The World Bank yesterday said Zambia's economic management has been exemplary and the projected growth will enable the country access more funds from the International Development Association (IDA).

Meanwhile, Zambia will take over the position of executive director on the Washington-based board of directors of the World Bank to represent 22 Anglophone countries effective October 21, 2010.

At a joint Press briefing with Minister of Finance and National Planning Situmbeko Musokotwane in Lusaka, World Bank Executive Director for Africa's Group 1, Toga McIntoshi said Zambia's economic management was prudent and the growth rate could be higher if all fundamentals remained in place.

He said the World Bank believed Zambia was performing according to its expectation and was confident higher figures would be recorded in future. Mr McIntosh said the financial allocations were given on the basis of the figures on economic growth and countries recording smaller figures would access small fractions of the money.

He said he would hand over the position to a Zambian following a decision by the World Bank board that Zambia takes over the rotational position. Mr McIntosh, a Liberian, has held the position for two years and said the Zambian who would be appointed would now represent 22 countries in Africa apart from looking at Zambia's interest at the World Bank.

And Dr Musokotwane said the high projection for the economy was based on performance by the agricultural sector and high copper output while prices were going up. He said economic growth means that poor people should have hope they would soon benefit from the wealth that was being created.

The minister said the heavy construction of houses and motor vehicles on the streets was a signal the economy was growing and poverty alleviation initiatives would eventually spill over to the poor people to increase the concentration of wealthy people.

He said Zambians should soon expect more money in people's pockets because economic growth means more jobs and more people employed. He said sustainable economic growth would ensure that more people started benefiting from the wealth that was being created.

Dr Musokotwane said opposition leaders cheating Zambians they would improve the economy within one year were liars and should be ignored because that had never happened world over.

He said Zambia was transiting from an economy that failed to record growth for many decades until around 1990s following the privatisation process. Dr Musokotwane said the economy would have continued to shrink if Government failed to privatise.