Home Zambia News Finance Minister Bwalya Ng’andu warns non-Performing state Firms

Finance Minister Bwalya Ng’andu warns non-Performing state Firms

Bwalya Ng’andu

Government will not continue to pump money in state-owned enterprises that do not provide value to the public. Finance Minister Bwalya Ng’andu says state-owned enterprises that fail to perform will face sanctions depending on the failure.

Dr Ng’andu said that Government investments in state-owned enterprises are aimed at getting a reasonable return to allow the country raise finances to meet other developmental objectives.

He noted that it is necessary that state-owned enterprises update their business plans which should be launched with the support of the Ministry of Finance. The Finance Minister said this when he officiated at the launch of the Zambia National Building Society 2019 to 2023 Corporate Strategic Plan in Lusaka today.

And Zambia National Building Society declared a K1.5 million dividend to Government.

Dr. Ng’andu said the Government’s recapitalization of the Zambia National Building Society has resulted in the Society sustaining itself and enabled it to declare dividends three times in a roll.

Bwalya Ng’andu

And Zambia National Building Society Board Chairperson David Nama said Zambia National Building Society scored several successes in the previous strategic plan which includes signing of an MOU with the Public Service Management Division for special concessionary loans for public service employees to access affordable credit.

Dr. Nama said that the new strategic plan will be used as an instrument for guidance and direction in meeting customer expectations.

Meanwhile, Zambia National Building Society Managing Director Joseph Chikolwa explained that the new plan is aimed at ensuring the organization is sustainable and continues to declare dividends to the shareholder.

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Source: lusakatimes