ECONOMIC GROWTH ON COURSE – MUTATI

MINISTER of Finance Felix Mutati says Government is this year on course to attaining its macroeconomic objectives of achieving real Gross Domestic Product of at least 3.4 percent and creating thousands of decent jobs for locals.

Mr Mutati said in an interview yesterday that Government will ensure the Kwacha remains stable against major convertible currencies to reduce volatility in the prices of imported goods and services.

He said the home-grown economic recovery programme dubbed “Zambia Plus” which Government has designed to be complimented by support from the country’s co-operating partners, has started yielding results of ensuring sustained and inclusive growth over the medium term.

Mr Mutati said a stable local currency is critical to creation of employment and wealth in the country as it guarantees a reduction in the cost of doing business.

“We want to maintain stability of our local currency against major foreign currencies to reduce the cost of doing business and effectively implement various development projects to improve the welfare of Zambians,” he said.

He said Government will also continue investing in various sectors of the economy with enormous potential to positively impact on job creation, rural development and inclusive socio-economic growth.

Mr Mutati said Government remains committed to enhancing human development by investing in social sectors and accelerating infrastructure development.

He said infrastructure development will be the main anchor of the development process driven by information and communication technology, and science and technology.

“Infrastructure development will largely include social and economic infrastructure. We will continue investing in health, education, water and sanitation infrastructure,” Mr Mutati said.

He said Government has also prioritised development of the energy sector by increasing the country’s power generation capacity through upgrading and construction of new hydro power stations and use of alternative sources of energy.

Mr Mutati said a viable energy sector is essential to the creation of more industries and growth of productive sectors that could in turn create jobs for Zambians.

He said Government is also working hard to attain its objective of maintaining domestic borrowing to not more than two percent and build up foreign exchange reserves to at least three months of import cover.