• The Board must come up with deliberate strategies to raise funds.
• HELSB cannot rely on recovered funds from investigations of corruption to finance the gaps.
• Corporate entities and NGOs can be approached to raise finances to support deserving students.

An Economist has called on Higher Education Loans and Scholarship Board (HELSB) to come up with other financing initiatives apart from the loan recoveries from Ex-Students as most of them are not yet in gainful employment.
Speaking to Money News, Emmanuel Zulu also urged the Board not to continue relying on recovered funds from investigations of corruption or money laundering to finance the gaps, as there are a lot of needy areas in the economy which need to be financed.
Mr. Zulu stressed the need for the Board to come up with deliberate strategies to raise funds and secure scholarships by engaging Non-Governmental Organizations in a quest to collaborate or raise finances to support as many vulnerable and deserving students as possible.
“It is elating to read that over 2, 000 students have been added to the list of beneficiaries of the loan scheme by the Higher Education Loans and Scholarship Board following the receipt of funds recovered from the Faith Musonda case.”
“However, it is worrying if it has to take recovered funds from investigative wings like the case for Faith Musonda to fill the financial gap for the HELSB to have that number of vulnerable and deserving students added. What if the Faith Musonda case had gone to court and the matter had taken longer than necessary to be determined? Those students who were recently added on the loan scheme wouldn’t have benefited despite being qualified,” Mr. Zulu said.
He noted that the Board plays a very vital role in the country and it should therefore be seen to be more proactive and innovative because Zambia needs the skilled human capital for enhanced productivity in various sectors which will translate to economic growth.
“Deliberate Strategies to raise funds and secure scholarships or sponsorship through partnerships should be initiated or enhanced. The corporate entities and Non-Governmental Organizations can be approached and engaged in a quest to collaborate or raise finances to support as many vulnerable and deserving students as possible.”
Over 2, 000 students have been added to the list of beneficiaries of the loan scheme by the Higher Education Loans and Scholarship Board (HELSB) following the receipt of funds recovered from the Faith Musonda case.
Last month, Finance Minister Situmbeko Musokotwane announced the over K65 million and over US$57,000, funds seized from Ms. Musonda would be channeled to over 2,200 first-year UNZA students who earlier did not benefit from the scholarship loans scheme for the 2021-2022 academic year.