Finance and National Planning Minister Ng’andu Magande said Zambia has changed for the better and that her citizens are now able to invest in various sectors of the economy.
Mr. Magande was addressing Zambians based in Washington DC at a reception hosted by the Zambian Ambassador to the United States of America, Dr. Inonge Mbikusita-Lewanika.
Mr. Magande said Zambia’s economy was on track and that the country has registered positive economic growth over the last few years of the “New Deal” government governance.
He also said Zambia was no longer a debtor nation as the country had managed to reduce debt from $7.2 billion to $500,000.
The minister said that Zambia was now in a position to make its own decisions on how to develop because the donors could no longer instruct the government on what to do.
He urged Zambians living abroad to invest at home because of the good business opportunity that were in place.
The Minister also said he was happy with the 2008 World Bank/IMF Spring Meetings, which he was attending and described them as very positive.
“We have had very good discussions with the IMF and World Bank. I was proud to meet with members of the two institutions because of the good fiscal policy Zambia has pursued,” he said.
He said five years ago, it was difficult for Zambia to negotiate with the two institutions but due to disciplined fiscal management and debt record, Zambia was looked upon as a good partner in development.
He stated that Zambia’s reserves were currently over US$1 billion, adding that this was the highest figure the country had ever recorded.
The side meetings mainly centred on sectors such as energy and water, transport, agriculture, education, health and regional infrastructure.
Mr. Magande also disclosed that Zambia would produce a one million tonnes of copper by the year 2010.
Mr. Magande said the discoveries of new copper mines especially in the North-Western province would have an upward effect on the output of copper in the next two years.
He also stated that the Lumwana Copper Mine had employed to at least 10,000 Zambians who were unemployed.
Mr. Magande also pointed out that other rich minerals like nickel and uranium had been discovered in Zambia.
“The search for uranium in Zambia is part of an exploration that is raising new hopes for jobs and tax revenue,” he said.
He further told the audience that the Munali Nickel Project in Mazabuka district of Southern province was expected to produce over 900,000 tonnes of nickel in the next decade.
“Munali Nickel Project will produce about 8,500 tons per annum of nickel in concentrate from a 900,000 tons per annum underground mining operation involving straight forward extraction methods and conventional processing technology,” he explained.
Speaking at the same function, Bank of Zambia Deputy Governor for Operations, Denny Kalyalya said the Zambian economy has performed very well in the recent past.
Dr. Kalyalya said Zambia had recorded positive real Gross Domestic Product (GDP) growth and that inflation and interest rates had come down.
He noted that the unprecedented developments in inflation have been due to continued implementation of prudent monetary and fiscal policies, coupled with increased food supply.
He said Zambia had become an attractive country for foreign investors because of its sound economic performance