A local economist has urged Zambians to harness and help sustain the status of a middle income country reclassification so that the grassroots can feel the benefit of the status.
Economist Edmond Soko said in a statement to ZANIS in Kitwe that it is justifiable for Zambia to move to a higher status considering the current economic successes that it has recorded.
Mr. Soko said the infrastructure development being seen around the country and the increased capital inflows in the mining industry, construction,and agricultural sectors among others are indicators of economic growth.
He stated that several economic successes that Zambia has been recording in the recent past, has earnestly convinced the World Bank and other international institutions to re-rate the country to the category of middle income nation 19 years before the planned period of 2030.
He said the reclassification of Zambia as a middle income country has come unexpectedly but at the right time especially that everyone thought the developmental sentiments by government and economists were part of the election propaganda.
Mr. Soko said the fears by some sections of society that the country might lose out part of the donor aid after this rating are not justified because a country can not entirely depend on donor aid forever but gradually wean economically.
He said that is why it is important to harness this status and consistently sustain it for a long period of time so that the grassroots can feel the impact of the middle income status.
Zambia and Ghana are African nations that the World Bank has reclassified as middle income countries.
The two countries are ranked 27th and 28th respectively among 63 countries which the World Bank has reclassified as middle income countries.
ZANIS
Nga ba kateka ba Sata becomes president, we will be the richest country in Africa after 90 days.
We need employment so that we can have food on the table! Not middle income!!!!
we need food employment and food on the table!!!!
IT IS LOWER INCOME MIDDLE INCOME NOT FULLY FLEDGED MIDDLE INCOME *****S.
What is low middle income? Don’t confuse the masses with economic jargon what people want is bread and butter on the table not semantics!
Zambia is headed for the right direction. RB you have my vote. No way will I risk the future of this country and the progress it is making by voting for a directionless sickly snake with no vision for the future. Kudos to the diligent management of the economy by the capable team led by H.E.R.B. Let pf keep the Manganis of this world who can not even look after their wives, while MMD makes Zambia the envy of Africa.
So RB did that in a space of 3 years??? SMH…even buffoon RB is surprised by this news after all he’s been chewing, as everything is on autopilot, thank Mwanawasa (MHSRIP) they laid the foundation which that fool destroyed!!
#5 What planet have you been on? Have you heard of bumper harvest? Do you realise that Zambia is one of the few African countries to witness a drop in the price of food due to low inflation which means that more people have more money in their pockets? I think people like you believe that if you deny the reality of the positive changes happening in Zambia hard enough, somehow Satan will become president. I really pity for you when you are left with no choice but to face up to the reality of another MMD victory.
Ubunonshi wachino chalo wabafye pamapela kwati aya balembelepo ati “Middle Income”
Don’t mind these “Bean Counters” the economists just good at jargon and reading data..give them a business to run and he will sack everyone, say the company turned over a profit.
If you want to develop a country get your heads down and ignore all this useless data, those lobbyist at the World Bank and IMF, then get on implementing formulas that work for you like Brazil has done.
Zambian must fully particpate in this national economic develpment discussions lest we get cheated by international tricksters.I refer to the comment pasted on Mr Peter Ngandwe Magande’s face book explaining the effects of this clasfication and a s to who it benefits more. Previosuly we used to live these analysis to politicains but by so doing , we simply find our selves cheated and unintended beneficailly now have taken zambia for granted.Our old leaders rarely undersand some of these economic terminologies and agree and commit Zambia to time wasting or economic procrastinating processes.
This middle income nonsence is just on paper.
Is Zambia no #27 or Ghana is no #27?
they trying to trick us with smoke and mirrors. This outsourcing MMD must goooooooo. Zambians need to regroup and put this 20 yr loss past us. Look at our emarald mines. Zambia is in the top 5 of best quality gems and mother Zambia has since produced gems worth billions of dollars, has zambia benifited ? no chance, that is the MMD way only 10% of zambias wealth remains in Zambia.
Yeap these world bank are just misleading us.
From the comments above, it seems RB still has a long way to satisfy Zambians. One would only hope it can be done in 90 days – this translation of ‘Middle Income’ to ‘real income’ – people have lost patience! Stark message to Mr Vasco DaGama
If a dull corrupt joker like RB can blindly stumble into this so called “Middle Income” (all compliments of copper price raise) reclassification by these colonists at the World Bank and IMF…imagine what a hard working hand-on President like Mr. Sata can do!!!Â
This country will never develop with the begging syndrom of wanting somebody give you a job and food.The government should have limits,never subsidise poverty to extremes or else the country will fall in the same poverty.The government should instead subsidise productive sectors that will add value to the economy.Those energetic who cant find themselves what to do must die.
