Investors’ Confidence improved despite erratic President

Minister of Finance Felix Mutati says Zambia’s investor confidence has improved this year following enhanced economic stability. Mr. Mutati has cited the over three hundred investors from across the globe that seek to invest in the 4 billion US dollar Batoka Hydro power project. He says there are positive economic indicators in 2017 than last year when growth was just below five percent.

Mr. Mutati has since assured investors of credible returns on all their planned areas of investment. ZNBC’s Kennedy Bwalya reports that the Minister said this when he addressed representatives of international banks and financial institutions at a meeting organised by VTB Capital, in Washington D.C. This is on the sidelines of the ongoing IMF and World Bank circuit meetings.

Mr. Mutati also said the acquisition of an IMF economic and stabilisation program package is no longer reversible because the nation has affirmed its position after countrywide consultations. And Ministry of Finance Permanent Secretary Mukuli Chikuba said Zambia expects various multilateral development banks to provide sector budget support. He said grants and concessional financing are among government’s broader sources for budget financing.

Secretary to the Treasury Fredson Yamba attended the meeting where financiers engaged the Zambian delegation on various financial and policy issues. Mr. Mutati is leading the Zambian delegation to the spring meetings. Discussions for the IMF package are still underway and likely to be concluded this week. The outcome will be escalated to the IMF board for final determination.

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