Thursday, June 20, 2024

Zambia to introduce economic legislation – HH

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President Hakainde Hichilema has announced that the Zambian government will introduce several pieces of legislation aimed at unlocking various economic sectors in the country. Speaking at the opening of the ABSA House, the President explained that these measures are part of the government’s efforts to address issues affecting investment and trade in the country.

To accelerate economic growth, the President stated that the government had established the Presidential Delivery Unit, which will oversee the implementation of high-priority government programs and projects. He urged ABSA Bank to consider partnering with the government in various economic sectors, including green energy, through public-private partnerships.

During the event, President Hichilema also congratulated Samuel Maimbo for becoming the first Zambian to be appointed as Vice President of the World Bank. The Finance Minister, Situmbeko Musokotwane, commended ABSA Bank for constructing the ABSA House and called on them to continue working with the government through the Public-Private Partnership model of financing various economic projects.

In her address, Bank of Zambia Deputy Governor for Administration, Rekha Mhango, assured the banking industry of a conducive environment to thrive in. The ABSA Group Board Chairperson, Sello Moloko, praised the Zambian government for its efforts to stabilize the economy.

Meanwhile, ABSA Zambia Managing Director, Mizinga Melu, revealed that the bank has invested over $650 million into various economic sectors such as agriculture and mining over the past three years.

The government’s move to introduce legislation to unlock various economic sectors is a welcome development that is expected to attract more investments into the country. The creation of the Presidential Delivery Unit will also ensure that high-priority projects are implemented in a timely and efficient manner, boosting economic growth.

The call for public-private partnerships in various economic sectors is also an excellent strategy that will encourage private sector investment and promote the sharing of risks between the government and private sector. This will ultimately lead to the creation of more job opportunities and the development of new industries, which will spur economic growth.

The appointment of Samuel Maimbo as Vice President of the World Bank is also a significant milestone for Zambia, as it demonstrates the country’s capacity to produce world-class professionals capable of holding high-level positions in international organizations.

In addition, the Zambian government’s efforts to unlock various economic sectors through legislation and public-private partnerships are commendable. It is expected that these measures will attract more investment into the country and create more job opportunities, ultimately spurring economic growth.

4 COMMENTS

  1. We want first and foremost FOREX controls in place, these large companies especially mining firms who are making millions in Zambia are not banking those dollars here and that is causing volatility in the local FOREX market which is affecting every facet of the economy. When they sale their copper abroad they remit those funds to foreign accounts and this is not a sustainable way of doing business. This is the number one cause of why we are experiencing these FOREX challenges today. A law must be in place to insure of Zambian based firms that sale goods and services must first and foremost remit those funds to Zambia before they are externalized, this alone will greatly stabilize the ZMW.

  2. Bashi Promise a shameless liar honestly how on earth do you accurate economic growth, this country depends on copper and nothing is coming forth. Mining firms are on tax holiday. And please tell the nation what you have done to the 20% shares belonging to the people of Zambia
    Edgar Lungu was better he had his own short comes but better than you Bashi Promise, We can’t develop if everything is given to foreigners! The dem.on of privatization must let go

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  3. I cant see the economic legislation promised in that headline. Ndipo the government had established the Presidential Delivery Unit, is dead news. The re-introduction of MMD’s slush fund is not news.

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