Finance and National Planning Minister Situmbeko Musokotwane has said the impact of the global economic meltdown has led to a drastic drop in Zambia’s export earning, household incomes and increased unemployment, especially in the mining sector.
Dr. Musokotwane said this yesterday when he addressed the Commonwealth Ministerial Debt Sustainability Forum in Washington DC where he is attending the 2009 Spring Meetings of the IMF/World Bank.
He said Zambia witnessed a reversal of financial flows and a slow down in Financial Direct Investment, leading to a sharp depreciation of the Kwacha.
The meeting agreed that the Commonwealth Finance Ministers should take a broad range of actions involving fiscal and monetary policy measures that would ensure that no unsustainable debts are accumulated.
In a meeting with the IMF, Dr. Musokotwane appealed for increased allocation of financial resources to support critical social expenditure and long term investment necessary for economic diversification.
He assured the World Bank that Zambia is determined to improve the implementation of its programmes and monitor them by a high level committee.
World Bank Vice President for the African region, Ms. Ezekwesili who recently attended the Indaba held in Lusaka recently, in her response called for the involvement of the Civil Society in project implementation in Zambia.
ENDS/PK/ZANIS
Thats brilliant
If zambia want money let them go to Katumbi and plead
the man has everything Gold cars Gold ………..
Also birth control like ku china Have only one child in zambia
If you have 2 kids go to Jail (chmbokaila) the population will drop
and then we will be rich
Can i make a good president people?
U don’t even have a chance of becoming a councilor….
That looks good.But is this appeal for increased financial allocation come in form of grants or loans? If its grants,then the IMF have every right to call for transparency in the use of its money and if what the minister referred to were loans,he should hold his fire and shouldnt contract these loans unilaterally on behalf of zambians but ask for parliamentary approval.No more HIPC
Here we go again with the begging bowl. My opionion is we should change the debt contraction method. We should always know how much Goverment is asking for and the purpose. and all debts should be cleared by parliament
Did he fall,or was he pushed?
This strange phenomena(economical meltdown)is certainly not an accident,but a carefully planned scenario.This is in keeping with a Hegelian Dialectic along which lines they operate.
a)Create the problem
b)Solve the problem to their advantage
The Media will be employed to bombard us with the seriousness of a problem.The suggestion will then be made that help is available.
It would be folly to maintain expenditure at current levels and then go borrowing. Government is spending too much money on Administration to survive this global economic downturn. When they trim Cabinet, abolish deputy Ministers and deputy permanent Secretaries, and get the meaningless indabas and endless tours out of their heads, what ever monies would be borrowed would be used on productive ventures which could help the nation’s economy to “probably” grow and be able to finance the repayment of these loans.
Ba Muzo, most countries that are doing well economically at the moment have large populations. Look at China, over 1 bn, Japan over 240m, India, around 1bn, USA over 260m, UK over 60m. Germany, etc, you name them. The population is what produces the human resource needed for development. With a bigger population, competition increases and this breeds innovation and creativity driven by the fighting spirit to survive. Secondly, people are the market, who will buy whatever is produced. Have you noticed that there are very few countries in this world with a small population which have grown their economies except Botswana?
Borrowing from IMF or world bank is not the only solution for countries like Zambia. Conditions imposed by these two institutions, wont make the nation better off.
I thinkk Dr Situmbeko has to talk to that Dambisa Moyo chick.
G’s you should be ashamed of yourselves! learn to leave within your means. if only you could trim the size of the govt, cut down on luxury, instill fiscal discipline, broaden the tax base Zambia could survive without foreign aid which doesn’t benefit the grassroots at all.
Ba Muzo most people have this misconception that Botswana is a rapidly growing economy because of their small population. it is because of their Democratic structure that initiated in 1966, the layed down fiscal policies and work ethic of the Tswanas. One thing is for sure the greatest resource any nation shall have is its population. Like Kwathukummawa said population provides the market, and who ever Katumbi is probably chiluba’s relative, he can keep his gold; we can produce food enough to sell to the whole world. We can also export enough Hydro electricity if and when power generators are constructed to electrify the whole Subsaharan region. Are you getting the picture, and no we cannot top people from having babies, but we can teach them to have a managable family size.
hahahahahahahahahaha ZimaNdola awe, we can Help Muzo grow and become a viable leader.
Elyo ine nshasambilila nakusambilila nga imwe mweba ma degrees. NIne Grade Seven wa pa Kwacha Primary School mu Kitwe. So fimo Mulenjelelakofye. Nakwatishafye akanwa.