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Alba Iulia
Sunday, April 18, 2021

Zambia to use development finances prudently

Economy Zambia to use development finances prudently

GOVERNMENT will cautiously utilise opportunities for development finance that has been created as a result of the country reaching the Highly Indebted Poor Countries (HIPC) completion point.
Finance and National Planning Minister, Ng’andu Magande, said this when he addressed delegates at the ongoing African Development Bank (ADB) board of governors meeting in Shanghai, China.
Mr Magande said Zambia would encourage investment in growth areas so that future development became less dependent on foreign financing.
The economic policies introduced had resulted into huge private investment in mining, tourism, agriculture and manufacturing sectors, among others.
Zambia was awaiting the creation of the ADB Regional Infrastructure Fund (RIF) so that the country enhanced expansion in infrastructure connectivity with its neighbours.
“To avert this pressure on infrastructure, I call for support from the ADB group and other cooperating partners in financing infrastructural expansion and maintenance in Zambia, especially of the road and energy sectors, in order to facilitate sustainable economic growth,” Mr Magande said.
Mr Magande urged the international community to honour their pledges that 0.7 per cent of their Gross Domestic Product (GDP) would be channelled towards financing the development of transit and struggling economies in Third World countries.
The delegates commended China for partnering with African countries in developmental projects.
Mr Magande bemoaned the high poverty levels in many African countries, saying effective ways of mitigating the impact should be the priority of the development financial institutions.

5 COMMENTS

  1. Please Magande, the Zambian people are looking for the results of the HIPC funds in all the social and economical sectors. I hope on behalf of the Zambian people that you wont use the funds to settel for VULTURE FUNDS. Employment creation should be your focus. This will create wealth for the common man.Your Taxation is still confusing because it lacks a clear economic empowerment. You should give tax refunds for people who contribute taxes in Zambia.

  2. May this Finance Minister give us the people of Zambia answers as to why if the economy is improving is the price of fuel ever on the increase.The tax on a handfew works is the highest in the region? Is this another Magandenomics? Elsewhere in the region the tax band and fuel is cheap and yet we claim our economy is growing, negatively? Plse someone help.

  3. OPEC’s indifferent to whether a country is rich or poor when it manipulates the price of oil. It’s up to the end user country to put in measures to cushion price shocks that inevitably impact the economy, overall. Zambia is very vulnerable in this regard. The reasons are many. Some have said bcoz we’re landlocked. But so is Botswana. Malawi. Right now (with the exception of Zimmbabwe) it’s only in Zambia where a litre of petrol costs more than a $.in the SADC grouping. Notwithstanding that majority Zambians live on less than a $ per day.

    Where’s the problem?

    Poor management. Corruption. Embezzlement. Nepotism. Misplaced priorities. Can’t achieve much where a country has as its foremost policy: institutionalised begging and quick fix policies!

    As for Magandenomics, there can only be one, not several.

  4. excellent points MK. The same applies to all aspects of the economy. All we have been seeing are short-sighted policies that rely more on donor recommendation than on what is beneficial to the zambian people. What measures has the govt put in place to minimise the impact of fluctuating oil prices. Our industry (mining,agriculture,transport,etc) is heavily dependent on oil and I am yet to see a workable sustainable policy regarding oil/fuel security. On the subject of HIPC, it is an embarrassment that we keep on flaunting our poverty on the world stage as though it is something to be proud of. How has it benefitted the people? it’s over a year now if not more when we attained the HIPC status or have just gotten a bigger begging bowl as a result?

  5. From the time the MMD chaps took over our Indeni, its been in shambles with Govt. ministers and Perm sec just getting allowances for sitting on the board. We want to see real change in our oil marketing situation. I should say this that the educated “bastered” in Zambia are a let down because of selfish motives when they asume public office. Compare our humble servats in the first repulic who served selflessly for mother Zambia to the elite MMD mafias who now face the rath of the law. Shame!!! Abash the elite!!!! we want servants to serve and not the elite!

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