BoZ stimulus package widens support

BUUMBA CHIMBULU writes@SunZambianTHE Bank of Zambia (BoZ) will re-channel K3.5 billion stimulus package to other interested parties after an institution, which had earlier applied for the funds decided otherwise.This is from the Targeted Medium-Term Refinancing Facility (MTRF).The BoZ also indicated that more than K1.8 billion had been disbursed to six commercial banks and five non-banks.According to the central bank, the K3.5 billion would now be rechanneled through other Financial Service Providers (FSPs).This is contained in the latest MTRF update report released yesterday.In the report, BoZ indicated that it had received applications worth over K10 billion from the FSPs under the MTRF which was initiated in April this year.The K10 billion MTRF is meant to provide financial support to businesses and households during the Covid-19 period.The latest report however indicated that an application worth K3.5 billion, out of those received amounting to over K10 billion, had been withdrawn.According to the report, the central bank currently has applications worth about K7.1 billion.The report indicated that the central bank had approved over K5.8 billion to both commercial banks and non-banks.“The funds were approved for 10 commercial banks and 11 non-banks,” the report said.As at September 22, 2020, Atlas Mara Zambia was the main beneficiary from the disbursed funds with a total of K533 million, followed by Stanbic Bank Zambia at K494.4 million.The report indicated that Indo Zambia Bank was the third beneficiary with K320.9 million, followed by Access Bank Zambia at K99.8 million and First Capital Bank at K61.0 million.Absa Bank Zambia was the lowest at K17.1 million. The Sun