Finance and National Planning Minister Ngandu Magande has assured that the current financial crisis sweeping global markets will not have a significant effect on Zambia’s economy.
And the Bank of Zambia has so far recorded and accumulated an initial US$1.3 billion in reserves.
This development indicates that Zambia ‘s economy will be able to withstand external pressures on the global financial instability in relation to her financial markets.
Mr Magande said Zambia’s current foreign policy stance was to promote its economy to the outside world by encouraging inward investments, trade and other economic opportunities from the international community.
He said it is therefore imperative that diplomatic staff in missions abroad postively promotes and portrays Zambia’s international image.
The Finance Minister made the assurance in London today (Thursday) when he briefed members of the diplomatic staff at the Zambian Embassy in Britain.
This is contained in a press statement signed for High Commissioner by Second Secretary for Press Rejoice Lukumba and released to ZANIS in Lusaka today.
He stressed that the exchange rate has fairly been with minor fluctuation on account of changes in the price of oil adding that these concerns surrounding the commodity (oil) are beyond government’s control.
On the home front, Mr. Magande said Government has put in place measures to contain food security by subsidising fertiliser inputs to support the small scale farmers.
Mr. Magande added that despite the demise of President Levy Mwanawasa, the current policies in place are entrenched and designated to be sustainable in long term.
“In the wake of current global crisis, it is imperative diplomatic staff in missions abroad promotes and portrays Zambia’s image internationally and positively by encouraging inward investments, trade and other economic opportunities from the international community.
”I challenge those in foreign missions to explain Government policy so that the international community knows what we as a country are doing,” said Mr. Magande.
ZANIS/ENDS/KC/CLM