Minister of Finance Situmbeko Musokotwane says the economic growth Zambia is experiencing is as a result of the bold steps Second Republican President Frederick Chiluba took to privatize the economy.
Dr. Musokotwane says Dr. Chiluba unlocked the private sector when he privatized the economy.
He says Zambia’s economy will continue to grow as long as the country remains peaceful and maintains economic fundamentals such as inflation.
Dr. Musokotwane says peace is also an important element for investments flow.
He says the inflation rate should remain low if Zambia is to continue recording economic growth.
The Minister was speaking when he officiated at the Economic Review and Trade Finance Seminar organised by Access Bank in Lusaka.
He says part of the country’s economic growth will remain in the mining sector and that one third of all taxes in the country will be generated from mining firms.
And when presenting an overview of the Zambian economy, Leader of Deloitte Mining Advisory Services Ebrahim Takolia said the country’s GDP growth is expected to continue over the years.
Mr. Takolia says copper and cobalt will continue to play a significant role in Zambia’s economy.
He also said there has been a significant increase in foreign investments since 2000.
And Access Bank Zambia Managing Director Mukwandi Chibesakunda says the bank is ranked tenth in the industry, with deposit liabilities of about eighty million United States dollars.
The ranking shows 135 percent growth from thirty four million US dollars in 2009.
Am I missing something here? Can someone show me the development this wanker is yapping about? People are living in utter poverty in many parts of Zambia- rural and urban areas….Is having millions of Zambians out of employment called development?
Z AMBIA IS NOW LIBERATED WITH THE DEPARTURE OF CHILUBA SO LETS GET ON WITH OUR NORMAL LIFE AND WORK HARD SO THAT WE CAN DEVELOP OUR COUNTRY.
perhaps he is looking at how much each individual in government and private sector has amassed so far as the majority of zambians,civil servants gets poorer and poorer.shocking statistics man! Lets be realistic please!
Pafwaka cadres analyse before you comment. Always you expose your ignorance before the public just like your desperate leader. Get a life off “sitations” and ma tarvens
Hopeless *****, you and your cronies are leaving come elections. you will be shocked at just how much Zambians hate deceitful monkey apes like you, primate!
People, No Govt can come and develop you. it just needs to create an enabling environment. No matter who takes over government and no matter how much talking you do, you can never develop unless you change your mind set and work on your goals, that’s what this man means by saying openning up the economy. you will talk and talk and hate, no politician will literary put nsima on your table period.
For once someone with sense! Reading the comments on the Lusaka Times is usually sad…..it shows how ignorant and silly people have become. Dr Musokotwane isn’t talking about people suddenly becoming rich! He is talking about the economic fundamentals of Zambia. Zambia’s GDP is much much higher now than it was in 1990 or even in 2000. There has been a lot of progress, yes a lot of people are still poor and he isn’t saying their job has been done……obviously they are working hard to make these things happen. The government has its flaws and can only do so much. Zambian citizens must also be enterprising and look for ways to develop their communities. How many of you have gone back to your villages to help make wells or even simple filtration tanks?
LT WHAT HAPPENED TO PICTURE IN WEEK OR WEEKEND??? You dont even notice that thats what brings people to your site. *fyolad*
Someone to help me. The word ‘development’ wat does it mean. My dictionary seems to hav a wrong defination esp wen i look at wat is hapenin pa zed. Are we sure we ar developin as a nation.
#1. Are you blind? can’t you see the suit the wanker is putting on plus the tummy full of stolen money. Oen your eyes man. Good morning.
Sorry I meant OPEN your eyes.
They FORCED Christianity on Blacks and as Nick Says, Since we are disadvantaged we have to fight twice just to get what someone who is White seeks (Jobs, Sport, anything). My advice for any Zambians is that don’t come to the UK stay in Zambia, The British have changed the VISA and you wont make it. Remain there and hope ‘we’ send some aid to help you in the future like I do sending clothes. Also remember being Zambian is no excuse for failure. You may have a steeper climb, but you can make it. Look around. A lot of Zambian . Learn to read and write. That’s not “acting white.” That’s the key to success anywhere you want to go. And ANYBODY can master those tools.. You can do it, too.
