Accordingly, the Central Bank will continue to promote development initiatives through co-ordinating credit delivery activities among the government, financial institutions, foreign donors and beneficiaries. In 2007, the Bank will expand its outreach under existing micro finance programmes, for families in poverty in various parts of the country, with the assistance of lending institutions and other support groups. New and improved poverty focused micro finance programmes will be developed through self-help group mechanisms, while encouraging savings habits and ensuring credit availability for diverse economic opportunities. The Central Bank has also recognised the vital importance of foreign remittances in supplying funds for investment. Thus, the Central Bank will continue to assist both the Bureau of Foreign Employment and the banking sector to attract remittances to Sri Lanka through the formal banking channels. The ambitious awareness campaign embarked by the Central Bank in 2006 will continue with greater interest in 2007, with the aim of raising the level and quantities of remittances significantly. We will also continue in our efforts to support financial markets during the year. The public debt management policy of the Central Bank will be reformulated to develop and strengthen the government securities market, enhance the efficiency in the debt market and access to finance, and maintain a proper balance between commercial borrowings from local and external sources. Towards such objective, the Central Bank will continue in its efforts to strengthen the intermediary participants in the government securities market, and continue with the debt consolidation process while expanding the investor base in government securities. 8.

Every economic unit needs the services of a booming insurance sector, through your brokerage, for them to contribute more to economic growth and development. In this regard, I wish to urge you to continue facilitating and promoting investments in the insurance sector. Mr Chairman, allow me to point out that, in order for you to contribute positively to the development of the insurance sector in the country, it is imperative that you carry out your work in an honest manner, maintaining the highest degree of integrity, only then can your firms become credible enough to attract business from the public and private firms operating in Zambia. One of the most important attributes of a credible insurance broker is the ability to remit funds to insurance companies on time. As intermediaries between clients and insurance companies, you are entrusted with a heavy responsibility of looking after other people’s funds. Clients pay premiums due to insurance companies through insurance brokers. To enhance credibility of your institutions and contribute to the growth of the insurance industry, I would like to urge you to ensure that you remit your clients funds to insurance companies on time and as agreed. Delays in remitting funds may tempt you to put such funds to other uses which may lead to default and erosion of the integrity upon which your intermediary role is based. Mr Chairman, Zambia has come a long way to attain the current macroeconomic stability and economic growth.