Stop painting negative picture about Zambia’s economy-Ministry of Finance urges Zambians
Ministry of Finance has warned Zambians to avoid painting a negative picture of the country’s economy.
In a statement posted on its official Facebook Page, the Ministry of Finance says Zambians must be objective and truthful in discussing the Zambian Kwacha.
The statement said the Kwacha is not the worst performing in the world as some are being forced to believe.
“Its recent performance is definitely not the worst this country or the world has ever seen. The effects of its turbulence over the last few weeks are understandable avoid falling into the trap of believing that anything Zambian, including the Kwacha is the worst,” the statement read.
“Industrious locals, foreign investors & tourists keep finding opportunities in Zambia because the country is an attractive destination. Most Zambians & other citizens are building houses & acquiring property because the environment is enabling.”
The Ministry says sometimes, certain quarters of the local and international community will feed the public with sponsored toxic information in order to put themselves in pole position for the opportunities that exist in wealth creation and economic emancipation.
“This week, the German Government has disclosed interest from German investors to pump in USD 300 Million in the Zambian Agriculture Economy. This is a sign of investor confidence, especially that the ultimate venture will be the largest German investment anywhere in African agriculture,” it said.
The statement added, “During the GRZ/IMF Media Briefing, the Secretary to the Treasury indicated that our much worried about deficit closed at 5.2% at the end of 2013 while credit to the private sector rose by 4.9% to close at 19.1% at the end of the first quarter of 2014. End 2014 GDP is estimated at 6.5% and will average at 8% by 2017. In addition, the Bank of Zambia, during the media briefing, disclosed that our international reserves have risen from USD 2.7 Billion to USD 3.5 Billion [3.8 Months of import cover].”
It said people should be careful not to fall into the trap of feeling desperate about the economy and doing business in Zambia.