Zambia Courts IMF For Economic Recovery

Mr Mutati (Second left) with IMF officials after a meeting

By Paul Shalala

Zambia has commenced talks with the International Monetary Fund (IMF) to find ways in which the Bretton Woods institution can help the southern African country emerge stronger from its current economic challenges.

The country is the world’s third largest producer of copper after Chile and the Democratic Republic of Congo.

The newly sworn in Finance Minister Felix Mutati is in Washington attending the annual meetings of the IMF and World Bank.

Today, Mr Mutati held closed door meetings with IMF officials and discussed Zambia’s economic recovery programme which he is championing.

“The minister said the country had a huge financing gap that was negatively impacting the country’s inflation rate worsened by low copper prices adding that the banking sector was currently holding up to 10 percent of bad debt. The Minister said the government would announce the economic recovery program in the coming budget,” reads part of a statement issued by Zambia’s embassy in Washington after the Minister’s closed door meeting.

A few days ago, Ministry of Finance Spokesperson Chileshe Kandeta announced that a team of IMF officials will be in the country this month to meet various stakeholders ahead of an expected financial bailout.

Zambia is heavily reliant on copper sales and the drop in its price has reduced the country’s revenue and increased in inflation.

A few months ago, the Chinese owned Baluba mine in Luanshya was placed on care and maintenance, sending 1,600 workers on forced leave.

Last month, African Rainbow Minerals which holds 40% shares in Chililabombwe-based Lubambe mine, announced that it was selling its stake due to low copper prices.

With this in mind, Mr Mutati, who is barely a month in office, has come up with an economic recovery plan which he hopes will resuscitate the economy.

The plan includes removing subsidies on a number of products in the coming years.

Copperbelt To Have First Ever Livestock Laboratory

By Paul Shalala in Luanshya

Cattle grazing in the Copperbelt town of Chililabombwe

Construction of the K4.5 million veterinary laboratory at Baluba in Luanshya have advanced.

Marks Industries Limited is constructing the two story building which will be helpful in fighting animal diseases on the Copperbelt.

It is a project which is part of the diversification process from mining to other industries on the Copperbelt.

For decades, Copperbelt province has relied on mining but slowly, agriculture is becoming the second industry in the area.

The construction of this multi-million state of the art veterinary laboratory will also be the first of its kind in the province.

For an area, with an extractive history of minerals, agriculture and animal husbandry seems to be taking root.

This laboratory in Baluba is expected to help authorities in combating animal diseases.

The structure is expected to have latest equipment using hitech gadgets to fight diseases which have ravaged the country.

The technology in this laboratory will be one of the best in the country.

So far, the ground floor is almost complete and works on the first floor are expected to start next week.

"We have done a lot of work and we are on course. Next week we will be pouring concrete on the second floor,” said Marks Industries Project Manager Brown Banda.

However, those in authority have their worries.

“This project has taken too long. Let me use this opportunity to ask the contractor to expedite the works. We want the laboratory to start working as soon as possible,” said Copperbelt Province Permanent Secretary Reverend Howard Sikwela.

But the contractor is optimistic that works are on course.

“We are hopeful that by October this year, we can finish all the works and hand over this laboratory to government,” said Marks Industries Public Relations Officer Fabian Mutale.

Currently, livestock farmers on the Copperbelt send samples of their animals to Lusaka for tests.

This is because the technology used to detect diseases and treat animals is not yet in the province.

But all that will be in the past, with the completion of this laboratory.

"Am happy with this project and i hope it can finish soon so that we can protect our animals from diseases," said John Tonga, a farmer in Mufulira who has been keeping livestock for over six years.