachinda pointed out that NAPSA is mandated to administer and enforce provisions of the National Pension Scheme Act of ensuring that employers comply with the provisions of the Act.

Mr. Kachinda was speaking in Lusaka today when he officiated at the Prosecutors’ One-month Course held at the Zambia Institute of Advanced Legal Education (ZIALE).

15 prosecutors from NAPSA and one from Ministry of Labour and Social Security are under-going a criminal and evidence procedure course aimed at educating employers to be remitting contributions of its workers to the NAPSA.

He disclosed that more than 200 defaulting employers were prosecuted from across the country.

And speaking earlier, ZIALE Deputy Director Rodgers Chibuye said his organisation welcomes partnerships in exposing those not remitting workers’ contributions to institutions such as NAPSA.

ZANIS/KC/AM/ENDS