By NATION REPORTERCOMMERCIAL banks have rejected the K10 billion stimulus package meant to assist businesses survive the current storm caused by Covid-19 by extending relief financial support, citing that the fund comes with too many conditions which will lead to Government micro-managing the institutions.This has forced the Ministry of Finance to increase the number of non-banking institutions to participate in the distribution of the fund particularly to small businesses.The Bank of Zambia has injected a K10 billion medium-term lending facility into the economy to support businesses during the covid-19 period.This is a three-year facility.According to an inside source, the stimulus package will force commercial banks to lend funds at a lower rate, thereby not making enough profit but helping the struggling companies with funds for operations.“Between you and me, no commercial bank has applied for that money,” the source said.The source revealed that so far, no commercial bank has applied for the K10bn stimulus package […]
Banks reject stimulus