That’s just an advice on someone who love Zambia. Thanks
Situmbeko? Diabolical name, I cant even pronounce it! We all know Zambia is a backward, unevolved Country. If you compare Zambia to ANY of its neighbors during any period of time, The neighbors will always be more evolved and developed a lot more. . There is an assortment of disease rampant. The country embarrassingly relies on us in Europe to help them. Rape is rampant, AIDS, Malaria, Gonorrhea, Syphilis, Bilharzias are the common diseases there.
What I hate the most is some Zambians who are here, who don’t deserve to be here, their accent sucks and is too thick.
I laugh at some of these people who do not know History; they don’t want to agree that whites are more superior to any Blacks. . Thanks
@ Mushota…you r a disgrace. we r passed the phase of” which race is superior?” and so goes without saying u might be the one that requires evolution.
Back to the issue at hand, the entire process of privatisation by ZPA was not conducted in a manner favourable to the Average Zambian citizenry. The companies that were privatised ended up being wound-up, leaving more people without employment and the repacations are worsening with time because none of the MMD presidents have admitted the wrongs or at least try to curb that. today less than 5% of the population are in formal employment. Dr Situmbeko keeps on praising his the colleagues and braging about bringing in investors when fact it is not trickling down to the average Zambian. Fact is your developmental programs are fuss!
Utter RUBBISH! There were more industries during the UNIP era than now. Ghost towns every where. Where does Situmbeko live?
NO POLITICAL PARTY CAN SOLVE ALL THE PROBLEMS ZAMBIAN AND ALL OTHER NATIONS ARE FACING. THE SOLUTION IS IN GOD, THANK GOD ZAMBIA WAS DEDICATED TO GOD BY CHILUBA
Bamusokotwane mwenda namushibata for you not to see that most of the industries we had in UNIP have been closed.
#6 Madmax – Spot on ma brother.Many zambians are poor because of their mindset,no government will cook nshima for you.Too bad that many of our compatriots have been brain washed by the ‘usurper that old dragon/serpent’ into believing his 90 Days utopia.
#10, what has happened to your grammar?
Mushota, do you know you could make yourself very helpful through your comments if you became magnonimous enough not to slight other people you deem more successful or less fortunate than you?
Come on sister, you can do it!
As for Finance Minister Situmbeko, he must shut up, stop bringing Chiluba into the politics of Zambia again. Let him rest, and let us move on.
Mushot your are weird…………………………!
Of course capitalism is moving this economy. Capitalism is an economic system that has worked for hundreds of years. The economy was stagnant from the 80s to the 90s. Thanks to capitalism, the economy is moving once again.
What Dr. Musokotwane (BA,MA,PHD) is saying is very true. Anywhere, world over, the economies that are moving are the ones with a vibrant private sector. One just has to look at Hong Kong, Singapore, South Korea, Thailand, USA….etc to see the benefits of capitalism and private sector participation in the economy.
Dr. Musokotwane is very right in saying that the privatized economic environment is driving economic growth right now in Zambia as it should be.
Mushota has a personal problem. She speaks out of ignorance. I bet she is either a frustrated daughter of some former politician, who had to run away from pa Z, or a bastard or a rejected individual in the family or society. Whic ever you are. being married to a white does not make you any more special and neither does living in Scottland. There are many of us here in Zambia who are exposed enough and can not dream to live in Scottland were just the weather is enough to depress you. By the way, Zambia is developing fast, and some Zambians live a life far much better than some of you. You miss home Mushota, this is why you are ever blogging on LT. Denial is worse than being an illiterate. I also think that Nick picked you up in one of those brothels. Pieace of shit, atase .
This guy must be high on opiates! The Zambia he is waffling about is only in his drugged brain. He should be taken to Mukobeko for the trickery he is playing on Zambians when we all know that they have all been bribed.
