World Bank impressed with Zambia's macro-economic successes

Apr 21, 1998 02:00 AM

The World Bank is impressed with Zambia's macro-economic successes and optimistic that the country will receive favourable response from donors at the consultative group meeting to be held in May, a World Bank official said.
The newspaper Times of Zambia quoted the Bank's country director Phyllis Pomeratz as saying that Zambia has scored "extraordinary successes" in its economic reforms.
She noted that there is a rapid increase on non-traditional exports and the government has managed to reduce inflation to less than 20 % from astronomical levels of early 1990s.
The country has made major strides in poverty reduction and launched the public service reform program to create efficiency in the government operations, which promise general growth in the economy in the long run, Pomeratz noted.
She said the Bank's programs are going on extremely well in the country resulting in 16 investment projects worth a total of $ 500 million.
The Bank is not so much concerned with issues ofgood governance but will provide a risk guarantee based on political considerations, she said.
According to Pomeratz, the World Bank is also impressed with the government policies in the health, road and agriculture sectors.
On the privatisation of the Zambia Consolidated Copper Mines (ZCCM), the Bank official supported Zambia's stand on the sale of Nchanga and Nkana mines, saying the two major mines should be sold profitably.
The Bank could not intervene over the collapsed talks between Zambia and the Kafue Consortium over the sale of Nkana and Nchanga mines, she noted, adding it is important that the mines are sold at actual value since it is a commercial deal. The negotiations on the sale of the two mines collapsed recently due to disagreements on the price between the two sides.

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