By Scoop Reporter
PRESIDENT Edgar Lungu has expressed worry that the modalities for accessing the K10 billion set aside as Corona Virus Disease (COVID-19) economic recovery fund has not been adequately explained to intended beneficiaries.
Speaking during the national address on COVID-19 this afternoon, President Lungu directed the Ministry of Finance to ensure that modalities for the acquisition of the fund are urgently communicated to would-be beneficiaries.
He also says collateral demanded from the intended beneficiaries, who are small and medium businesses, must realistic.
“So far, I am aware that the modalities of disbursement of the K10 billion under the Bank of Zambia have not been adequately communicated to the would-be beneficiaries, such as schools, gymnasiums, nightclub owners, cinemas, restaurants, and bars.
“I am, therefore, directing the Ministry of Finance to ensure that the modalities are urgently communicated and the collateral demanded from the intended beneficiaries are realistic,” President Lungu said.
In his previous address, President Lungu announced the creation of an economic recovery fund and directed the Ministry of Finance and other relevant ministries to consolidate resources to be disbursed to small and medium businesses, women groups, and the youth who have been the hardest hit by COVID-19.