The financial markets and small-scale businesses, key to Zambia’s economic recovery, have called on newly appointed Bank of Zambia Governor Christopher Mvunga to reduce stringent measures which has made accessibility of the K10 billion economic stimulus package impossible.
The National Savings and Credit Bank submitted COVID-19 fund applications of over K1 billion to the Bank of Zambia on behalf of various clients in the sectors such as energy, agriculture, commerce and SME but have since not received the funding due to the stringent measures for accessing the stimulus package.
“For us, these are key areas to facilitate and bridge the funding requirements and we had always been confident that with the strong partnerships we enjoy in the market, we will be in strong position to facilitate accordingly,” said NATSAVE Public Relations Manager Patricia Luhanga.
She said due to countrwide presence in all ten provinces of Zambia, NATSAVE is well positioned to deliver value to people of Zambia on behalf of Government, the Central Bank and the Ministry of Finance.
A number of small-scale business owners have complained on the stringent conditions which have been attached to accessibility of the funds.
Our Team in random interviews with some traders who run small scale enterprises and from Soweto Market have called on the new BOZ Governor to work at demystifying the growing public perception that the K10 billion fund is only meant to benefit the rich and big companies.
“We welcomed the decision by the President to stimulate our businesses during the COVID period but when we were told the conditions, we wondered whether the President knew the chains and strings BOZ attached to accessing this loan facility. So it’s good the President is shaking the Bank of Zambia but we need to see more action,” said Martin Phiri who runs Masophi Enterprises.
And James Mwaba, trader at City Market has observed that the criteria and requirements needed to access this loan facility made most marketeers wonder whether the K10 billion refining facility was meant to help local small scale businesses or is aimed to keep the bigger businesses afloat.
“We hope the new Bank Governor is going to help the President to realign the measures because the strings attached to accessing the loans were extremely difficult for ordinary small businesses whom the President said should have been benefiting,” said Mwaba.
In the meantime, governing PF Media Director, Sunday Chanda, in a statement released today has accused the former Bank of Zambia Governor, Danny Kalyalya, of failing to provide leadership on the disbursement of the K10 billion stimulus fund as only K1 billion of the stimulus package was disbursed in the midst of negative economic growth.
“We expect that anyone who is serious about Zambia like His Excellency President Edgar Lungu is must raise concerns about the slow disbursement of the stimulus package and the over stringent measures put up which are defeating the very reason why the Stimulus package was put up in the first place. There was clearly suspected sabotage to knock out the economy completely and this is what the UPND was banking on,” said Mr. Chanda.
kkkkkkkkk awe PF government naipwa, lihuuule fye. This is the worst insult ever on Zambians…. insele shilefuluma nokufuluma.. Ati baffikkala you deserve this peace of sh!t.
Look at that alcoholic , The Bar Of Zambia governor.
Even the appointing officer was under influence of alcohol, how do you appoint governor Bar Of Zambia on a Friday night?
New Bank Governor Advised To Accelerate printing Of K10 Billion Stealing Package. So it was initially blocked and here is a guy who is happy to go ahead with it. We are talking of K10 billion with no backing of any service means devaluating the kwacha by K10 billion. Money is earned and not printed. Iyi ni Nkhani ya mukachasu…Zambian iconyomi ubder pressure!
Kikiki!
Real disaster!!!!
Is this K10 Billion in the BOZ vaults or it has to be printed or borrowed? What are the implications of printing or borrowing such a huge amount of Money on the Zambian Economy? People should not assume that K10 Billion is sitting in the BOZ vaults and what remains is simply to disburse it. Monetary Policy implementation is more complex than that. Printing of Money has an effect on inflation and prices of goods and services in the Economy.The exchange rate of the Kwacha to the USD will be affected by such Policy measures. The writing is on the Wall.
Well said. Life goes on. Day one was gets appointed, one ought to remember the next exit day. Mvunga must shame his critics
Well said. Life goes on. Day one was gets appointed, one ought to remember the next exit day. Mvunga must shame his critics.
Yeah focus is what will make the money silence his critics. He should prepare for his exit if he can’t deliver too
The New Governor ,Mr Chris Mvunga aka Okello should move quickly to print and disburse the Money so that Economy affected by Covid-19 can recover quickly .The creation of this liquidity will stimulate growth in the Economy. Mr Mvunga should move with great spead to disburse the Money so that the Economy can quickly recover.
Yeah focus is what will make the money silence his critics. He should prepare for his exit if he can’t deliver too..
Credentials please…..
BOZ is a big institution and must not be seen to be centred around Kalyalya or Mvunga. Many have been appointed and fired in that position before these two
Sad about Kalyalya. Everything ends up being politicised. He showed real unprofessionalism by making a national issue political and tribal-in the end, they say, a tonga is upnd by default regardless of status, education etc. The shocking part is upnd wishing evil on the country always wanting everything to fail and collapse. Very sad indeed. How can we ever wish for such evil people in GRZ?? What evil things would they do to anyone they would perceive as their enemy???
I have seen many Governors fired by each of 4 different Presidents after 1991. No strange dismissing a bank Governor
nanga paul moonga na edify? i hate tribalists!!!