Mwe ma Sata worshippers bali mi lowa. You’re bewitched! Just look around and see the houses individuals are constracting, it’s unprecedented! All this denial u’re in comes from the brain washing Mmembe has done on you in the past 3 years..
I quote: ” Mr. Soko said the fears by some sections of society that the country might lose out part of the donor aid after this rating are not justified because a country can not entirely depend on donor aid forever but gradually wean economically. ”
The thing is that Zambia receives donor aid, INSTEAD of collecting taxes. So does this mean the government is finally shifting it’s position on the collection of ALL the taxes due from the mining industry.
And by the way, if any of the miners have ‘negotiated’ low or no taxes, by paying a BRIBE to any Zambian official, if they are US or even Canadian citizens, they have committed a felony – they will go to jail if convicted. Relevant law would be the Foreign Corrupt Practices Act (USA).
In Canada, there is the “Corruption of Foreign Public Officials Act”, which interestingly went into effect in 1999, the same year the World Bank forced the Zambian government and Finance Minister Edith Nawakwi to sell off (‘privatise’) the mines.
In Canada, there is the “Corruption of Foreign Public Officials Act”, which interestingly went into effect in 1999, the same year the World Bank forced the Zambian government and Finance Minister Edith Nawakwi to sell off (‘privatise’) the mines.
Equinox is listed in Canada and Australia. First Quantum Minerals has it’s HQ in Vancouver, BC.
17 Nakucha,
” This country will never develop with the begging syndrom of wanting somebody give you a job and food. ”
Maybe so. However, we should take into account that even in a developed economy, most people work for someone else. There are only a limited number of entrepreneurs.
One big constraint on entrepreneurs is access to capital. And with 24% lending rates, the banks are not helping. Bring back lending rates, at least for entrepreneurs, and a lot of (Zambian) businesses can be created.
The real question is why lending rates are this high, and aren’t coming down even though inflation in single digits.
This is progress for Zambia not just for MMD supporters, but it needs to translate to food on the table. Anyone denying that has no heart
MIDDLE INCOME-K 4,800,000.00 T0 K 15,400,000.00 PER YEAR PER ZAMBIAN.SO YOU MUST FIND YOURSELF WHAT TO DO IF YOU ARE TO EARN THAT KIND OF MONEY.COSTERN CHILALA FOUND LOVE IN FARMING AND TODAY IS A BILLIONAIR IN KWACHA TERMS. HE HAS NOT WORKED IN ANY COMPANY EXCEPT HIS.
its a pity when you dull…u cant get it when a country is moving forward. ur perception is that Zambia will only develop if SATA is president i pity our people. As an individual i wll cease every opportunity wether middle income or not continue complainig
# 18 Smurf
Individuals building houses with out town planning schemes does not mean development. Were is the infrastructure for the country ? is “Just look around and see the houses individuals are constracting” all that zambia can show for all its wealth after 20 yrs of MMD. Those house dont even have roads leading to them. You are right all i can see is mansions being build without services and shopping malls selling all SA goods, and hundreds of thousands youth standing at tuntembas part of the 80%unemployed. And you think those houses being built shows we are developing.
@ #21 MrK
If you are getting a lending rate of 24% today in Zambia, then you are not prime…sorry.
Coming to the story. Firstly, we must understand what the reclassification is. Zambia is reclassified as a Lower Middle Income Country. The vision 2030 seeks to achieve Higher Middle Income status so we still have some time to go. That said, the reclassification is indisputable evidence that the economy is headed in the right direction. This is great news.
I agree though that Zambia cannot and should not depend on donor aid indefinitely. Dr. Musokotwane has spoken on this. Zambia is on a growth path and no one should disturb this momentum.
Every Zambiam knows we have an emareld mining industry. But what every Zambian does not know is that these gems are some of the best in the world and can could generate billions of dollars. Those mines have been sold off to foreigners by MMD since thay came to power with zambia gaining next to nothing. sata will put these grave injustices by MMD right and make sure Zambia benifits from her natural resources. just give us the date for your depature RB instead of these usless figures while our pipo are suffering and our country is being striped naked.
Middle income country is a pipe dream less than 5 miles from the State House people are still using pit latrines and they have no water in their houses.Less than 1 mile from where the President lives is UTH which is a butcher house under-staffed, dirty wards and no Meds.
Good afternoon
I personally don’t trust the World Bank and their ratings either. Like any other Bank, they have a tendency to punish savings and reward debts – on a global scale. Fact is that if the Zambian economy was performing exceptionally well, we would not need them nor their ratings. In any case, don’t we have enough other local economists who are able to work out their own analysis without reyling on international ratings?
I couldn’t agree more!!