By REBECCA MUSHOTA –

CABINET has approved in principle, the introduction of a Bill in Parliament to provide the use of movable assets as collateral and create security interests in movable property, acting Chief Government spokesperson Vincent Mwale has said.
Mr Mwale said the use of movable property as collateral for credit would facilitate increased access to financing for micro, small and medium enterprises.
He said this in Lusaka during a press conference at State House yesterday that a Cabinet meeting was held on Monday this week and chaired by President Edgar Lungu.
He said the legislation would also facilitate establishment of a collateral office and registry under the Patents and Companies Registration Agency (PACRA) where lenders could secure their interests in movable property offered as collateral by potential borrowers.
Government expected this law to help women and youths who usually did not have access to immovable property like houses to use as collateral.
Cabinet had also approved the signing of a Memorandum of Understanding (MoU) between the Drug Enforcement Commission (DEC) and the Drug Enforcement Administration (DEA) of the United States to enhance international cooperation in the fight against drug abuse.
Mr Mwale said that Cabinet approved the signing of the MoU between the two anti-drug agencies to enhance international cooperation in combating illicit drugs.
“The MoU will enhance international cooperation in combating illicit drugs and control over chemical precursors, which are causing substantial harm to people across boundaries,” Mr Mwale said.
He said Cabinet had also approved in principle, the introduction of a Bill in Parliament to provide the use of movable assets as collateral and create security interests in movable property.
Cabinet also approved the Civil Aviation Bill, 2015 for introduction to Parliament to consolidate the various laws on aviation and repeal the Aviation Act of 1995 so as to promote safe, secure and efficient use of the civil aviation.
This would ensure Zambia’s compliance with international standards in aviation.
The Bill was a fulfillment of President Lungu’s address to Parliament last Friday where he announced that Government would take the Bill which would facilitate for the creation of the national flag carrier to support among others, the tourism sector.
Mr Mwale said Cabinet had also approved the Anti-money laundering/countering the financing of terrorism national strategy 2015-2017.
The strategy provided a roadmap on how it would develop and deliver effective outcomes.
The Bill showed Government’s commitment to international anti-money and counter financing of terrorism.
Government also approved the recognition of June 13 as the International Albinism Awareness Day to curb discrimination against albinos.