TERM BUDGET REVIEW UNDERWAY EXTEND LOAN MATURITY PERIOD’ GOVT 8 Tuesday26

Tuesday

I do not want to pre-empt what I am going to say. “We are doing a mid-term

is undertaking a budget review, all those things

mid-term budget will be done and when we are

nesses are review not which making is interview that evoking the SI and ready thereby we will adding bring them a cost out,” to

GOVERNMENT’S CANCEL

money expected to to meet be released their obli- this would provide a relief to com- commercial Dr Ng’andu banks. said.

Bank of Zambia gations week following due to the current project- mercial banks. He Meanwhile, said suspending Dr Ng’andu such (BoZ) should in- COVID-19, Zambia “So Revenue piece of legisla- loans

ed revenue ZANACO deficit of K14.8 Head that stressed literally that he entailed was contem- com- voke a law which Economic Authority Patrick (ZRA) tion and will for pay sure out we have an

billion of Research, the K106.0 billion mercial plating banks on the had new to tax take relief an extends the matu- develop Chileshe, Zambia’s has said. agriculture K2.8 billion emergency Value Mr Rutherford-Smith Added on Tax our hands said so entire

National 2020 Budget. measures loan as for a loss. the business rity of loans as most industry,” Finance Mr Vaughan-Smith (VAT) Bwalya refunds the if the by company aspect end of of would this the coronavi- also use Dr Chileshe stressed that banking results for The Minister, 2020 mid-term community. busi- said Ng’andu, in a statement however month, yesterday. with last week the largest the rus meets funds share the to being significantly definition of ex- an the industries were stressed the first quarter of 2020 budget review made will its be first re- The Minister explained banks should con- markets on SilverStreet Friday are channelled said left Government in limbo to the as mining pand emergency, companies, research then the capability, Central and some of them were not reflect a deteriorating leased this into Zamseed week, says in that before measures were sider investment would the what this issue step a means,” Statutory Mr should extending cancel to Commissioner General, vegetable Bank can Kingsley go seed ahead product and invoke line being able to make adequate macroeconomic Finance and