It’s now one Zambia one Eastern, only lungu’s tribal cousins get appointed. You out of luck if your name ends with Moonga or Hamoonga. These tribalists then tomorrow you hear them screaming ontop of their lungs accusing others of being tribal while they’re worse off. The idi Amin movies makes a very good impression of the situation in Zambia. The old BOZ governor’s honest cost him his job and the new guy was appointed swiftly like the movie “you are the new governor go print more money”
Where is the 10 billion kwacha going to come from when you are failing to remit pension funds to NAPSA? By election time the kwacha will have lost 20% of the value.
Kalyalya has got his terminal benefits very early and he will go to World Bank for a new job.
Zambia’s economy will be in free fall as there will be too much money circulation sparking hyper inflation and foreign exchange reserves will be depleted since the import will be settled in dollars.
There will be a certain toward end of PF regime will introduce battering system as means trade exchanges measures since the local currency will have completely lost value and no dollars will remain in the country.
Hard times ahead of Zambia.
PF must go!
LETS WAIT AND SEE. WE GAVE PF A CHANCE TO GOVERN UP TO AUGUST 2021.
IN TERMS OF ECONOMY, WE CANT CONCLUDE THIS TIME, UNTIL THEN.
Who is kalyalya? Life goes on. Let hh employ kalyaya as his farm governor since he loves him so much.
Who is kalyalya? Life goes on. Let hh employ kalyaya as his farm governor since he loves him so much.kz
Kalyalya cannot be a hero today having spent 5 years in the administration. He is one of the reason we here today
ECL is playing Russian roulette with the economy. I dont want to celebrate PF digging it’s own grave because the impact of such *****ic actions affects ordinary people who with inflation will pay more for mealie meal with less income.
It is very sad for people to think the K10 billion was just sitting at the bank and was ready to be disbursed but DK refused. This shallow mindedness is responsible for the current state of the economy. It is also sad to see tribalism being brought into all this, do you expect the opposition and HH in particular just to keep quiet on the matter because he will be accused of tribalism?
This is a call to all citizens loyal to the Republic of Zambia to stop, think and ask questions, of the non institutional, non legal platform of disbursing “empowerment” under the veil of the so-called Presidential Empowerment Fund Initiative (PEFI) – said to be sponsored by President Edgar Lungu.
Levy Patrick Mwanawasa (RIP) is remembered for his unrelenting crusade against politically motivated corruption by high ranking government officials.
FTJ (RIP) was one of his principal victims. The former President had set up a Presidential Slush Fund, similar to what President Lungu has done, which used to receive millions of US dollars from the Ministry of Finance, for the president to administer as he pleased – no questions asked. The result was a multimillion dollar trial involving 168…
Ba Lungu learn from this Son of the soil. Read below; Mwanawasa took office as President of Zambia in January 2002 after defeating ten other candidates in the 27 December 2001 election. He immediately set out a clear vision for his presidency in a mission statement where he pledged to “provide continuity with change. In the interest of our Nation, Zambia, and the common good, sacrificing all and expecting little in return, I wholeheartedly commit myself…to serve Zambia and Zambians to the best of my ability with loyalty, honour and integrity with all my heart and strength, with love and justice, with consideration and compassion, with commitment and dedication and in collaboration with all stakeholders, women and men of goodwill, to give fresh hope to our people, to create opportunities…
just action two fire tenders to our neighbouring countries and c how much we shall raise
Zambia, ha a lot of revenue streams to finance its own programs. We cant print money as that is very expensive exercise as well.
Look that the Antonio mwanza = Zambian citizen spewing his tribal hatred ……???
Antonio mwanza be very carfull , you will be held accountable for fuelling tribal hatred…
Go on Chris Mvunga…u can do this…start by releasing funds for pensioners = votes for PF….PF 2021!!!!
The other guy was fired for stating that Zambia’s Economic Conditions have Worsened and Prospects for Growth are Weak. This is a the truth. Zambia is a failed state because it has no capacity to protect tax revenue right now, all they think about is spend ,spend,since this is the way they steal money.
Denny did his bit and can move on. He could easily get another job even abroad where he was before but for some of us, we hope this decision will benefit the whole country. I think this marks the end of Jacob Mwanza’s ‘babies’, namely Caleb Fundanga, Situmbeko Musokotwane, Denny Kalyalya. In all honesty, I don’t think these guys have done very badly for the country.
Lungu sought none of your concent when he appointed kalyalya,so he needs no approval of any of you talking too much Zambian here…politics are not meant to enrich the masses,so very luck that you were even imformed of his (decision) not deliberations remember; former or new governor they are all the same since they can only do as told by him period.
This is what politics does, the Kwacha is going to be worse than toilet paper. K10 Billion today exchange rate is $520Million there is no such amount of funds in the reserve. Watch if this goes through, there will be kafwafwa on the exchange rate, the Rate of a dollar to kwacha will shoot up it will get to over 20kwacha this is not a joke. Idi amin dada fired his governor when he was asking for funding and there was no money and here is Chagwa, he is doing the same thing. What a useless leadership that does not understand economics.
By the way, has there been a break down of how all those COVID – 19 donations are being spent?