Magande advises against disturbing economic targets

Magande advises against disturbing economic targets
Written by Chiwoyu Sinyangwe
Saturday, October 25, 2008 10:17:49 PM

FINANCE minister Ng’andu Magande has urged officers from his ministry and Bank of Zambia (BoZ) to avoid populist tendencies in expenditure during this election period to avoid disturbing economic targets.

After the signing a US$10 million (about K43 billion) Financing Agreement of the Second Economic Management and Development ceremony with the World Bank on Thursday, Magande cited 2006, when the country stayed on course and achieved favourable macroeconomic parameters despite the presidential and general elections.

“2008 happens to be another year of elections due to the demise of the strict and focused commander and guide (president Levy Mwanawasa),” Magande said. “I take this moment to encourage the economic management team and other project officers to continue being effective custodians of the government’s good image, both to the Zambians and to our cooperating partners.

We should continue to guard our best practices that we have learnt in the past and manage the nation’s resources for the benefit of the Zambians. The concession loan I have just signed for, should assist us to stay on course so that our country can attain even higher levels of growth.”

Magande also thanked co-operating partners for the support rendered to the government towards the country’s developmental goals aimed at reducing poverty among Zambians.

He further explained that Second Economic Management and Development credit was a concessional loan to be applied in the implementation of the government’s reform programmes as stipulated in the Fifth National Development Plan.

Magande said the loan had a grace period of ten years with a repayment period of 30 years.