The Private Sector Development Association (PSDA) has said the assigning of B-1 rating to Zambia by Moody’s shows that one year after elections, the country has maintained a stable focus on growing its economy.
Moody’s is an international agency that provides credit ratings, research and risk analysis.
Speaking in an interview with ZANIS yesterday, PSDA chairman Yusuf Dodia said the rating B-1 corresponds with other rating agencies who also gave Zambia B ratings.
Mr. Dodia said the rating also shows that the country is perceived in a positive light by the outside world.
He said this is an opportunity for Zambia to market itself and attract investors into the country.
Mr. Dodia said it should however be noted that it is not foreign investors but indigenous people who should develop the country.
He called on government and the private sector to put measures that will ensure that Zambians benefit from loans and other financial services in order to contribute to building a stable economy.
Yesterday, Moody’s assigned ratings of B-1 to the government of Zambia, which means that the country has a stable economic outlook.
Moody’s also expects Zambia’s economy to grow by 7.3 per cent in 2012, up from 6.6 per cent in 2011, on the back of strong growth in copper and agricultural output in addition to the government’s expansionary fiscal stance.
GDP growth averaged 6.5 per cent over the past five years, reaching a peak of 7.6 per cent in 2010.
ZANIS
Its a positive development but with zambia being the weakest of the trio of african countries given that rating won’t the other two edge us out as an investment destination?Zed will have to compete hard.
Mr. Dodia said it should however be noted that it is not foreign investors but indigenous people who should develop the country.
He called on government and the private sector to put measures that will ensure that Zambians benefit from loans and other financial services in order to contribute to building a stable economy.
There are many people in Zambia who think its investors who should develop Zambia. When they know who is responsible to develop our country then we shall see development.
Mr. Dodia said it should however be noted that it is not foreign investors but indigenous people who should develop the country.
He called on government and the private sector to put measures that will ensure that Zambians benefit from loans and other financial services in order to contribute to building a stable economy.
There are many people in Zambia who think its investors who should develop Zambia. When they know who is responsible to develop our country then we shall see development.