Secretary to the Treasury Fredson Yamba says Zambia’s stable political environment has contributed to the country’s economic growth through attracting investments from many sectors.He said it cannot be argued that a stable political environment such as the one in Zambia is a prerequisite for any country’s economic growth.
Mr. Yamba said the economy is stable and the 4 percent Gross Domestic Product (GDP) growth recorded, was testimony that Zambia is on the right economic path.He cited the single inflation rate and the kwacha exchange rate against major currencies as some of the indicators that the economy was doing well.
Mr Yamba was speaking In Addis Ababa when he transited to Washington DC where he was going to attend the International Monetary Fund (IMF) spring meetings.He said government would use the IMF spring meetings to engage the fund on possible financing for the country.
This is according to a press statement released by Inutu Mupango Mwanza,First Secretary-Press and Tourism for the Zambian Embassy,Addis Ababa Ethiopia.
Mr. Yamba said government had put all measures in place requested by the IMF when they visited Zambia a few months ago and was confident that the IMF programme would soon start running.
He said he was confidence that IMF would now accept to start a bailout programme with Zambia.Mr. Yamba further said Government was encouraging more people not only to venture into the Agricultural sector but also into Value addition.
He also said the construction industry was booming in Zambia and he was confident that this too would attract investment.
He said the construction of energy plants was good as it would encourage more people to invest in production.
And on the Zambia Revenue Authority (ZRA) Mr. Yamba said government was happy that the tax authority was performing well.
He disclosed that Government had plans of broadening the tax base to ensure that more tax was collected for National Development.
Mr. Yamba however expressed concern that enforcement of Tax collection was still a challenge.He said it was unfortunate that some people were still in the habit of eluding tax.
On the Eurobonds, Mr. Yamba said government had put mechanisms to ensure that it pays back the first Eurobond that falls due in 2022.He said government had options such as refinancing which were still being looked into and that a position on the matter would be availed to the public soon.
The Secretary to the Treasury was received at Bole International Airport by Zambia’s Ambassador to Ethiopia Susan Sikaneta who expressed concern at the delay in the construction of the new Chancery and housing units for diplomats.
She expressed fears that the land allocated to Zambia Embassy in Bole, Addis Ababa maybe repossessed if construction is further delayed.In response Mr.Yamba reassured the mission that funds for the construction of the new chancery and housing units were available.He however noted the need of speeding up bureaucratic process in order for the funds to be released.