Chiluba was a detestable fellow, but facts are facts. That man turned a dire situation into the Zambia we know today. This is the reason people like Mushota, who ran away in the Kaunda days have no idea where Zambia is today. It was indeed bald to turn arround a whole system and ofcause, there were bound to be casualties. The uneducated, the underpreiviladged and the lazy were the biggest casualties. Now we want a system that gives equal oppotunity to all, a system that motivates and we are seeing the difference. Some cadres used to go to the airport to welcome Kafupi from morning side hospital when he was PF, now that the man rejected the kind of thinking in Pa Fwaka yachingoni, they want to erase the man from History…that is not possible, face facts like men, not like bitter Mushota
Postings here are by no means true representation of how Dr.FTJ was viewed. Genuine Zambians who understand where we came from and what Chiluba had done for country would admit that FTJ was a one in a million. Single-handedly fearlessly fought for freedom of expression, democracy and free market economy. In the 70s, 80s and the early1990 UNIP was fire and if anyone dared touch it they truly got burnt and never to be seen or heard. Chiluba remained the lone voice that fought fire, in the process roughed up but still got up and carried on the fight.Mwanawasa destroyed Chiluba’s reputation and suppressed his accomplishment by playing the ‘game of corruption clean up’ in the media. It could have been done better internally since FTJ remained party leader.
Situmbeko? Diabolical name, I cant even pronounce it! We all know Zambia is a backward, unevolved Country. If you compare Zambia to ANY of its neighbors during any period of time, The neighbors will always be more evolved and developed a lot more. . There is an assortment of disease rampant. The country embarrassingly relies on us in Europe to help them. Rape is rampant, AIDS, Malaria, Gonorrhea, Syphilis, Bilharzias are the common diseases there.
What I hate the most is some Zambians who are here, who don’t deserve to be here, their accent sucks and is too thick.
I laugh at some of these people who do not know History; they don’t want to agree that whites are more superior to any Blacks. .
The generation that came of age in the 1990s and 2000s should believe that Chiluba was not as bad as portrayed by the Post tabloid.Remember there was Mutembo Nchito,Post and the taskforce that stood to benefits while this case kept going.By his nature Chiluba was above tabloid pettiness and never responded to critics’ insults or otherwise.Mwanawasa also had his agenda of revenge from his 1991 accident when he was Chiluba’s Vice President.He strongly believed there was Party complicity to eliminate him, though that could not be proved. If his fight for corruption was in good faith, the Ministry of Health Scandal involving Kapoko,Miti & co would have been detected and stopped right on his watch.Instead he cast a blind eye to all else but Chiluba.Only RB admits sucesses of 2dy are FTJ’s.
we the zambian people drove to democratisation, chiluba was a misatke, he dribbled arthur wina. chiluba just stole our money and we paid him another usd 1 million last week. i hate this in zambia…kaunda did it, who and who.its us the zambian people who support these development processes with members of parliamnet and a cabinet. i dont know how we end up showering unncessary priases to a killer. ronald penza, wezi kaunda, boldiwn nkumbula, paul tembo, the list goes on
I am not here to Make friends. I am here to educate the masses. I don’t think there are many people as educated as me, and with a British Fiance as me.
I am just telling you , what it is so that I can be your inspiration, because I feel like my life is complete I have EVERYTHING I need. Good Health, Good Car, Good Job, Good Man. I can also afford anything, eg Holidays to Mallorca as attested when I recently went there. I am now planning a trip to New York in September (rather we) Everytime I wake u, I have no problems I smile when I look up, go to work, come back watch Dragon’s Den, Britain’s Got Talent, and Wimbledon now. In Zambia I am sure they are still showing Generations, and ‘No one But you’, and they shut the TV at 11pm after opening it at 5pm. Very sad. Thanks
@NSHILI MUBEMBA NSHIBA some of you fools think you will eat Christianity and peace.
Truth is that Chiluba was a great unionist, but Kafupi was a terrible mistake as president. I rest my case.
Mushota, what makes you think you deserve to be in Scottland than any other Zambian?…You are twisted in your mind. I pitty you because you are a lost soul. I am forced to think you suffered a lot when you were in Zambia, you experienced first hand the deaseases you talked about bur guess what, even in Scottland there are underpreviledged people just like you were in Zambia…it depends which side of the fence you are on. I have travelled a lot and I have never felt the excitement you exhibit..you are really sick. One day you will be deported like many of your coleagues, and I wonder what you would do because you really are not Scottish.
