Zambia: GOVT in A Hurry

Government says it is in a hurry to deal with constraints to private sector investment and growth in order to elevate the economy to higher levels of growth.

Finance and National Planning Minister Situmbeko Musokotwane says investments in Parastatals must expand strategically and make profits so that job-creation and social sector expenditure needs are fulfilled.

Dr. Musokotwane was speaking when Indo-Zambia Bank Chairperson Michael Gondwe and his delegation held a bilateral meeting at the Ministry of Finance Headquarter in Lusaka today.

The Minister commended Indo-Zambia Bank as one of Government’s good investment stories which has been growing and posting profits consistently for many years.

Dr. Musokotwane applauded the Bank’s governance structure whose focus has been an effective instrument in enabling the institution to favorably compete in the financial market.

He said in the last five years, Indo-Zambia Bank has paid over 2 hundred and 35 million Kwacha in dividends through Industrial Development Corporation and an additional one billion Kwacha in taxes.

And Dr. Gondwe who is also former Bank of Zambia governor said the transformative nature of the 2022 National budget will respond to the country’s economic challenges.

Dr Gondwe was accompanied by the Bank’s Managing Director Kowdichah Shashidar and General Manager Godwin Ngoma.

He pledged the readiness of Indo-Zambia’s Joint Venture Partners, Board, Management and staff, to collaborate with the Government and ensure that the Bank aligned its strategy with the priorities set in the 2022 National Budget.

And Mr. Shashidar took time to outline the performance of the Bank over the last years.

He said the Bank had posted a 3 hundred and 40 percent growth in the total assets from 2.9 Billion in 2016 to 10 Billion in 2020.

Source: ZNBC

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