Bank of Zambia, BoZ, Governor Caleb Fundanga, is hopeful that the current political crisis in Zimbabwe is urgently resolved in the interest of securing trade relations between that country and Zambia.
Dr. Fundanga said the political crisis emanating from that country’s controversial March 29 elections has a negative bearing on trade relations between the two countries.
Dr. Fundanga was speaking at a press briefing in Lusaka today.
The Zimbabwe Electoral Commission, ZEC, announced on Friday the official results that saw opposition Movement for Democratic Change, MDC, leader Morgani Tsvangirai secure a 47.9 per cent vote against incumbent President Robert Mugabe’s 43.2 per cent.
Dr. Fundanga said the Central Bank is determined to ensure the sustenance of measures aimed at maintaining the liberal marketing system for imports and exports between the two countries.
Meanwhile, Dr. Fundanga advised local and foreign businesses to identify areas for investment in the Zambian economy.
He said the country is endowed with abundant natural resources that could be exploited for various investment projects that could significantly contribute to national development.
Meanwhile, The Zimbabwe Electoral Commission (ZEC) says it will soon announce the date for the presidential election run-off.
Commission chairperson Justice Chiweshe was quoted on Sunday saying details would be made available after a full meeting of the ZEC board.
“The commission is going to meet as soon as possible. I cannot state exactly when the run-off will be held, but I can confirm that the poll will be on a date to be announced by the commission,” said Justice Chiweshe.
The deputy minister of Information Bright Matonga was quoted saying the elections could be held in three weeks.
The law allows that the run off be held within a year.
The run off follows failure by candidates in the harmonised elections held on March 29 to win the election with an outright majority.
Movement for Democratic Change candidate Morgan Tsvangirai polled 47, 9 percent of total votes followed by Zanu PF candidate Robert Mugabe with 43,6 percent.
The remainder went to two independent candidates.
Tsvangirai and Mugabe will participate in the run off.
President Mugabe has already registered his willingness to take part in the run off but Tsvangirai’s position is yet to be made clear.
The MDC has said it does not accept the results of the presidential elections announced by ZEC claiming it won the election, making a run-off unnecessary.
Mugabe must go.
all the political aspirants for 2011 are now showing their true colours how can the bank of zambia governor be quoted in the media so blatantly about an international political fiasco atleast if he used a thin veil by saying external influences within the southern region i mean what he has come out and said is something i would expect the minister of trade and commerce to say who happens to be mutati another one who is linked with that chair at plot one….. tomato….tayilapya!!!
Out of curiosity, anyone with quantitative data on the effect on Zimbabwe’s political/economic crisis on our own economy? It would be an interesting read. Maybe I should contact Uncle Buleti.
*should read
“…data on the effect OF Zimbabwe’s …”
#2 I feels the BOZ chief is right in his statement. It does not sound political or otherwise to warrant a statement from Minister of Trade and Commerce. What he actually means is the aspect of financial contagion not really the trade aspect of it.
Zim issue has been a defining moment for Africa. The west is saying, touch the white guys properties in Africa, regardless of how they obtained it, regime change will be effected through economic sanctions. Zambias nationalisation of the economy could have faced the same fate, its only that at that time, the cold war at its peak, diverted attention! What does this mean for RSA? Dont touch the land issue or you will face the same fate as Zim! In other words, you can have political leadership but leave the land to the descendants of the white settlers, for they are partly British and will always be protected by UK. America comes in because it shares special relationship with UK. whats next?
I commend KK on the way he pushed through he’s nationalization agenda, and don’t think its comparable to Zim. KK compersated the owners of the firms the government took over, and asked the foreigners with firms that were of little interest to the govt to sell them to interested Zambians. He also created a fund for loans for Zambians who got offers of sale. Most of these Zambians happened to be the people who had been working in those firms and therefore had some skills in running them. My folks were among the people that took up such a loan, buying a firm established in 1939 by a white. They bought it in 1969. They still run it today, profitably. We had a good foundation in Zed.
ppl have questioned my comments by suggesting that fundanga’s assertions were not political….lol…. guys are u forgetting that this article has been displayed under the POLITICS section, there is a reason why it has been put under politics, and i would like to think that the reason, is to get a healthy evaluation of potential leaders. Dare i say that number 5.menso menso dont be preoccupied with the speck in the eye of my analysis instead get that thick plank out of your eye, and get back to basics. What financial contagion can u draw from his remarks? the word contagion has even been misused, bushe kanshi what are u trying to say?
Since the Zim crisis is out of our control, lets focus on opportunities that the crisis may give us instead of crying about the obvious problem of scaring away investors from the region. Let us see how we can entice those stranded investors already facing hardships in Zim. We should study who they are, what are their immediate requirements, quickly arrange for them to come over, nature them and export all what we have been importing from Zim. Do you think there is anything we can do about Zim? Nothing, even the marines still have nightamres of Somalia, thats why they are funding ethiopia to do the spade work on terrorism, but the two countries will take forever to have a normal neighboury re
Ba Fundanga is in the papers every single day: in the Times of Zambia and Daily Mail. It is too much he needs to keep away from the media spot light. The media can finish him. Maybe he is preparing himself for plot one? Like another blogger, I too think that we should be looking at the opportunities for investment out of the situation obtaining in Zimbabwe. For example this is the time to consider buying property there if the law permits it for Southern Africans.
Zimbabwe used to the bread basket of Africa. But the sanctions have had there toil on the country. Many factors are to blame for this. We as Africans need to find a good solution. We need to find the way forward and given the history of the region, we will need Bob on the table. He is too connected to his ‘freedom fighters shamwaris’ that leaving him out of the dialogue is like asking politicians in Zambia to be more transparent. We need to do this right if we want to do right by Zimbabwe. At the end of the day, Zimbabwe ndozvo!