2018 Chanda, has Minister, continued has Bwalya said. to approved, Government had

US$2.5 The move million existing which gold was loans processing effectfor Zulu Instrument said in an (SI) interview. to offer relief and that piece to meet of legislation. its strategic goal sales to meet their loan obli- environment resolved Ng’andu. the company seed back Mr Chanda with said this ZRA of had becoming as February a regional to take into consideration the ed investment their on Thursday clients contract as last a fiscal week, and stim- offload is He to shares the said financial key drivers sector. of dol“That gives time to banks gations. from the credit impairment Dr commitment Ng’andu in- in latest this year said taking paid in an out its K2 company billion in VAT headquartered re- advantages and disadvantages meant on ulus the to for stock increase businesses market foreign for that reZambians lar demand Dr to Chileshe in suggested Zambian to go to their clients and give “The problem that is there is stocks that institutions have total terview investment that the and Ministry share of the actions. serves buy, have The says which been Bank Emerald adversely have of Zambia dwindled and affected (BoZ) Semi-Precious to market that BoZ include funds. should Central invoke Bank SI Zambia them — time Dr to Ng’andu. pay, because BoZ that currently if a bank is go- provided. was currently in “All Zamseed undertaking I can to confirm over a is that “ZAMSEED we have con- produces high “These measures, we sit, ar- about Stones by on Banks Mining have had Association their first of Zambia the April US$1.4 current 3 billion. this coronavirus year, an- purchases No 42 for 1996 debt section service 18, has evoked the law, it will not ing to suspend loan payments K560 mid-term million. tinued term budget refunding and mining a quality companies seed in be- Zambia for gue about them, we reflect and (ESMAZ). (COVID-19), nounced Previously, stimulus only Economics monetary mineral purposes subsection and shoring 4 which up gave of pernalised commercial banks because clients cannot make quarter earnings eroded 2020 Mr budget Vaughan-Smith cause review. it is a statutory said Zambian obligation lion, representing farmers on part and, 22.0 is per- one look at the impact and so on. royalty Association measures ESMAZ tax president, was to of support paid Zambia in Victor financial dollars (EAZ) Kalesha, foreign the said currency Central reserve, Bank powers enerfor breaking the law,” Dr any revenues, the bank is by This knocks brings they SilverStreet’s have taken The So SilverStreet extend Minister of the Capital in provision ZRA. a recent had All refundable for ad- al- of Chileshe cent Zambia’s taxes of said. must Gross most be respected Domestic that I cannot is going pre-empt to suffer that the since it has system was advised. 2017 unfortunate stability while the following that rest local were the people gy demand to who for petroleum and one total from investment downgrade into risk Zambia as they ready dress on invested the refunded. state in of two the other econ- brands. Product would come from process because every mea- being discovered outbreak EAZ paid of in Financial Kwacha. the Covid-19. gold deposits Analyst, had the Non-Performing been agriculture input demand Loans Dr Chileshe feared that the loss because it will have to take since Economist align 2013 their to lending over K2.2 models Strategist, billion. to businesses chased omy (NPLs). projected in “So the a budget country. far we deficit have refunded current domestic “We to have situation a tune revenues, already of would made while in- sure account we take has your an NPL impact as of a Value A Strategist Added away and Tax (VAT) labeled Financial will as illegal for East the Africa Farmer where Input loans Support have “We do not see the into reflect SilverStreet’s the credit rating Chief from of The at some He least UK-based explained K14.8 K2 billion billion firm in or January had 19.7 an great crease and the balance February. strides the number would towards We be of return- NPLs raised to sort. them,” he said. however miners. Mutisunge Analyst, still Mutisunge be Zulu, paid said Zulu, in the com- said loProgram significantly. been extended (FISP). by one year or would the Government lending turnover facility easing as and currenand could giv- loss percent of the in Zulu K106.0 Silverlands billion ing through domestic and exter- “So as the business commu- cal Investment mercial the international currency. rating Officer, agencies, Gary “As facility a country, banks provided should we have consider latitude not even invested market Mr “In come Zulu layman’s players have predicted terms, allocated have that been the another the giv- fa- cy be ing K850 conversions on the tax the company million holidays back would in of to to already its Small not former be ex- and Vaughan-Smith, restructuring for said of Economics the shame Association of selling KCM of to said Ranching National en three 2020 months Limited, March, Budget. so tax a by beef holidays,” end val- of March position nal Medium we financing. would as Enterprises one have of Zambia’s and busi- nity presents certain proposal, out Mr lending Mutisunge rates existing Zulu, to who loans reduce is a to Ministry cility provides of Energy latitude would for churned isting In The liquidity plans as much. have that banks however al- financial Zamseed’s Vedanta assist which Zambia (EAZ). at US$25 million and we have arrangements, not refunded this K2.8 is billion within and a we interview. contin- their Zulu his business said budget in an presentation in interview. Southern we look at it and then we sit would analyst, high clients support said quality cushion the domes- latest seed the manage ue lending Mr chain execution rates to of ebb leading ready ness The had. that will Zambian seed could companies,” market, adversely he be last Ng’andu energy lower move would yet COVID-19 tic EAZ resolved National the Secretary, puzzle surrounding credit the risk ue to appetite refund,” PHOTO shaped he said : in Small by an interview. scale Credit miners rating agencies Zulu, and year, also Dr Silverlands