Government says its keenly exploring means of settling the three billion dollars Euro-bond loan.
Finance Minister Bwalya Ng’andu has however bemoaned the negative response by the G- 8 countries’ creditors to defer the payment period.
Dr .Ng’andu says the country has been unable to swiftly settle the debt due to the harsh economic challenges exacerbated by the Covid -19 .
He said this in Lusaka last night during the Award Ceremony for Insurance Companies in various categories of business line.
Dr. Ng’andu urged some insurance brokers to merge for them to improve in their business.
He said proliferation of certain businesses in the sectors does not sometimes yield positive result due to competition for market.
At same function Pensions and Insurance Authority -PIA Acting Registrar Tresford Chiyavula urged insurance companies not to engage in unhealthy competition.
Mr. Chiyavula also urged insurance companies to put up efforts to enhance their credibility.
Meanwhile, Insurance Association of Zambia President Christabel Banda appealed to government to come up with the Insurance Act to effectively guide the operations of the industry.
Professional, NICO, Zambia State Insurance -ZISC and Hollard were the insurance companies that scooped awards in different categories.
Meanwhile, Lusaka Insurance Expert Hazel Malambo scooped the Chairman’s Award in recognition of her consistence in the Insurance Industry.