Minister of Finance Praises Zanaco’s Significant Dividend Contribution

By Mumbi Kalimba Kaseshya

Lusaka, May 24, 2024– The Minister of Finance and National Planning, Hon. Dr. Situmbeko Musokotwane, has expressed profound gratitude to Zanaco for their substantial financial contribution to the nation during a dividend announcement ceremony held today. In the presence of prominent figures such as the Accountant General, Mrs. Nsandi Manza, Permanent Secretary for Budget and Economic Affairs, Mrs. Mwaka Mukubesa, and Zanaco’s CEO, Mrs. Mukwandi Chibesakunda, Dr. Musokotwane highlighted the crucial role of Zanaco’s dividends in bolstering the country’s fiscal stability.

Dr. Musokotwane commended Zanaco for declaring a significant K131,615,868.13 million dividend, reflecting the bank’s robust financial health and prudent management. He noted that Zanaco’s consistent performance and value delivery to its shareholders, including the Ministry through the Industrial Development Corporation (IDC), is exemplary.

“Today’s dividend declaration marks an increase from the over K89 million and K77 million declared in the 2022 and 2021 financial years, respectively. Over the past four years, Zanaco has distributed a total of K315,978,554.27 in dividends,” Dr. Musokotwane stated. He emphasized the importance of these dividends in enhancing the nation’s fiscal space amidst current liquidity challenges.

The Minister highlighted that in a period of economic difficulties, dividends from companies like Zanaco are vital for the government’s efforts to maintain financial stability and promote sustainable economic growth. These funds support essential public services, infrastructure projects, and social programs that benefit all citizens.

Dr. Musokotwane also urged other companies under the IDC to emulate Zanaco’s example by prioritizing strong financial performance and regular dividend declarations, thereby contributing significantly to the country’s economic development and the well-being of its people.

In closing, Dr. Musokotwane extended his heartfelt appreciation to Zanaco for their unwavering commitment to their shareholders and support for the government’s economic objectives. He called for continued collaboration to ensure a brighter future for all Zambians.

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