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Zambia’s economy still remains stable despite global economic crisis

• Zambia is one of the fewest where the economy is growing.
• This year prices have been going down including mealie meal.
• The Kwacha has depreciated a bit but cannot be compared with what is currently obtaining in other countries.

Vice President Mutale Nalumango says Zambia is one of the few countries in the world where the economy is growing steadily.
Speaking in Parliament during the Vice President’s question and answer session, Mrs. Nalumango states that it is therefore not true that commodity prices are going up because prices have been reducing including mealie-meal.
She noted that the Kwacha has depreciated a bit but this cannot be compared with what is currently obtaining in other countries, adding that Zambia still remains stable despite the current global economic crisis.
“Yes fuel has gone up but just in this year we have seen prices going down including mealie meal. You may recall one of the chain stores publishing the price indexes of the different commodities showing that the prices were going down. We are going to continue to work hard to improve our economy.
“We should call the economy stable and even with all this economic going on all around, Zambia still remains stable. Yes the Kwacha has gone down a bit but you cannot compare with what is happening elsewhere. Infact up to last week, the Kwacha was one of the best performing currencies and Zambia is one of the fewest where the economy is growing because many countries in Africa are going through a lot of stress,” Mrs. Nalumango said.
Mrs. Nalumango further stated that government will continue to woo both local and foreign investors because the country has a conducive environment in which businesses can thrive.
She was responding to Shiwang’andu Member of Parliament Stephen Kampyongo who wanted to know what assurance government will give to citizens who are struggling to put food on their table, considering that effects of Kwacha appreciation and single digit inflation are not trickling down to consumers.
Meanwhile, Mrs. Nalumango revealed that government has already identified commercial banks that will handle the Constituency Development Fund (CDF) loan component and loans will be disbursed within two weeks.
On farming inputs, the Vice President disclosed that the distribution will commence next week as the farm input support has already been delivered to the district depots.
She further said government is working hard to ensure that resources go down to the people so as to improve their livelihoods and revive industries.

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