Af Sam Banda Jnr, AfricaNews reporter in Blantyre, Malawi
Zambia has called for support from donors in order to revive its economy. The rich copper nation is facing economic problems following the poor prizes of copper on the international market. Copper is Zambia’s economic lifeline.
Zambia’s Central Bank Chief Executive Caleb Fundanga has said the country was in need of loans from donors citing the International Monetary Fund (IMF). IMF is one of the biggest donor for many African countries.
Fundanga said Zambia needs cheaper loans from the IMF to help revive an economy which has been hit by falling revenue from copper exports.
-We need to have access to less expensive resources from the IMF. If that is done we will find ourselves in a stronger position, said the Central Bank boss.
Fundanga made the remarks during a meeting with IMF officials who are in the country to conduct a mid-term economic review which forms part of the lending criteria.
In 2006, the IMF, the World Bank and other African and Western lenders cut Zambia’s debt to 502 million US dollars from 7,1 billion US dollars under global plans to cut debts of some of the world’s poorest countries.
According to a Reuters report, western donors have currently frozen some aid to the country mostly the health sector.
This follows rampant corruption in the health ministry which was reported recently where officials were said to have diverted money meant for various projects.
