Posts in category: Uncategorized

By OLIVER SAMBOKO

PARTIAL withdrawal of pension benefits by members of the National Pension Scheme (NAPSA), will not only provide for access to finances but will also promote financial inclusion among citizens, the Civil Society for Poverty Reduction (CSPR) has observed.

CSPR executive director Faides Tembatemba, said the organisation is elated that President Hakainde Hichilema has signed the National Pension Scheme Amendment Bill of 2023 into law, which allows for the partial withdrawal of pension benefit.

She said the development will enable citizens to invest the funds into various ventures and assets that will increase their income and improve their wellbeing and consequently creating jobs thereby contributing to the country’s economic development agenda.

She said the new law presents an opportunity for Citizens to invest in agriculture and food processing.

She also urged government and other stakeholders to enhance the promotion of financial management especially for vulnerable groups such as women and youth.

Ms Tembatemba said Zambia has been dealing with the legacy of years of economic mismanagement, with an especially inefficient public investment drive and with the signing into law of the long awaited NAPSA amendment Bill, the country is likely record reduced poverty levels.

She said reduction of poverty levels in the country has been very slow resulting in the country to record inequality, and malnutrition that are among the highest in the world.

“Furthermore, Zambia is in debt distress, this has driven majority of Zambia’s into destitute especially with high unemployment levels,” she said.

She noted that Zambia remains one of the least developed countries in Africa, with 54 percent of the population living on less than $1.90 a day and an average life expectancy of 63.5 years.

Ms Tembatemba therefore said the new Law has potential to improve liquidity in the country which will stimulate economic activities.

She also said research on the impact of the COVID-19 pandemic on the population shows that it has pushed a substantial number of Zambians further into precarious circumstances and has increased food insecurity.

“In this regard, the CSPR would like to commend government for the initiative it has taken to sign the Bill into Law as this will significantly contribute to the wellbeing of Zambians,” she said.

By NATION REPORTER

CAVEAT that was placed by Government on the retirement house of late president Levy Mwanawasa was secretly removed, resulting into many questions being asked but without answers, it has been discovered.

 THE National Pensions Scheme Authority (NAPSA) has stated that no one should doubt its ability to meet the massive demand for claims made by those seeking to receive their partial retirement payout because it is one of the country’s most financially sound institutions. President Hakainde Hichilema signed the National Pensions Scheme Amendment into law on […]

 THE ruling United Party for National Development ( UPND) have scooped all three seats in the by-elections that took place yesterday in Serenje, Lupososhi and Chililabombwe districts. However, The Patriotic Front (PF) and Socialist Party have described the victory as a State sponsored manipulation outcome which was marred by intimidation, violence and vote buying. In […]

 Powered by the Zambian NEO Laptops.  Pilot Program worth $ 28,000,000 for 10,000 teachers. SMART Zambia has concluded the MOU with Intel and other stake holders to ensure that NO educator in Zambia is left behind. The discussions around the various inputs to be provided for this program began at the recently conducted Innovation Africa […]

The US Supreme Court was poised to wade into the divisive battle over the abortion drug mifepristone with a ruling due Friday on lower court-ordered restrictions on the widely used pill.

By NATION REPORTER

RESIDENT Hakainde Hichilema has demonstrated sufficient zeal to fight corruption but it is worrying that he is the only one talking against the vice particularly that the 2022 Financial Intelligence Centre Report has revealed a significant increase in money laundering and other illicit financial transactions, economist Noel Nkoma has said.

THE millers are right.

We do not think any person running a successful enterprise would resort to underhand methods, let alone smuggling.

The shortage of mealie meal particularly on the Copperbelt as well as the high prices has been blamed on some unscrupulous millers, smuggling their produce into the Democratic Republic of Congo (DRC).

But the Millers Association of Zambia (MAZ) has distanced itself from allegations that some of its members are colluding with unscrupulous individuals to smuggle maize meant for local consumption into some neighbouring countries.

In an interview with Millennium TV, MAZ president Andrew Chintala said no reasonable miller would want to engage in mealie-meal smuggling considering the grave consequences that came with such illegal acts.

We agree.

