Bank Of Zambia Urged To Change Covid-19 Stimulus Package To A Grant

The Northwestern Chamber of Commerce Trade and Industry (NWCCI) has urged the Bank of Zambia to change its K10 billion stimulus packaging from a loan to a grant.

NWCCI President Mukumbi Kafuta worried it would be difficult for businesses to benefit from the stimulus package as they might struggle to repay the loans. 

“Most business owners already have loans and are having challenges to pay back making them more vulnerable through this coronavirus period,” he said. 

Mr Kafuta also suggested that the Bank of Zambia ease the conditions to access the stimulus loans as financial service providers have made them too rigorous.

The NWCCI has made recommendations to the Ministry of Finance to ensure all businesses are supported through the pandemic. 

In his recent address to the nation, President Lungu announced that the ministry would be simplifying the process for businesses to access the K10 billion provided by the government. 

The president admitted that the application process had not been properly communicated to business-owners.