Sunday, April 20, 2008
By Edwin Mbulo in Livingstone
Sunday April 20, 2008 [04:00]
THE increase in international oil prices is worrying, Bank of Zambia (BoZ) governor Dr Caleb Fundanga has said. In an interview in Livingstone last Thursday, Dr Fundanga said the increase in oil prices on the world market would affect Zambia’s economy.
“The increase in international oil prices which have hit a new record high of US$111.80 per barrel will affect us and we are worried. There has been food riots in some countries and food shortages especially rice and wheat,” he said.
Dr Fundanga said Zambia needed to find a solution to the looming food shortages after the floods, which affected most parts of the country.
“This year we had floods and we don’t know how we will be affected but the solution of food shortages to be best applied well is on how well we use the land resource for us to be back as the food basket of the region,” Dr Fundanga said.
And on the Zimbabwean economic crisis, Dr Fundanga said it was not good to give a blind eye to a neighbour’s sufferings.
“Zimbabwe is a major economic partner of Zambia and if your neighbour is not doing well you cannot rejoice when your neighbour is not doing fine,” he said.
Dr Fundanga said the economic crisis in Zimbabwe had affected the lives of many Zambians especially in Livingstone.
“You were doing well here when Zimbabwe’s economy was good, but now it is costly for you as things are not going well there,” Dr Fundanga said.
And Sun International head of public relations Thoko Qoboza has said the ‘South African Leading Male CEO chief executive officers meeting’ which is currently going on in Livingstone, is an economic debate held annually while the ‘Leading female CEO meeting’ would be held in August.
She said Dr Fundanga had been invited to attend this year’s meeting that has attracted 21 CEO from South Africa, which includes South Africa’s Reserve Bank Governor Tito Mboweni.
Others in attendance include CNBC Africa chief operating officer Gary Alfonso, Sachs International managing director Colin Goldman, Bond Exchange of South Africa chief executive officer Garth Greubel and 2010 FIFA World Cup South Africa chief executive officer Daniel Jordaan.