Musokotwane anticipates reduction in economic growth

Musokotwane anticipates reduction in economic growth
By Fridah Zinyama
Tue 01 Dec. 2009, 04:00 CAT

FINANCE minister Situmbeko Musokotwane has anticipated a reduction in economic growth with a rate below 4.6 per cent this year, representing a 28 per cent reduction in growth compared with last year's six per cent.

And Bank of Zambia (BoZ) governor Caleb Fundanga has said corruption and unethical conduct in the public and private sectors have compromised professionalism and economic development in the country.

During the annual National Development Conference of the Zambia Institute for Policy Analysis and Research (ZIPAR) last week, Dr Musokotwane said the Zambian economy was facing numerous challenges emanating from the global financial crisis.

“In addition, the 2010 budget was made under constraints of reduced direct budget support from our co-operating partners forcing us to significantly reprioritise and increase domestic borrowing,” said Dr Musokotwane.

“These economic challenges require selfless determination by all professionals and technocrats in order to devise solutions that will move Zambia forward.”

And Dr Fundanga said professionals should provide essential and valuable services to any society.

“Professionalism entails possessing specialist knowledge and following a standard of conduct based on ethics that govern the use of this knowledge when providing a service to the public,” he said.

“Professionals should therefore provide essential and valuable services to any society and it is for this reason that the public depend on them more and more as economies advance.”

Dr Fundanga said the professional status was an implied social contract to provide a service over and above normal duties.

“If we are to succeed economically as well as socially, we need to demonstrate appropriate levels of professionalism,” he said. “As professionals in Zambia, we need to evaluate our performance and aim to constantly improve.”

Dr Fundanga said professionals needed to be guided by a code of conduct which stipulated the core values and responsibilities of the profession.