Zambia hailed global lender International Monetary Fund for recognizing the nation as being among the top 4 high performing African countries.

A statement from the presidency stated that under the leadership of Mr Rupiah Banda, Zambia has taken major strides to encourage foreign direct investment with a projected influx of over USD 10 billion from exports compared to the USD 900 million it earned 10 years ago.

As a consequence of the improved economic climate in Zambia, there has been considerable investment in the provision of better schools, hospitals and access to basic facilities.

Mr Dickson Jere spokesperson for the presidency said that since Banda ascended to power in 2008, 31 months ago, over 300 new health centers have been commissioned and 3,600 health workers recruited. Additionally the academic performance of young people under the guidance provided by more teachers and education facilities has greatly improved.

Zambia’s economy is expected to continue growing at around seven percent this year with the expected revenue being put back into the country’s infrastructure to encourage a continued cycle of growth and development.

Mr Banda hailed the IMF's rating noting that despite the recognition Zambia still had more work to be done to better the lives of its people with an improved economic background. The IMF’s announcement underlines my government’s commitment to driving steady growth by creating jobs and opportunities for all Zambians. But there is still more to do. We will continue to work tirelessly to build on this accolade and so achieve an even better place for Zambia in the world; above all, establishing security stability and prosperity for all Zambians.

Zambia, it added is in the process of establishing multi facility economic zones, in addition to the USD 1 billion one being created by the Chinese government in Chambishi in northern Zambia and industrial parks to promote the manufacturing industry intended to create more jobs for the people. The rating was an indicator that the Government was committed to uplifting the living standards of the people.

According to its chairperson Mr Yusuf Dodia, meanwhile the private sector development association has projected that with further revenue collected and put into various sectors, the country’s economy would continue to grow. The private sector was pleased and welcomed the statement by the Government that Zambia’s ability to repay debt had tremendously improved and that the country would not fall back into unsustainable debt because the treasury expected to rake in an additional K800 billion from the mines this year.

PSDA was delighted with the pronouncement because such huge revenues came as unexpected from the mines and it would enable the Government finance several development projects. The revenue from the mines would be a direct empowerment on capital resources needed for the Government to finance various projects in Zambia.

Government’s continued commitment to improving the economy and its dialogue with the mines which had resulted in repayment of arrears to the Government has further pleased the private sector. The revenue from the mines should be applied to areas like road networks to promote further trade and industry that could help the Government maintain the country’s economic growth.

Mr Situmbeko Musokotwane finance minister of Zambia said that Zambia expected to raise USD 500 million through the sale of its debut Eurobond to go towards infrastructure construction such as the rehabilitation of urban roads upgrading power stations and water sanitation. He dispelled concerns that the Government would accumulate unsustainable debt through the various development projects being undertaken in the country.

Mr Musokotwane said that at the time the Government introduced windfall tax in 2008 mining companies threatened to drag it to court and further argued that the development agreements that had been signed with them when they bought the mines had been abrogated. Government then opened up talks with the mining companies after which new taxes were agreed upon and that arrears would be paid asa measure to pacify over the concerns.

(Filed by Mr Kapembwa Sinkamba SteelGuru Correspondent Zambia)