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Zambian president, Hakainde Hichilema, launches booster loan scheme for marketers

Published

2 years ago

November 18, 2022

Zambian President, Hakainde Hichilema has launched a special funding programme to boost loans for marketers countrywide.

President Hichilema floated K171.5 million worth Citizens Economic Empowerment Commission (CEEC) on Thursday, stressing that the booster loans are another way of creating a revolving fund for the marketers.

“We ignored for many years those that made the trade possible between the producers, farmers and other manufacturers through the market. Through those people we were able to feed our families every single day,” President Hichilema said.

While noting that marketers have been neglected for a long time despite being instrumental in Zambia’s economy, president Hichilema said the loans are a demonstration of the government’s enduring commitment to serve the Zambian people by creating tangible opportunities for economic empowerment.

The president urged the loan recipients not to consume the money but instead use it to grow their businesses.

“But the important issue is now that this facility will allow the marketers not to extract payments such as school fees, costs such as examination fees, they can retain that money in their business as working capital and grow,” Mr. Hichilema said.

Being the first African country to default on its external loan during the COVID-19 era as it struggled with debt that reached 133% of GDP at the end of 2021.

Zambia is currently driving towards many moves to revive with economy, but the moves are largely external. The marketers’ loan initiative is therefore laudable as an internal too towards Zambian economic recovery.

Related Topics:Featured Hakainde Hichilema President Hakainde Hichilema Zambian

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Moroccan annual inflation rises to 0.8% in November

Published

22 hours ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”