We do not subscribe to the narrative being peddled by certain political leaders that some millers are smuggling mealie meal at the expense of the local market.  It is being disrespectful.

This is running away from the truth behind the shortage of mealie meal on the market.

Milling companies exporting mealie meal have been doing so openly in line with Government guidelines.

As Mr Chintala explained, “We have modalities in terms of the regulated export arrangement, which is in place so we would like to encourage those that would like to engage into exports to approach the millers and negotiate to see how best they can be supported to do it in a legal manner.

“We do not support illegality and as such, we would like to make a call to our colleagues the state security wings that are responsible to ensure that they provide security and monitor the export arrangement that is in place.”

It should be noted that successive governments have always had stringent policies in place that include making use of the defence forces to patrol the Zambia/Congo DR border to curtail smuggling.

If our collective memory serves us right, none of the seized bags of mealie meal or maize have ever been traced to a milling company.

It has always been individuals with the financial muscle to buy mealie meal in bulk and hire transporters who have been intercepted.

We expect the government officials to look at millers as genuine partners in the country’s development agenda.

They should be respected as people running multi-million Kwacha businesses that are contributing to the national coffers as well as to the country’s food security.

This is why even President Hakainde Hichilema had seen it fit to meet the millers recently and listen to their concerns amidst the shortage.

Moreover, we do not think any sensible miller would like to see social unrest breaking out for that would affect their businesses.

Mr Chintala said millers are working with state agencies to ensure that the smuggling is curbed “and obviously there are measures that are in place and we have sufficient laws that should be applied to the perpetrators of this vice.

Because you see what smuggling does is that it affects and disturbs the market, so it is something that obviously we should not pay a blind eye on because that will affect all these other interventions that Government is making with ourselves,” Mr Chintala said.

THE Zambia National Commercial Bank (ZANACO) has donated K150 000 toward the successful hosting of Ukusefya Pa Ng’wena traditional ceremony of the Bemba people.

Speaking at the cheque handover ceremony, ZANACO head of client solutions marketing and corporate commutation, Chanda Katongo said Traditional ceremonies are not only a catalyst for culture preservation but are also key at boosting the counties revenue in the tourism sector.

Ms. Katongo said ZANACO understands the value that traditional ceremonies bring in supporting the tourism sector and they stand ready to support all traditional ceremonies across all the 10 provinces of Zambia. “As a home-grown bank ZANACO believes that a nation without a history or culture is dead and therefore we need to preserve our history and culture through continuous reminders of who we are, this must be passed from one generation to another” he said. 

She said ZANACO has its presence in all the 10 provinces of Zambia and has the largest branches network and the largest digital network through the country with their press model which they have called ZANACO express.

Ms Katongo said the contribution of K150 000 to Ukusefya Pa Ng’wena was the affirmation of their commitment to the support to preserve Zambians culture.

Ukusefya Pa Ng’wena Lusaka organizing committee chairpersons, Dr. Bwalya Chiteba thanked ZANACO on behalf of the Chitimukulu for the investment that the bank made towards the ceremony and being a supportive partner as always.

Dr. Chitabe said as organizers they have been looking at which value they could give to ZANACO as they have invested toward the journey of successfully hosting the traditional ceremony.

He said the organizers have an effective digital marketing team who are looking at providing opportunities through the various events that they are going to have.

By NATION REPORTER

The answer to Zambia’s debt question is with China and the country’s long-term development prospects are strongly tied to the world’s second biggest economy, former Lusaka Province minister Bowman Lusambo has said.

Mr Lusambo said he was of sincere
hope that the engines of the ZAF 1 Gulfstream G-650 Presidential Jet were
getting ready to take off and fly President Hakainde Hichilema to China to
engage with President Xi Jinping.

“We also know that whether President
Hichilema and his friends from Washington like it or not, ku Beijing kwena
muzayenda baba,” he said.

Meanwhile, Kankoyo Member of
Parliament Heartson Mabeta said out of the US$31 billion borrowed, Zambia only
owes China six billion dollars.

Mr Mabeta wondered how Zambia could
use US$6 billion to restructure US$31 billion.

“The MoU in Washington has a
detailed plan of how much each creditor including China are going to contribute
towards the restructuring of the total debt,” he said.