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Friday, 7 September 2012

PF Economic Achievements, by the Numbers

By Jessica Achberger

What has the PF government achieved economically in the last year? So much of the media attention has been on President Sata's stand against corruption. People have been fired, boards dissolved, and charges brought against members of the previous administration. However, what we must now question, one year on, is what tangible economic factors have improved.

Kennedy Sakeni, Chief Government Spokesperson and Information and Broadcasting Services Minister, recently spoke to the Times of Zambia about Zambia's rise to economic prosperity. Mr. Sakeni stated that, in the first six months of 2012, Zambia saw a distinct rise in a number of economic factors. By the numbers:


Total pledged investment of approved projects:   US$4,154,209,065

Expected job creation:   18,788
Represented increase in investment from 2011:   37 percent
Represented increase in job creation from 2011:   4 percent

Non-traditional exports (preliminary statistics):   US$600.2 million
Represented increase from 2011:   96.2 percent

2012 commercial bank lending rate average:   16.6 percent
2011 commercial bank lending rate average:   26.3 percent

Project 2012 GDP growth:   above 7 percent

Foreign Reserves:   US$2 billion

Tax exemption threshold increased from K1 million to K2 million

Minimum wage increases of about 100 percent for domestic, shop, and general workers

What are your thoughts on the economic success of the PF government? 

3 comments:

  1. If you are:
    -not employed, an employer or self employed and so didn't get the tax break or the increase,
    -not in an export business,
    -lacking sufficient assets to borrow,
    -lacking any reserves local or foreign,
    then you are with the vast majority who are still having it tough.
    We need an awful lot more job creation than 4%. If it was 40% then we'd see progress.
    We also need some major equalisers (such as free education for all) so that poverty is not inherited.
    We need to make it a lot easier to manufacture so that we can replace the cheap chinese imports with locally made products.

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  2. If these numbers are true, then that's not bad for starters. What is important is the trend or direction the economy is going. Rome was not built in a day. The difficulty is that - PF itself set unrealistic expectations,(but that's nature of the political beast) which has made people to be expecting miracles. Therefore as reasonable people we shouldn't be pulling each other's throats. At least not yet - give them time.

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