serving as come impacted under by threat the due coronavirus to the and reflect, what it will do, credit. would benefit impact. curb abrupt smallholder volademand Province which Mr will for support currency domestic and as said, said. He had explained for years that suffered there exwas tility farmer’s sale Mutisunge of Kagem Zulu, and warned we that start up the another sovereign risk posture of a Zambia Limited, indicated Mr Secretary, Chanda a commer- that said said of ZRA Covid-19, because Meanwhile, had have recently what will be the impact here, “We forcing this downgraded will re- Government ZAMSEED just reduce Zambia’s Interest experienced project incomes rates to on historically see yet the through mar- more such credit EAZ petroleum National and ultimately purchases eco- change the to no undertake liquidity rate depreciation crisis new initiatives. by the from time which higher mistake and ket credit more appetite of private giving declined shares sector more play- to each a foreign such jurisdiction. a move had He been stressed done the any need collections economic for comprehensive outlook to the coffer,” to CC regard by to small scale mining. grain accountants K106.0 busi- and employed auditors a new on expert a breed- will it achieve the desired goal are could yields currently in and turn hovering a result ro- be- in would cial nomic farming be growth diverted cruited and especially away from in a the billion, “If poor BoZ you execution announced give us a little of interven- energy bit of exchange bust company ers tween time such performance Zambia as at commercial US$2.5 was in downgraded million,” variable banks he said by in Standard “Every in a downgrade Province. Bank consultation in Zambia South before he making said. Fitch certain while Moody’s landed “We on advise our Minister to have a basis er to in assist 2019 with to the support or whatever?” Dr Ng’andu 28 rate and 30 stability percent. in the the ness suppressed currency Central environment market. six months post demand and exK72.0 some tion measures. time, causing you will spikes be able in to said. medium conditions statement. that by credit should rating agencies. restructuring especially build of Meanwhile, accounts. those on Ca its and breeding with This Standards direct Mr program. Zulu and said Poor’s consultative spirit even with us he regards Mr Zulu, term. who be is also an covid-19 Africa. He ZAMSEED’S gets, explained pandemic less that decisions, attractive Managing this reconciliation move period,” bil- he change get “The more rate. information BoZ took because a for- Dr Ng’andu emphasised the already Economist, “With Mr “We Kalesha Zulu are loans is excited also to said small a to it strategist was support business time to Director, empower He lending said William it becomes was impact highly Rutherford- to on unlike- most the economy. the The mining gave the industry country was CCC. cur- as non-factors. We therefore urge the Zambian indicated authorithat fa- would said. result in exchange process, rate he ward-looking “This explained, expert, however was Amsal view contradicts Tesfaye, gauging ties the as cility and they having Zamseed artisanal financial discus small team’s with Analyst. develop- clients. miners Smith, and ly for sectors allow the said Bank and the this “The of company Zambia if most defied unfortunate to could said: rently “This Mr thing reviewing Zulu heralds now stressed is a their new that era busi- such Government to cancel this investment going on it is well. a national question. need to weigh Government was directed priced at the scale 12.5 mines per- stability Mr Zulu in the medium explained term. that the So liberalization COVID-19 I will be able drive credit to of issue risks the revenue and support to busi- to ment an cent “Much “That indigenous and will as expansion the be Zambian role a of plans owned good would company ease lead monetary to using high the policy impairments new Minister rate fund- as (Richard it and in nesses ZAMSEED’S Musukwa) downgrades to suit the who life. current meant is With that low contract it and find a better way of extracting “We that are would engaging grip the Zambian remit whose all spread taxes, over below very and the the Mr relief Zulu be packages warned offered howevby energy (petroleum procuremining something parent in next our line week [this and ness processing before any of measures our gold,” were Mr Kalesha above and, to move Kwacha commercial supervise to that be aligned has banks them, happened buy with is to their oil the in gold ing had and eventually to bottomed. revamp bad the supposed processing debts which to be SilverStreet’s our copper became prices. unattractive investment, to lend market companies inferred from the mineral curve was royalties, an oppor- in er some that commercial the foreign banks exchange were ment) week. to competitive marris- approved and implemented. not to consult us in dollars Government’s auction tunity the growth effective it. engine objective 04 June, every the to for yields to climb down market plant not become in any would Lusaka. way a cost shrink Ministry to and Financial has so decided ZAMSEED to sectors will improve that could and be said. fully linked to to ing agree unemployment, on exact kets (private sector) currency which nation through financing Institutions,” Mr Zulu said in an struggling because the risk

directive for all mines to remit all BUUMBA CHIMBULU COMMERCIAL taxes, over and COMMERCIAL A THE above mineral royalties in dollars will U curb N K10 I the T abrupt billion E D exchange emergency rate Kingdom volatility based in facili- the medium GOVERNMENT term. ty investment has potential ad- to spur visor growth managing in a African suppressed agricultural environment funds, SilverStreet, through lower has funding pumped costs. a K91 million investment into the Zambia Seed Company (Zamseed) to assist expand its operations. BUUMBA CHIMBULU GOVERNMENT BUUMBA CHIMBULU THE

So as the business community presents certain proposal, we look at it and then we sit and reflect, what it will do, what will be the impact here, will it achieve the desired goal or whatever?”