SEC to help councils boost revenue

ZANIS -The Securities and Exchange Commission -SEC- has come up with an initiative to help Local Authorities boost their revenue.

This is being done in partnership with the United Nations Capital Development Fund -UNCDF.

The Initiative dubbed ‘the Municipal Bonds Project’ seeks to address financial challenges faced by local authorities in fostering development at their level.

SEC Chief Executive Officer, PHILIP CHITALU announced this at a media briefing in Lusaka today.

Mr. CHITALU explained that the initiative is in line with the government’s decentralisation policy as it is dedicated at mitigating debt vulnerabilities and economic challenges at local governance level.

Meanwhile, Mr. CHITALU has also disclosed that the Commission has recorded outstanding Corporate Bonds amounting to two point six billion Kwacha at the end of the third quarter of 2024.

He has attributed the increase to the new issuance of corporate bonds of 71 point 8 million Kwacha in the microfinance sector.