Q FM Africa's Modern Radio
World Bank Country Representative Ina-Marlene Ruthenberg has bemoaned the slow pace at which Zambia’s economy is growing.
Speaking at the launch of Zambia’s economy brief in Lusaka, Ms. Ruthenberg has observed Zambia’s economic growth of half the projected seven percent is not exciting especially if poverty is to be eradicated.
Ms. Ruthenberg says this development has a negative impact on job creation as well as other efforts aimed at reducing poverty.
She says it is for this reason that government should speedily implement austerity measures it formulated in order to gain ground on the weakening economic situation.
And the World Bank Country representative has urged government to reorient the financing of the agriculture sector.
Ms. Ruthenberg notes that Zambia’s economic emancipation lies in the agriculture sector hence the need to ensure that necessary support is given to the sector.
Meanwhile World bank Economist Dr. ZIV Chinzara says a more diversified economy is key in addressing present and future economic shocks the country may be experiencing.
Dr. Chinzara has also called for the implementation of fiscal consolidation measures.
He says the measures include the publication of the country’s accumulated debt in order to avert false reports from interested parties.
Dr. Chinzara notes that the failure to make information on the country’s debt stock available leads to speculations thereby negatively affecting the economy as most people will not invest their resources in the country.