21 September 2012

Zambia: 'Eurobond Essential for Econmic Future'

THE Zambia Consumer Association (ZACA) has said the US$750 million Eurobond is essential for the country's economic future as long as the terms and conditions are favourable.

ZACA executive secretary Muyunda Ililonga said in an interview in Lusaka that the Eurobond was equally good as long as it was put to good use, especially that that it would go towards infrastructure development.

Mr Ililonga said Zambia, like any other country needed money to develop the infrastructure and there was nowhere else it could borrow from apart from the international market.

He said issuance of the US$750 million Eurobond demonstrated the confidence the International community had for the country.

"Zambia like any other country needs infrastructure and there was no where it could have got the money from apart from the international market, " Mr Ililonga said.

He said once in the economy; the Eurobond which was a land mark achievement, would have a multiplier effect on the much needed jobs in country.

Mr Ililonga expressed hope that it would be implemented as quickly as possible so that the benefits would be felt by the ordinary Zambian.

And the Zambia Institute of Chartered Accountants (ZICA) has hailed the Government for the successful issuance of the US$ 750million Euro bond..

ZICA chief executive officer Hapenga Kabeta commended the Government for the job well done.

He was speaking in Livingstone at Courtyard Hotel yesterday during a workshop for internal auditors under the theme the theme "Effectiveness and Interface of the internal audit function".

"It will however be sad to find that after 10 years we have not fulfilled our commitments," he said.

Mr Kabeta said studies had proved that a good road network with connectivity would enhance the quality of life of the people. He called upon internal auditors in the public sector to play a key role in ensuring that the funds were used for the original purpose.

Mr Kabeta said in all the sectors where the funds would be channelled, Government should develop a project management strategy for effective implementation..

He said such decisions required courage and unity of purpose to realise national objectives towards the vision 2030.

He said the media played a critical role in raising awareness on how the Government was implementing national programmes and wondered whether the media in Zambia was living up to the challenge.

Mr Kabeta said there was need for the media to operate in a way that ensured true feedback was given to the people on the performance of the their Government.

Mr Kabeta also stressed the need for security of tenure for public office bearers, saying the absence of this was a recipe for poor performance. Mr Kabeta advised the auditors to have appropriate Information Technology (IT) skills to effectively perform their duties.

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