Ok, Mushota, now I have understood were you are coming from and your calibre. I will never waste my time on you again. By the way, we now talk farms…real estate and real investments, not cars..kaimbwa iwe.
You drive trough Kalinga Linga the kids stop and point at your car, you give them K10 000 they bless you. The market is noisy, not healthy and theft is the order of the day. You have conductors shouting and begging customers to fill their Minibuses. The country is Hot and burns your brown skin to charcoal black. Asians are treated like whites, and they have taken over all the shops, and they manipulate the economy, Its their’s. Taxi’s have no fuel in them and the seats so uncomfortable, A Car is seen to qualifies as a TAXI when it is dilapidated. People drink Home made liquors, people die by 40’s Aids is rampant so is Malaria etc.
So Vote someone that can change this , Vote HH he is young and he bridges the gap between the past and the future. The country needs Change ! Thanks
mushota is crazy yah…..esp with her boy..kapena banamuchaya ya ku …………………..mawe ine this gal is lost…..
#14, The Almighty God has been taking care of Zambia ever since He created this land. With or without Chiluba, God continues to care for Zambia. So these praises for Chiluba are misplaced!!!!
you dont sell all the companies and think you are doing well, not at all you dont send people in the streets and think that is divelopment, see now how Zambians are suffering they own nothing, HH has privertised every thing and has kept money for his campain also RRB has done the same with zamtel
Kudos Dr. Chiluba, we indeed are seeing the fruits of your work! Privatization is an excellent way to get investors in and a great way to improve services. Today we have pay tv, a selection of cell phone providers, ISPs, pubs, shops, stores and we can find just about anything we want. This could not have happened if government still owned these institutions. As long as GRZ owns a share and a say in privatized institutions, I say bring it on.
What about Mwanawasa? I never hear any of the MMD politicians praise him…yet he is the one who actually turned the Zambian economy around. He took up a messed up system by Chiluba (MHRSIP) and tried his best to put Zambia on track. He gave MMD , Musokotwane and President Banda a chance to win the elections because of his policies… otherwise they would not be ruling now. Loyalty seems to be missing for Mwanawasa in MMD. It is a shame….
Chiluba MHSRIP was not a true Democratic as in the ranks of Benjamin Mpaka of Tanzania and Joaquim Chissano of Mozambique who handed over power smoothly. Wasn’t Chiluba pressing for 3rd Term in 2001? masses had to form pressure groups, honking of car hooters etc. to stop him. It is at this stage that he picked his then close friend LPM to take over hoping he will still be calling the shots from the background, this was also a bid to block mwana mubotu Anderson K. Mazoka from becoming President, so that the MMD legacy continues. When FTJ fell out with LPM wasn’t Sata the one that used to see him off and welcome him at LIA during trips to Morningside Hospital and Sata was condemned for associating with FTJ. This is the reason these guys will continue taking advantage of us as we forgetful
What happened post 1990 was as a result of the fall of communism and many countries had to liberalism their economies. Chiluba was no more than a spectator to all these events. Those of us who can remember know that the Weekly Post was fighting Kaunda even before MMD took over. Very little credit has been given to UNIP and other actors for the peaceful transition to multiparty. The growth of the internet and other media has made information easier to disseminate compared to the 70s or 80s. However, some people would rather give credit to one person for all this. This is ridiculous to say the least. Zambians must not be proud of using imported consumer goods, including soap and salt. Health and education systems are nowhere. There is no pride in that and it hurts the economy.
# 38..Do you know who was campaigning for the third term, the one who expelled all his friends from MMD?…it was Sata.
what privatazation??? do any of the Zambians gain from it ??? bloodly crooks all the way….
# 36 Maikalange, the availability of consumer goods does not reflect development of the human lives. Zambians are being exploited by the investors, especially chinese and indians ‘infestors’ in the mining industry! Most consumer goods in shops including the shop owners are foreigners and Zambians have been patiently waiting to be in charge of their economy and their lives. The MMD government has condoned all this while poverty has been creeping up on the unemployed and the rural population. Recently I called my mother and she bitterly complained about how tough things are currently as my sibblings based in Zambia are facing higher cost of living through water and electricity tarrifs.
