Impact of COVID-19 on economy to be worse than expected – Kanyama

ECONOMIST Chibamba Kanyama has called on the Central Bank to double the K10 billion medium-term refinancing facility after completion of disbursement following the benefit it has had on the economy. And Kanyama says the impact of the COVID-19 pandemic on the country’s economy has been exacerbated by the structural weaknesses and constraints that existed prior to the pandemic, such as the high debt levels. In response to a query, Kanyama said the refinancing facility had become an effective strategy for struggling companies despite the slow uptake at the time it was introduced. “The Bank of Zambia COVID-19 Fund [medium-term refinancing facility] is slowly proving to have some significant impact on the market. The initial uptake was slow but now appears…...