The Ministry of Finance and National Planning has released K11.6-billion to finance developmental programmes, public service delivery, debt service and wages. The finances released last month include K2.6 billion meant for transfers, subsidies and social benefits. This amount includes 941.4 million kwacha which went to the Constituency Development Fund -CDF- while 795.5-million kwacha went to Community Development Projects and 145.8-million went to Youth and Women Empowerment Programmes. Social cash transfer got 395.2 million-kwacha while hospitals received 278.1 million kwacha. The Ministry of Finance has also revealed that 3.9 billion kwacha was released for the public service wage bill, while 3.3 billion kwacha went towards payment of both domestic and external debt. The Ministry has told ZNBC News in a statement that 450-million kwacha was released for the Farmer Input Support Programme -FISP. Read more: ZNBC
Indo Zambia Bank – IZB has defended its quarter three (3) 2023 record of having posted higher earnings from securities than the core business of making loans. Indo Zambia revealed that despite posting higher earnings from securities than loans, the bank has posted the second-highest loan-to-deposit ratio among the top 10 banks in Zambia, at the end of Q3 2023. According to the latest Q3 quarterly results, IZB’s loan-to-deposit ratio stood out in comparison to its peers, some of which seems to also have concentrated more on investing in government paper at the expense of banks core business of raising deposits and making loans. The Indo Zambia bank’s management team is confident that it can continue to grow its loan book while maintaining a strong liquidity position and upholding its commitment to responsible lending practices. Responding to ZBT on why the Bank is not channeling more funds into the local market through making more loans and advances as opposed to locking more funds in Government and other securities, the bank’s Managing Director Kowdichar Shashidhar revealed that the bank’s deposits consist of both long-term and short-term deposits, with various tools and benchmarks employed to ensure that funds are channeled into the local economy through loans, while also meeting the liquidity requirements of depositors. Read more: Zambian Business Times
Minister of Commerce, Trade and Industry Chipoka Mulenga says the government is working on the policy framework to protect local contractors and suppliers in the country. Speaking at the 2023 North Western Chamber of Commerce Trade and Industry (NWCCI) Business Awards Giving Gala Dinner held in Solwezi District, Mr. Mulenga said there is a need to add value to the contracts that are being given to local contractors. He stated that this will help to develop the economy and improve the living standards of citizens. Mr. Mulenga said government has conducted wide stakeholder engagement and before the end of December the Ministry of Commerce alongside the Ministry of Mines will announce the local content policy framework to protect contractors and suppliers. Read more: Lusaka Times
A meeting to interrogate how the Zambian, Kenyan, Senegalese and Malawian governments utilised the Special Drawing Rights (SDRs) received from the International Monetary Fund (IMF) during the Covid-19 pandemic will convene in Lusaka on Tuesday. The two-day meeting would be led by the African Women’s Development and Communication Network (FEMNET) under its Economic Justice and Rights Programme, with support from the Bill and Melinda Gates Foundation. One of the primary objectives of the meeting was to disseminate findings from the research paper titled ‘Inclusive Economic Recoveries for Africa: A forecast on Special Drawing Rights (SDRs)’ in Zambia, Kenya, Senegal and Malawi. In 2021, Zambia received US$1.3 billion, while Kenya received an allocation of US$737.6 million with Senegal receiving SDR 0.31 billion and exchanged her SDRs for hard currencies to finance public services. Read more: Zambia Monitor
Standard Chartered Bank is optimistic of Zambia’s long-term economic prospects being bright, regardless of the challenges currently experienced in the economy. The institution’s optimism is banked on the positive performance of the private sector, as reviewed by its Chief Executive Officer, Sonny Zulu. This is according to a statement issued on Monday indicating that Zulu talked about his optimism at the British Chamber of Commerce Annual Event held at the Standard Chartered Bank Head Office recently. “Government has done a lot of work around continuing the debt restructuring conversations and attracting investment into growth sectors of the economy such as renewable energy and mining. These efforts will eventually yield positive economic outcomes,” Zulu said. Read more: Zambia Monitor
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