ZAMBIA IS STILL ELIGIBLE TO ACCESSING THE 100 MILLION DOLLARS UNDER THE INTERNATIONAL DEVELOPMENT ASSOCIATION DESPITE ATTAINING THE LOWER MIDDLE INCOME STATUS

THE NEW WORLD BANK COUNTRY DIRECTOR KUNDHAVI KADIRESAN SAYS ZAMBIA IS STILL ELIGIBLE TO ACCESSING THE 100 MILLION DOLLARS WHICH IS OFFERED ANNUALLY BY THE GLOBAL FINANCIAL INSTITUTION UNDER THE INTERNATIONAL DEVELOPMENT ASSOCIATION(IDA)DESPITE ATTAINING THE LOWER MIDDLE INCOME STATUS.

SPEAKING TO JOURNALISTS IN LUSAKA TODAY, THE COUNTRY DIRECTOR EMPHASIZED THAT THE CONCESSION LOAN WHICH THE INTERNATIONAL DEVELOPMENT ASSOCIATION OFFER STILL STANDS DESPITE THIS NEW STATUS.

THE WORLD BANK THIS MONTH CLASSIFIED ZAMBIA AS LOWER MIDDLE INCOME COUNTRY FROM LOW INCOME BY THE WORLD BANK’S NEW COUNTRY CLASSIFICATION AND SUCH COUNTRIES ARE COMMONLY REFERRED AS DEVELOPING ECONOMIES.

THE COUNTRY DIRECTOR HAS HOWEVER URGED GOVERNMENT TO ENSURE THAT IT PRUDENTLY MANAGES THE RESOURCES WHICH IT IS COLLECTING FROM THE MINING SECTOR.

MRS. KADIRESAN SAYS  THE RESOURCES WHICH GOVERNMENT IS COLLECTING FROM THE MINING INDUSTRY MUST BE INVESTED IN THE PRODUCTIVE SECTOR.

AND MRS. KADIRESAN HAS ADVISED GOVERNMENT TO LOOK AT COMPETITIVE SECTORS WITH THE POPULATION GROWTH RATE WHICH IS POISED AT THREE PERCENT.

SHE SAYS  THE COUNTRY HAS TO ENSURE THAT IT INVEST RESOURCES IN AREAS WHICH ARE PRODUCTIVE SUCH AS EDUCATION, HEALTH AND INFRASTRUCTURE IF IT HAS TO COMPETE EFFECTIVELY IN THE REGION.

AND THE WORLD BANK COUNTRY DIRECTOR HAS ALSO URGED GOVERNMENT TO WORK AT ADDRESSING THE VARIOUS ECONOMIC CHALLENGES WHICH THREATEN THE COUNTRY AT THE MOMENT SUCH AS INFRASTRUCTURE AND VALUE ADDITION.

SHE SAYS THE ISSUES OF AGRICULTURAL POLICY AND TECHNOLOGY MUST BE ADDRESSED.

MRS. KADIRESAN EXPRESSED HOPE THAT AFTER THIS ELECTION PERIOD THE NATION WILL CONTINUE ON ITS PATH OF ECONOMIC TRANSFORMATION AND DEVELOPMENT.

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