Zambian economy shows improvement

LUSAKA – Zambian Finance Minister Ng’andu Magande was to present the 2006 fiscal budget in parliament Friday amid signs the economy of the impoverished southern African nation is strengthening.

Zambia’s currency, the kwacha, is strong, and the mining, agriculture and manufacturing sectors have performed well, with copper production in particular rising. Zambia has also benefited from debt relief programmes agreed by the International Monetary Fund and the World Bank to reward governments deemed to have sound fiscal and economic policies.At the recent state opening of parliament, President Levy Mwanawasa held out hopes that Zambia may evolve into a middle-income country, like nearby South Africa.In particular, he gave credit to his government’s “prudent and disciplined” fiscal policies.He said a new national development plan for 2006-2030 would be ready by June.That is expected to give special incentives to private companies setting up manufacturing or processing plants in the economic zones.Mwanawasa also indicated he will usher through electoral reforms ahead of elections expected before the end of this year.Debate has centred on whether the president should be elected under a simple majority or under a specific “50 plus one” vote.There are also calls for a new regulation to require presidential candidates to have running mates who will automatically become their vice president.- Nampa-APZambia has also benefited from debt relief programmes agreed by the International Monetary Fund and the World Bank to reward governments deemed to have sound fiscal and economic policies.At the recent state opening of parliament, President Levy Mwanawasa held out hopes that Zambia may evolve into a middle-income country, like nearby South Africa.In particular, he gave credit to his government’s “prudent and disciplined” fiscal policies.He said a new national development plan for 2006-2030 would be ready by June.That is expected to give special incentives to private companies setting up manufacturing or processing plants in the economic zones.Mwanawasa also indicated he will usher through electoral reforms ahead of elections expected before the end of this year.Debate has centred on whether the president should be elected under a simple majority or under a specific “50 plus one” vote.There are also calls for a new regulation to require presidential candidates to have running mates who will automatically become their vice president.- Nampa-AP