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I wish to announce that the Government has through the Public Service Micro-Finance-Company disbursed K70 Million at 5% interest rate, to 4, 000 Civil Servants spread in 74 districts across all the 10 provinces of Zambia.
The available funds for the public service loan scheme in 2014 is K107 Million of which K100 Million is the budget provision for the year and K7 Million are carry-over funds from 2013.
For the first quarter, the Public Service Micro-Finance-Company [PSMFC] has so far received K25 Million from the Ministry of Finance, of which K21 million has already been disbursed.
I also wish to take this opportunity to announce that the Board of the PSMFC has approved the Business Strategic Plan for the company for the period 2014 to 2016. The Strategic Plan is targeted at developing public service friendly products and customer service innovations. The plan will also aim at developing systems and procedures which will ensure that there is efficiency, effectiveness and monitoring in the loan empowerment process, for the benefit of civil servants in all the provinces of Zambia.
The loan disbursements commenced in September, 2013
Mubanga Mwiko, Mr.
Chief Executive Officer
PUBLIC SERVICE MICRO-FINANCE COMPANY