Donors and investors in London have endorsed the Zambian government’s economic plan and the bold decisions the leadership is taking to translate growth into poverty reduction and ensure equitable wealth redistribution.
Lynne Featherstone, the British Minister responsible for International Development and Violence Against Women Overseas has told the Minister of Finance Alexander Chikwanda that the British government is confident of the bold leadership the Zambian government is providing in moving the economy forward.
“I congratulate you on the bold decision to end the fuel and maize subsidies. That was a brave decision. It was a bold and difficult decision but it had to be done for the greater good of the majority,” Minister Featherstone said.
She said this during a meeting she held with Mr. Chikwanda at her Constittuency Office in north London.
This is contained in a statement issued by Zambia High Commission to the United Kingdom Press Secretary Amos Chanda, in London today.
Ms Featherstone also welcomed Zambia’s decision to launch the e-voucher for social cash transfers in ten districts. “We welcome this decsion very much because it will help in the quicker delivery to the poor.”
She also announced that the British government is prepared to provide technical assistance to Cabinet Office’s public service pay reform exercise. “We take note of the public sector pay structure reform exercise and we are ready to provide the assistance if needed.”
The minister announced that DFID will release the KR65 million for budget support to Zambia immediately the IMF assessment team concludes its mission in Lusaka next month.
In response, Hon. Chikwanda paid gratitude to the British government for the great assistance the country has provided to Zambia and asssured his host that their confidence and trust in Zambia was not misplaced.
“I want to underscore our deep gratitude for the support your government has rendered and we do not want you to ever think that your confidence in us was misplaced,” Mr. Chikwanda said.
“Your support will spur us to work even more diligently to ensure that investors and donors never have cause to feel that they misplaced or misallocated their trust and confidence in us.”
He said following Zambia’ successful issue a US$750 million Eurobond in September 2012, the majority of the proceeds have been invested in growth areas particularly towards infrastructure development.
“Our efforts at fiscal discipline are greatly assisted by a President who is an ardent apostle for fiscal responsibility as is evidenced by his being in the driving seat in rolling back unsustainable subsidies. President (Michael) Sata’s stance on fiscal discipline is unambigous,” the minister said.
Earlier the minister met with representatives of Societe Generale, the world’s sixth largest bank at their central London office. Led by Parvez Iqbal, the bank’s managing director for global markets, the investors told Mr. Chikwanda that the “markets are reporting positive sentiment on Zambia.”
“That is reflected in your US$750 debut bond last year which we undestand was oversubscribed 24 times. Your growth rate is impressive and copper is doing well. We are interested to participate in the Zambian economy. We are coming to Lusaka next week,” Mr Iqbal said.
He said Societe Generale was not just a commercial bank but a large investment bank interested in long-term financing.
“This is why we are impressed by the Zambian government’s infrastruture development programme,” he said.
The minister was accompnied by Permanent Secretary Mr. Felix Nkulukusa, Zambia High Commissioner to the United Kingdom Mr Paul Lumbi and Press Secretary Amos Chanda whilst Mr Mr Iqbal was accompanied by Razvan Frumosu (director emerging markets) and David Mirzayoo (managing director-sales).
ZANIS
Yes that’s PF !!!! Nice.
Nice indeed! She must have been disgusted at the news that Maize is Zambia’s staple crop! After all Maize in the UK like in most developed countries is mostly used for animal feed. She simply wants less competition for her beef cattle, pig and chicken feed!
The people Feira and our partners have approved the PF’s removal of maize and fuel subsidies. Next referendum in Chipata Central, Mkushi, Solwezi, Kafulufuta! Sorry MMD and the rest.
Impressive! if its good we are it! Opposition keep up the pressure so we can enjoy the fruits. Do Kubeba.
The western world will support removal of subsidies ,coz they know they will now get back Money we owe them.
My government at work! Mwanya ba opposition mukose!
Zambians should OWN their economic policies. The British Minister does not eat Nshima. She probably thinks Maize meal is unhealthy for you since the majority of Maize in the world is used for animal feed!
@Goncalves, uleke ubufi, “the majority of Maize in the world is used for animal feed”? Where do you get your figures? Yes most of the maize grown Europe and North America is used as animal feed—but Europe and America is hardly the world!
In fact in America it is mostly yellow maize which is used for this purpose. But there is plenty of maize consumption in these countries too. Most of the breakfast cereals is made from corn in combination with wheat. Read the ingredients on the cereal box next time you buy your groceries and see.
In Asian countries maize is not consumed because it is not largely grown there due to weather patterns. So rice has taken its place. In South America it is a different story. In fact, maize originated from South America with the Incus (sp).
I wonder what ZWD will say to this with their HH
ZANIS report! It is for the gullible!
Please tell HH, Mumba and RB to report Zambia to the commonwealth. This bad news in their eyes
Zanis Report! Part of the propaganda! The Report to the Commonwealth was not about subsidies. It was about abuse of Human Rights. Please use your right organ to think preferably your brain!
UBUFI. The UK consevertive govt is navigating its impact in Zambia and at the moment will state what PF govt wants to hear but the UK govt is aware of abuse of power by PF govt against its citizens. Recently the UK govt expressed its concern about human rights violations in Zambia and will make a follow up with the recent investigations visit of the commonwealth team on abuse and repression of the opposition by PF govt in the country. PF should not think they can dupe the international community over its deception and abusive governance.
The International committe is happy and is willing to pump in Million of Dollars.PF has won the hearts of many.The issue of consuption relief can be addressed without throwing stones.PF Govt.is on course fellow Zambians the British Govt.has seen what this Govt.is .Let us all pray ,asking the Lord to grant us a break through both Economically and Spiritually.Let us also support his HE MC Sata’s stand in sharping our lovely country,i love my country and i will not speak ill of it.
The International community is happy and is willing to pump in Million of Dollars.PF has won the hearts of many.The issue of consuption relief can be addressed without throwing stones.PF Govt.is on course fellow Zambians the British Govt.has seen what this Govt.is .Let us all pray ,asking the Lord to grant us a break through both Economically and Spiritually.Let us also support his HE MC Sata’s stand in sharping our lovely country,i love my country and i will not speak ill of it.
Which inrenational community are you talking about sir? the bankrupt international community that cant surstain Europe and the USA? relying on China and Germany?
It would help to be factual, analytical and realist. The whole world is now about fiscal control and better usage of internal resources. Basic knowledge would avoid silly self serving, comments above. This is not politics but just bare facts of the real world. If you can get the money, at a reasonable rate , contributes to Zambia then Kudos to you, regardless of party. When PF suceeds Zambia wins that is my concern. Your comments though are politically motivated and devoid of the facts on the ground world wide, less so for a third world Zambia.
What do you gain by painting a monster picture of yo country ?All bcoze you want a way 4 yo hh and Mumba 2 be President of ur country? Which human rights abuse are u talking about u id iots. Most of dose u want 2 deceive re worse dan Zed .Fo ols!
Actually Zambia is on the right track thus far albeit the short term difficulties we will face in adjusting. My only hope is to see us move away from donor dependency and tax evaders disguised as investors.