Middle-Income Ranking Sign of Economic Achievements – Banda

15 July 2011

PRESIDENT Rupiah Banda has welcomed the World Bank’s announcement to re-classify Zambia as a middle-income country, which he says reinforces his vision to build a better future for all citizens.

Mr Banda said the re-classification of Zambia as a middle-income country reflected the country’s economic achievements which were impacting positively on the living standards of the people.

This is contained in a statement released in Lusaka yesterday by special assistant to the president for Press and public relations, Dickson Jere.

“Our economy is delivering growth of more than seven per cent despite continued recession in many parts of the world, thanks to sound Government policies and it is good that this is being recognised again on the world stage.

“I now want to lock-in the stability that our new status brings; I want all Zambians to start feeling the benefits of better salaries and a better standard of living,” Mr Banda said.

In last week’s World Bank annual assessment of poor countries, Zambia was the 27th country to be re-classified since the year 2000 – ahead of Ghana at 28.

Mr Banda said his goal had always been for Zambia to achieve a better place in the world through establishing security, stability and prosperity for all.

“Having a stable economy which will yield jobs and increase foreign investment, erode poverty and maintain steady food production and lower prices is critical, and my Government will continue to work hard to achieve this on behalf of all the Zambian people,” he said.

The Government was also in the process of establishing multi-facility economic zones and industrial parks to promote the manufacturing sector.

The president and his Government had been working tirelessly to deliver economic prosperity to all Zambians by providing more education and employment opportunities, and encouraging international investment in the country.

And Private Sector Development Association chairperson Yusuf Dodia said the World Bank’s re-classification of Zambia as a middle-income country was a sign that the country was making steady socio-economic progress.

Mr Dodia said in Lusaka yesterday there was need for the Government and the private sector to forge a stronger partnership so there could be further progress.

“Otherwise what we would like to say is that this is a good development, an indication that we are on the right track on our goal to be a prosperous nation,” he said.

An economist, Mark O’Donnell said the new development was a positive reward for the business community which had been striving for the re-classification for a long time.

Mr O’Donnell, who is Union Gold Group chairperson and former Zambia Association of Manufacturers president, said in an interview in Lusaka yesterday that Zambia deserved the re-classification following the enormous development it had recorded.

He said Zambia had seen a lot of development in the last decade in various sectors of the economy and commended the World Bank for its decision.

He attributed the growth to good governance and a conducive business environment the country had sustained.

“What is needed now is to focus on the good governance to sustain the status gained and even take it to the next level,” Mr O’Donnell said.

Zambia Chamber of Commerce and Industry president Jeff Sakulanda said Zambia should be proud of the middle-income status because it showed Government’s prudent economic management.

Mr Sakulanda said in an interview yesterday in Kitwe that Zambians should also be proud that the country was now less dependent on donor support because it was able to generate enough resources for its operations.

“This means that the Balance of Payment is moving from the deficit position because the country has generated a lot of revenue and because of fiscal discipline,” Mr Sakulanda said.

He said the growing foreign reserves at the central bank had contributed to Zambia’s attainment of the middle-income rating.

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