"2 The Federal Open Market Committee lowered the target range for the federal funds rate to 0 to ¼ percent3 and increased purchases of Treasury securities and agency mortgage-backed securities. The Board of Governors created new dollar liquidity arrangements with central banks, reflecting the global nature of the pandemic and its economic disruption.4 Together with other Federal banking agencies, the Board issued regulatory relief and guidance to banks encouraging them to meet the changing needs of customers,5 to use their capital and liquidity buffers to facilitate lending,6 and to access the discount window.7 Perhaps most prominently, the Fed has used its emergency powers in Section 13 of the Federal Reserve Act to establish programs and facilities to keep the economy running.8 The Board of Governors created the Primary Dealer Credit Facility,9 the Commercial Paper Funding Facility,10 and the Money Market Liquidity Facility to provide relief for critical wholesale markets.11 Another facility supports lending to small businesses via the Small Business Administration's Paycheck Protection Program.12 Two commercial credit facilities provide liquidity for corporate bonds.13 The Term Asset-Backed Securities Loan Facility supports the markets for student loans, auto loans, and credit card loans.14 The Municipal Liquidity Facility helps state and local governments and agencies close revenue gaps.15 And facilities specifically targeting "Main Street"16 help sustain retail businesses and may expand to assist nonprofit institutions.17 For the last several months, implementing the Board of Governors' relief initiatives has been the priority of the New York Fed and our sister Reserve Banks.

The Government will continue to pursue policies that would spur growth and assist in lowering inflation below the target. Distinguished Guests, Ladies and Gentlemen, at this juncture, I wish to talk about your role as insurance brokers in economic growth, as the remarkable economic gains that I have outlined above would not have been possible without your contribution. In my humble understanding insurance brokers are independent intermediaries who provide the link between clients and insurance companies. By performing this function, your firms are important economic agents acting in the best interest of clients by providing them with sound and impartial professional and practical advice regarding insurance services. 2  BIS Review 72/2006  The intermediary role that you play undoubtedly makes you critical in the growth of the Zambian economy in general, and the insurance services sector in particular. The advice that you provide to your clients is important because it promotes a more competitive market within the insurance industry. This may includes an analysis of the most suitable firm, the various types of cover on the market and importantly a fair price for the given product. In some instances, you even go as far as carrying out surveys on various insurance products, negotiating prices of those products for your clients and presenting reports to insurance underwriters. Ladies and Gentlemen, with your contribution, and that of other stakeholders, Zambia could easily achieve the national socio-economic goals in the medium to long-term.