Wednesday, April 17, 2024

Re-classification of Zambia by the World Bank as a poor Country speaks of failed Leadership

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The Centre for Trade Policy and Development has said that the re-classification of Zambia by the World Bank to the low-income status from lower middle income, for the 2023 financial year speaks to a failed collective leadership over the years despite having resources.

Organization Executive Director Isaac Mwaipopo said that the development is a good baseline for the new administration which promised Zambians that it has ideas that can turn around the economic fortunes of the country and actualize its potential.

Mr Mwaipopo said this opportunity has been given to the new dawn government by Zambians to demonstrate their capability by pulling the country out of the downgrade especially since Zambia has all the resources needed to prosper into a middle-income country.

He said there is a need for a renewed commitment towards rebuilding the country and for those in leadership; a clear reconstruction road map will need to be provided.

And Green Party Leader Peter Sinkamba has said that he is saddened that Zambia’s efforts to reach the upper middle-income status are not yielding positive results.

Commenting on the World Bank’s reclassification of Zambia to Low Income Status from Lower Middle Income for the 2023 financial year, Mr. Sinkamba attributed the development to the failure to manage the mining and energy sectors being the main contributors to the economy.

Mr. Sinkamba is of the view that if the green party’s agenda to have cannabis legalized was properly implemented, the country would not have been on the position it is now as it would have reached the upper middle income status and reached the set goal for 2030.

He has since called on government to reorganize the mining sector and resolve issues surrounding Konkola copper Mine and Mopani and to also look into the price of fuel which he said is too high.

Meanwhile, Economic Freedom Fighters also said that the re-classification of Zambia by the World Bank to the low-income status from lower middle income, for the 2023 financial year has eroded the country’s reputation on the ability to repay debt and attract meaningful investments.

The deterioration of Gross National Income per capita estimates recorded in 2021-using the World Bank Atlas method has resulted in the re-classification of Zambia by the World Bank to the low-income status from lower middle income, for the 2023 financial year.

Party Secretary-General Changala Siame said that the economic status that the country has assumed cannot attract investors as Zambians will be deemed incapable of buying their outputs.

Mr. Siame said this development is embarrassing and has castigated some Economists for misleading the nation over the matter saying this will lead to higher unemployment and more suffering for poor Zambians.

16 COMMENTS

  1. Indeed,this is Zambia’s reward for putting the PF in power in 2011 but thank God we booted them out last August.
    Had the PF continued in power by industrial rigging or some miracle,Zambia would today be in the same situation as what we are seeing in Sri Lanka or Lebanon,total economic collapse and extreme suffering and pain for the most vulnerable.

    Zambians,please dont be cheated again by fake politicians peddling promises of more money in your pockets……

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  2. Mwaipopo always speaks sense,never pulling his punches…. a true patriot.I wish Zambians and their New Dawn Government would listen to people like him more and not tu ma fake politicians and self proclaimed experts……

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  3. Kaizer Dunderhead, come and blame UPND for this downgrade so that I can attach your rant ku Appendix of my thesis on how DULL PF supporters are.

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  4. Thats the sad legacy of the PF. Economic failures.
    Both Micheal Sata and Edgar Lungu bear the responsibility for this.
    They reversed the all the gains made by Mwanawasa and the MMD.
    $6 billion of debt forgiveness replaced with $12 billion of high interest commercial debt,
    Back to square 1.

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  5. When you’re doing well you djon’t have to rely on others to tell so. These are grades that don’t make sense to an average Zambian. When Lumwana Mine was sold to Barrick for a record US$7.5BN it was the world ‘s largest single transaction that caused Zambia to be classified as a middle income country. However this was an offshore transaction where not even a single ngwee accrued to Zambia, not even a single tax was paid! There was poverty then and there’s still poverty. It’s motivational speakers like Chibamba that make money talking nonsense that will seize the usual opportunity to talk more nonsense

  6. When you’re doing well you djon’t have to rely on others to tell so. These are grades that don’t make sense to an average Zambian. When Lumwana Mine was sold to Barrick for a record US$7.5BN it was the world ‘s largest single transaction that caused Zambia to be classified as a middle income country. However this was an offshore transaction where not even a single ngwee accrued to Zambia, not even a single tax was paid! There was poverty then and there’s still poverty. It’s motivational speakers like Chibamba that make money talking nonsense that will seize the usual opportunity to talk more nonsense

  7. This was a wrong investment by Zambians, putting PF in Power. We reaped in a bad way. Now we can start afresh. Mining and Agriculture will pull us through. Lets grow enough for the region. We can replace Ukraine as largest grain producer. get us farming equipment at good prices. We are ready and give us land in Farming Blocks.

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