Wednesday, May 22, 2024

ZAMBIA’s economic outlook will remain favourable-Bank Governor

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Dr. Michael Gondwe
Dr. Michael Gondwe

ZAMBIA’s economic outlook will remain favourable in the second half of 2013 due to continued strong domestic investments in key productive sectors.

Bank of Zambia (BoZ) Governor Michael Gondwe said Zambia’s economic prospect for the second half of 2013 had remained favourable driven by continued investments in mining, manufacturing, tourism, communication and infrastructure.

In a statement released in Lusaka yesterday on Zambia’s Recent Economic Developments, Dr Gondwe said the anticipated high food prices on account of anticipated higher regional and domestic demand for food items and pressure on the exchange rate poses a challenge to the country’s inflation rate.

“The Bank of Zambia will continue to monitor global and domestic developments and take appropriate measures aimed at maintaining price and financial system stability. This will be complemented by prudent fiscal policy,” he said.

Commenting on the first half of 2013, Dr Gondwe said the trade surplus in the period under review marginally declined to US$356.0 million from $364.6 million attained during the second half of 2012.

“In an effort to enhance the integrity of balance of payment statistics, on June 25, 2013 the Government issued Statutory Instrument No.55, whose main thrust is to facilitate a much closer monitoring of foreign transactions of all types, especially data on the country’s external sector through better reporting of balance of payments,” he said.

Dr Gondwe said domestic credit which included foreign currency loans, rose by 32.6 per cent to K26, 164.7 million in June 2013 from K19, 726.8 million as at December 2012.

8 COMMENTS

  1. stop this feel good stuff, the economy needs work and not sugar coating
    America and Europe are always talking about ways to improve their economy
    we too should not be satisfied with mere expectations without doing anything
    and giving an excuse for increased prices

  2. Gondwe is a fool and corrupt. External debt increases by KR6, 500, 000 , 000 in six months and the fool is saying favourable outlook. National budget deficit for the same period is KR7, 000, 000, 000 (confirmed) and the corrupt banker, beyond his expiry date, is sweet coating economy. Useful *****.

    And Mushota of RDA is from Mushota lineage who was implicated of taking 2 billion Kwacha from BOZ for MMD convention under tutelage of Mr. Michael Chilufya Sata.

  3. Gondwe is a f.o.o.l and corrupt. External debt increases by KR6, 500, 000 , 000 in six months and the f.0.0.l is saying favourable outlook. National budget deficit for the same period is KR7, 000, 000, 000 (confirmed) and the corrupt banker, beyond his expiry date, is sweet coating economy. Useful *****.

    And Mushota of RDA is from Mushota lineage who was implicated of taking 2 billion Kwacha from BOZ for MMD convention under tutelage of Mr. Michael Chilufya Sata.

  4. In last six months external debt has increased by 6 billion Kwacha. Are those signs of stable economy? Budget deficit in the same period is 7.3 billion Kwacha and increasing every month. Are those signs of bright prospects?

  5. I am not seeing any positive outlook here in this speech. when did increased domestic borrowing and reduced trade surplus mean positive outlook – I need to be educated!

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