The Times of Zambia (Ndola)

Zambia: IMF Certain About Positive Economic Outlook

editorial

THE outcome of the International Monetary Fund (IMF) mission shows not only confidence in the Government programmes but also is confirmation that Zambia is on course in its economic development path.

The team has noted that the Zambian economy has shown resilience, despite the turbulence of the global economic crisis.

That even in the face of a drastic reduction of jobs in mining, financial difficulties in agriculture and a shy reversal of the depreciation of the Kwacha at the height of the credit crunch, the economic prospects for Zambia are looking up.

The team sees that the country's modest target of five per cent growth and revised projected 12 per cent in inflation rate by end of 2009 is tenable and well within reach.

Of special mention is the fact that Zambia has attained a stronger reserve position at $1.7 billion than it has in the last 40 years. For one of the Bretton Woods institutions to give thumbs up, it means the IMF is satisfied with the programmes and fiscal measures the Government has put in place so far as it demonstrates the capacity to grow the economy.

These positive gains have a potential of helping the country complete the third review of the Poverty Reduction Growth Facility (PRGF) arrangement with the IMF.

The onus therefore is on all the players in the different sectors of the economy to play their part in implementing the policies.

The economy being multi-limbed means that all sectors must function appropriately and be in tandem with the macro-economic and structural policies set out in the 2010 Budget.

Implementation is therefore of absolute importance so that all the projected gains are not lost. There is need for specific tailored efforts to see to it that the country does not fall behind in its programmes and are translated to tangible results.

This calls for a lot of hard work, especially in the face of reduced revenuesto build on this positive economic outlook.


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