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Saturday, August 8, 2020

Government abreast with fall in copper price and depreciation of Kwacha

Economy Government abreast with fall in copper price and depreciation of Kwacha

Secretary to the Treasury Fredson Yamba
Secretary to the Treasury Fredson Yamba

Government says it is abreast to the challenges that has resulted from the falling copper prices and the depreciation of the kwacha against the United States dollars.

Secretary to the Treasury Ferdson Yamba said government is also aware of the challenges the two factors have created to the mining operations in the country and volatility in the exchange rate.

In a statement issued to ZANIS, Mr. Yamba said this in Lusaka today at the end of the International Monetary Fund (MF) mission to Zambia.

Mr. Yamba stated that the fall in copper prices has reduced projected revenues for the economy and has posed challenges in the implementation of the new mining fiscal.

He however said in line with this, government is in dialogue with the affected stakeholders in the mining sector so that a lasting solution is found to ensure continued operations.

Mr. Yamba said this will facilitate the continued contribution of the sector to the growth of the economy and provision of resources for investment.

He expressed confident that the mining sector will continue to grow despite the current challenges.

Mr. Yamba reaffirmed government’s commitment to resolving the challenges through diversification which he said is the more sustainable way of insulating the economy against adverse external shock.

A team of IMF officials were in the country for consultations with government and its customary.

And Mr. Yamba said despite the external and domestic economic factors that the country is currently facing, Zambia has continued to record positive Gross Domestic Product (GDP) growth of 6 percent in the region.


    • Rising above challenges like our eagle is the character of our President! When everyone thinks that he is done and out, he meticulously bounces back.

      He leads from a weaken position! this is the character we have witnessed in our President. He is calm even when everyone is in panic mode. That is good leadership. Not only are we going to overcome the challenge, we will win.

      All those who are professing doom for our country are in for a rude shock. The power of the determined is awesome. I see this everyday! Men and Women in streets selling, farmers in their fields, manufacturing houses at Garden, Mandevu, Nakadoli and many other markets. These are the real heroes.

      Most of us bloggers lament, wait and see and condemn and complain and bla bla bla. That needs to change!

  1. “ Government says it is abreast to the challenges that has resulted from the falling copper prices and the depreciation of the kwacha against the United States dollars”.
    A lot of verbiage, but NO real plan. Verbiage may indicate observation that’s all, but certainly no real plan. If the Govt was indeed abreast, they would be busy explaining and selling their plan by now to prove they are abreast.
    Shocking. So, when these guys in PF Govt were busy saying “Me too” to UPND’s vision and national plans, clearly they did not even understand what they were talking about. Hence nothing is unfolding from the “Me too” bag.
    Fact of the matter is, the solution is right there in the bag. But since they did not initiate the vision and solution, they can not see it.

    • UPND vision? where, those dreams of free everything were fake because Zambians have had enough of those lies already so they rejected them.

      PF Vision – you can see it! Infrastructure, More University places, More medical services, specialized services by the way, more energy generation. These are not only fundamental but monumental! When I head of a District Hospital in Serenje being completed I told myself God have mercy for doomsday professing machinery from UPND.

      Real development require infrastructure. Higher education, tertiary hospitals, roads, Electricity generation facilities, communication lines. These are key for real growth. The schools, universities roads hospitals which we have now imagine were built by Kaunda in the SNDP which ended in 1975! What was the population?

  2. Sounds like a truly scared man, doesn’t inspire any confidence at all. Isn’t this guy part of the team that brought us to this level? It’s safer to listen to the IMF.

    My only consolation is that Edgar will resolve this sooner rather than later. But he may need to jettison these guys from the ship in order to resolve the problem.

  3. We are all aware and are abreast with the challenges of the Zambian economy. We are also aware that the domestic factors are the chaotic PF itself.

  4. Why do we only rely on the mining sector for economic growth, other sectors with high potential such as agriculture remain highly untapped. This is a clear case that the new government lacked adequate preparation towards economic affairs.

  5. Tourism is also a key sector in economic diversification. Hence, the national airline for travellers in a hurry to reach different destinations. And hence, infrastructure to bring living starndards to acceptable levels through proper railway networks, road networks, healthcare, restaurants, hotels, government offices, etc.

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