IMF Commends Zambia’s Economic Performance

The US-based International Monetary Fund (IMF) has commended Zambia for its macro-economic development over the last five years, saying the country had made tremendous progress in transforming the economy.

Visiting IMF Executive Directors’ spokesperson, Miranda Xafa, said this at State House in Lusaka Monday when her delegation paid a coutersy call on President Levy Mwanawasa.

“The economy is booming and the inflation rate is down to single digit. This is a great achievement,” she said, adding that the IMF Executive Directors were in Africa to get first hand information on the countries under its charge.

Xafa, however, said there were still some bottlenecks for Zambia to fully realize its development, especially in the energy sector, adding that there was need for the Zambian government to step up its investment in this sector.

She said that there was also need to expedite international trade by ensuring that it also invested in the transport sector.

On his part, President Levy Mwanawasa said Zambia valued its relationship with the IMF.

He said the economy had improved and continued growing, propelled by exports of both metals and non-metal products.

The country’s export earnings had quadrupled since 2001 and that reserves were in excess of a billion dollars.

He said the IMF together with other organizations such as the World Bank and the bilateral donor government had contributed immensely to the turn around of the Zambian economy.

Source African Press Agency

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