‘ZAMBIA, IMF TALKS CRUCIAL’
ZAMBIA’S negotiations with the International Monetary Fund (IMF) officials who are e pected in the country soon will not be easy as the fund will be looking for key prior actions taken to stabilise the economy.
The IMF last week announced that it will field a staff visit to Zambia in a fortnight to e change data and views on policies Government is undertaking to stabilise the economy.
But Zambia Institute of Policy Analysis and Research (ZIPAR) warned that the negotiations would be difficult as the IMF would be looking for key prior actions such as voluntary home-grown actions which demonstrated commitment taken on fiscal adjustments to stabilise the economy.
ZIPAR research fellow, Ceaser Cheelo, emphasised that the IMF e pected a strong move towards fiscal consolidation.
Mr Cheelo said in July 201 , the IMF’s Article I Consultations report on Zambia emphasised that fiscal consolidation should continue in 2020, to bring the deficit to 3.4 percent of Gross Domestic Product (GDP).
“However in the 2020 National Budget, the deficit was targeted at . percent of GDP.
“Government however did not rein in capital spending, but rather e panded it by between 32 and 181 percent in 2020 compared to 201 , thus programmed the deeper-than-anticipated deficit. This makes for a very difficult negotiation with the IMF,” he said.
Mr Cheelo said the IMF also e pected fiscal adjustment centred on stronger control and prioritisation of public investment projects.
In turn, he said, the 2020 Budget pronounced that the Government had developed a comprehensive system for the appraisal of projects to strengthen the management and implementation of public investments.
“To the IMF, the credibility of the 2020 pronouncement will therefore rest on the e change of data on actual work done towards realising the new policy direction of constituting a multi-sectoral Public Investment Board,” Mr Cheelo said.
He however said news that Government had engaged the IMF for talks to e change views about strategies for stabilising the economy was welcome.
Mr Cheelo said the IMF visit to Zambia signified that the Fund was willing to come back to the table to talk.
“Pursuing and successfully securing an IMF supported programme is precisely what ZIPAR has been consistently calling for all along, since late 2016,” Mr Cheelo said.
Head Corporate Affairs, Brand and Marketing, Christine Matambo, said many clients had signed up for the Standard Chartered Bank mobile application, demonstrating the high demand for digital financial services in Zambia.
Ms Matambo said in an interview in Lusaka that the response from customers had been overwhelming as the bank had seen the number of accounts opened per month more than double since it was launched in June this year.
“Since we launched close to 100, 000 people have signed up for Standard Chartered Mobile Application this demonstrates the high demand for digital financial services in Zambia, and the appetite in this market to embrace new technologies,” Ms Matambo said.
And to recognise Zambia’s Independence, Standard Chartered has launched the ‘Total Freedom’ Fuel Campaign, which will reward clients with up to 2 litres of fuel.
“One simply needs to download the SC Mobile app, open an account and fund it with K 00 to stand a chance to win up to 2 litres worth of Total fuel vouchers during the month of October,” she said.
Ms Matambo said following the successful launch of the first-ever digital bank in Zambia, the bank had introduced additional features to make it even easier to open an account within 1 minutes from the convenience of one’s Smartphone.
“Last week the bank announced that it is no longer mandatory to provide Proof of Address to open a Current account K20, 000 limits or a Savings account K18, 000 limits on the digital bank,” she said. The bank also recently introduced the SC Keyboard feature on the app, which allows clients to transact without leaving their social chat platform.
IZB Managing Director, Maheshkumar Bansal, said the bank was aware of the digital platform which had simplified the way business was conducted in the banking sector.
Mr Bansal said IZB was investing heavily in the digital platform while planning to improve customer service in the ne t 10 years.
He was speaking in Chongwe after the bank donated assorted items and computers to vulnerable children at Fountain of Hope Orphanage School worth K100, 000.
“Indo Zambia is present in all the 10 provinces of Zambia and we have 33 branches in Zambia. On the digital front the bank has invested heavily in digital platforms such as mobile and internet banking.
“We have invested a good amount of money on a digital drive, we are upgrading our internet banking platform,
AI E Africa and Finablr have entered into a partnership that will see the two companies bringing together their complementary capabilities, aghunath Mandava, the chief e ecutive officer of Airtel Africa has said.
Mr Mandava said Airtel Africa mobile money operations would be integrated with Finablr’s technology platform and global network to facilitate seamless inward and outbound cross-border payments. Finablr is a global platform for payments and foreign e change solutions.
He said the arrangement would allow customers to leverage Finablr’s global network to send money from over 100 countries into Airtel Money mobile wallets across Africa.
“Airtel Africa will leverage Finablr’s technology capabilities to develop and deploy digital solutions, enabling African e patriates to settle payments into Airtel Money wallets in real time through the Airtel Money mobile app and the Airtel Africa online portal.
Meanwhile, Finablr Gropu chief e ecutive officer, Promoth Manghat, said the company was delighted to partner with Airtel Africa to deliver affordable and reliable payments services to customers. “Together, building on the strength of our technology platform, we are delivering fintech at scale thereby empowering consumers and businesses across the continent.
IND Zambia Bank (IZB) has this year invested over K1 million in upgrading its digital platform meant to improve customer service while ensuring that the institution remains competitive in the market.
and we already have a mobile banking platform that we are upgrading ne t year,” Mr Bansal said.
IZB, Mr Bansal said, was fully aware of new digital re uirement and that the bank was complying.
He said the donation was meant to contribute to Independence celebrations which should be celebrated by all.
The donated items included mealie meal, cooking oil, computers, and school stationary.
In receiving the donation, School Principle, Sichizya Nkumbu, said the computers would assist to broaden Information Communication Technology (ICT). Mr Nkumbu said the school had been facing shortage of computers, thereby not allowing more pupils to participate during the ICT classes.
“This is one of the rare occasions that we e pect. This time when we talk of ICT, it is compulsory in schools and the challenge that most schools are facing is having enough computers to carter for all students, he said.
School Home Manager, Dora Changala, said 140 children were being taken care of. Ms Changala e plained that 12 out of the 140 lived within the school homes.