ZAMBIA NOT AMONG 25 COUNTRIES GETTING IMF RELIEF
has been left out of the first list of 25 countries on debt service re- lief under the revamped Catastrophe Containment and Relief Trust (CCRT) under the International Monetary Fund (IMF) aimed at addressing the impact of Covid-19 on the poor coun- tries.
IMF Managing Director, Kristalina Georgieva, said in a statement that the Executive Board approved debt service relief to 25 member countries.
Ms Georgieva said the pro- vided grants would enable poor countries to channel more of their scarce financial resources towards vital emer- gency medical and other relief efforts.
“This provides grants to our poorest and most vulnerable members to cover their IMF debt obligations for an initial
IT
has long been touted that women play a vital role in economic growth and development because of their capacity to generate employment. This observation rings true for Zambia, given the vast number With the of end female of the pandem- ran inic formal still out businesses of sight, governments that if including adequately our own harnessed are putting could up measures to contain the spread
result in the sustainable eco
of the disease with certain coun-
nomic growth in the medium
tries declaring a state of emer-
to long-term.
gency while some have declared a lockdown. In this Countries regard, in it lockdown must be include noted key that trading a growing partners amount and economies of research for shows Zambia that such counas South tries Africa. that fail to address gender
barriers The ongoing lose out pandemic on significant is forc- ing economic businesses growth and governments opportunialike to relook at their ways of
ties. In the midst of Zambia’s working and establish robust mea- response to COVID-19, recovsures to secure a healthy balance between ery must the focus health on of the supporting nation, and the indeed businesses the wealth that of keep the na- the tion. economy Zambia is running. no different. Without
increased Whereas there attention has been to the a gendis- ruption der dimensions in various productive of economic sec- tors development, including the Zambia mining, risks travel, not education meeting its and targets. manufacturing In seeking sectors, there are equally oppor-
to overcome this this challenge, tunities for growth amidst it must be noted that research uncertainty raised the spread of COVID-19. has proven that women have
been A key unable strategy to for gain Zambia the now, same is import productive substitution conditions which involves as men replacing due to a what number would of otherwise issues inbe cluding imported but products not limited with locally to: manufactured difficulties in Zambian accessing products. land, This finance inward-looking and production strategy equipis cardinal to stabilizing the rapid de- ment and materials based on preciation of the kwacha by ensur-
customary law, cultural beliefs ing that we as a country are frugal with that scarce are foreign built on exchange a patriarand will chal in foundation the medium to and long-term uphold strengthen male superiority/dominance the manufacturing base in homes and expand and opportunities work spaces, for as export well led as growth traditional through roles the cre- and ation responsibilities of stronger, more pertaining agile and competitive to duties such local firms as; household that are able to harness regional opportu-
work and child rearing. In this nities for growth. regard, it is interesting to note
The current pandemic has ex- posed the fact that Zambia needs to actively, aggressively and ear
BUSINESSES and individuals whose principal tax, entries and returns were accumulated between April 1, 2020 and September 30th, this year are eligible for the recently announced relief measure of waiving penalties and interest.
The waiver of penalties and interests will apply to all individuals and businesses as well as all tax types, says the Zambia Revenue Authority (ZRA). Finance over the Minister, next six months Bwalya and Ng’andu, will help at a press them conference channel more on April of their 20, 2020 scarce announced financial resources the waiver towards of penalties vital and emer- ingency terest medical on tax declarations and other relief and efforts,” liabilities she said. resulting from the The Zambian impact of economy covid-19. is already suffering Releasing some shocks due to reduced economic guidelines ac- tivities forcing Government of eligito set aside K10 billion credit billine to commercial banks to support small businesses. The IMF chief said under the programme, the IMF would help Afghanistan, Benin, Burkina Faso, Central African ity, ZRA indicated that the waiver would apply to all penRepublic, alties and Chad, interest Comoros, accumuDemocratic lated on principal Republic tax, entries of Congo, and returns The Gambia, between Guinea, 1st April Guinea-Bissau, 2020 and 30th Haiti, September Liberia, Madagascar 2020. and Malawi to “All overcome waivers the of penalty impact and of Covid-19 interest shall on their be granted economies. upon submission Other countries or lodging are of Mali, outMozambique, standing returns Nepal, or Niger, entries Rwanda, and upon São full settlement Tomé and of Príncipe, principal tax Sierra liabilities Leone, for the Solomon preceding Islands, period (Prior Tajikistan, to 1st Togo April) and or Yemen. evidence of a valid Time Ms. to Georgieva Pay Agreement disclosed (TPA) that entered Countries into from under 1st April the CCRT 2020,” ZRA programme said. will be provided with about US$500
ZRA said taxpayers were expected to pay all outstanding principal liabilities within the waiver period could be permitted through a TPA.
The authority warned that any default on a valid TPA would render the waived penalties and interest arising from the voluntary-disclosure re-instated and due for payment.
“Voluntary-disclosures of non-compliance, for any period, such as omitted income or unpaid taxes, made by taxpayers in the waiver period will not attract any penalties and interests subject to full settlement of the principal tax liabilities or generation of a valid TPA,” ZRA said. million ZRA in however grant-based clarified debt that service the waiver relief, would including not apply the to recent cases US$185 under litigation, million pledge active by investigations the U.K. and by US$100 ZRA, penalmil- lion ties provided and interest by Japan arising as from im- mediately an audit or available investigation. resources.
Others, It also indicated big economies that penalthat have ties pledged and interest to contribute arising from to- wards determined debt relief Court programmes cases; and including penalties and China interest and arising the Netherlands. from acts or commission of
fraud She urged did not other qualify donors for to the help waiver. IMF replenish the Trust’s The resources authority and encouraged boost its eligible ability taxpayers to provide to addition- apply for al the debt waiver service online. relief to poor countries for a full two years.