:(, it is imperative for the beneficiaries of the MMD rule to once stopm thinking about themselves and think about the rest of the people in Zambia and their state of welfare. A colleague I worked with in Zambia had the husband, an engineer under Zamtel transfered to livingstone just at the eve of privatising Zamtel. Today, he is unemployed.
Development ? Why is the unemployment high? look at the poverty, has this guy got eyes or is his head up bandas arse???? Time for a change.
This money from Quantum Mine is a result of pressure from the stakeholders and NGOs otherwise it was supposed to be pocketed by a few greedy men in govt. The development we are seeing or experieincing today on paper was a result of sacrifes by all Zambians and cannot be attributed to an individaul. If this pala man has wisdom he shouldbe bold enough and tell RB to invest a bigger chunk of the these revenues in human capital development as the country lagged behind as there was little investment done when everyone in Zambia were tightening their belts.We need one or two more institues of technology at the level lof ZCAS to supplement UNZA and CBU in Science & Technology thats the only way this country can develop. Not just yapping we are not interested.
we are better off with RB now than any other contender in this year’s election. defections or no defections RB will win hands down
40 what I mean is that they will fall out when it suits them, make up when it suits them it is all part of a game and scheme of things. At one time Sata was best mates with William Banda and so on. It could even be that some of the differences are artificial! I do not believe in putting my stakes ancient aged-men as this cannot be deemed progressive. The sooner we have a new breed of leadership for ZEDI the better!
guys leave Mushota alone. she is content with the car , cellphone , white fiance with small d.i.c.k. and weared weather in a cursed Island so called United Kingdom with scattered Isles including the straights of Gibralter. what a shame
I meant to say weered on # 48 but the msge has gotten to Mushota’s rotten head
@ #47… you r dead on the money.We need another school of thought.the older one did wat they could its nowtime for generation X n Y.
MUSHOTA – can you mention all your qualifications, so that we may understand you????
all the chps that are insulting Hon.Dr.Musokotwane are in the diaspora..too bad your Pf will not make it guys..we are in Zed n we know whats on the ground..
I’m socked at the ignorance of educated *****s like Kimbaguist and this pseudo racist calling himself Mushota and their utter level of economic illiteracy! For an economy to begin having an impact in reducing poverty, the rate of growth must be at least 8% and Zambia is almost reaching this goal. Currently, our country is rated among the best four economic performers in Africa. Mushota, we do not need your poverty in Europe to survive, *****! We got the resources while you are full of ****ing ice! As a matter of fact, you are a toilet cleaner at Victoria Coach Station in London. In Zambia, there is real progress and the whole society is being transformed! In any case, as Madmax, says development is an attitude of mind! Yu have a primitive mind-set!
guys dont waste time. ciluba was a thief from the word go. congolole! stole the mmd presidency from wina, killed all our companies nd got cuts, sending millions of people to the streets reducing the zambian to a pauper. what meaningful business venture did an ordinary, uneducated zambian indegenous get? selling oranges and salaula whilst the top politicians and former leaders of parastatals wentback and bought evry piece of the company with their foreign thieves he called investos. flying overseas for treatement when ordinary zambians gave birth outside uth and people died of no medicince and doctors because he fire 150 doctors. Gees, chiluba di a lot of PR and for me, there is nothing good because had he not stollen the leadership, things would have been done better.
This guy is ****ed up! what development is he talking about. The privatisation was a disaster and it caused the misery many Zambians are going through today. What happened to our
manufacturing industries could have been avoided if incompetents like you, were not consulted.
This Mushota is a lunatic and i wish she understood that suffering to many Zambian is not a choice and i know GOD will come thru for each and every Zambian voiceless & disadvantaged. Now Mushota you should understand that there is also a reason for suffering and such is normal. You may be blessed or perhaps have that priviladge to have goten a VISA with easy:- there is reason for that! Remember GOD and you attest to his mercy and wrath too. Inshiku Mutanda shalingenye nyina no mwana. Now get that slizzy ass white crack head cotch potatoe translate that for you.
Intellectuals why not debate the topic at hand. If you are the Mr “I know it all” why not give us issue based arguments instead of hurling insults. For too long you have polluted our ears. Give us a break.
Keep up the good work Dr