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HH is lying, the economy is doing well – Sata

Filed under: Breaking News,Business,Most Popular Stories |

michael c sataPresident Michael Sata says the country’s economy was doing well contrary to what the opposition UPND leader Hakainde Hichilema saying.

Mr. Hichilema at media briefing in Lusaka on Wednesday observed that the economy was going down due to failed leadership policies of the Patriotic Front government. Hichilema commonly known as HH urged Zambians to brace themselves for hard times.

But Sata in a statement released bis Special Assistant for Press and Public Relations dismissed HH’s observations. He said the economy was doing well.

Below is a statement in full:

LUSAKA, Thursday, April 10, 2014 – His Excellency, Mr Michael Chilufya Sata, President of the Republic of Zambia, said the notable increase in Foreign Direct Investment [FDI] inflows reflects continued investor confidence in the Zambian economy and stronger investments profitability prospects.

This follows UPND leader Hakainde Hichilema’s claim that the PF Government is implementing poor socio-economic policies, which in turn have adversely affected investor confidence.

President Sata wondered what investment statistics the UPND leader was using to come up with such an erroneous and simplistic evaluation of the country’s general economic performance.

“…for someone who claims to be an economic manager, we expected Mr. Hichilema to show his economic management competence by engaging the public with proof as opposed to his usual pedestrian arguments about the investor confidence in the economy,” the Head of State said.

“Let me remind him that maintaining a positive investment climate for current and potential investors is an important component of this Government’s economic growth strategy. This is evidenced by the increased actualised investment and Non-Traditional Exports (NTEs) both of which reached the highest in 2013.

“Actualised investment for 2013 is valued at over US$1.8 Billion, whilst actualised investment inflows in 2012 were valued at US$1.7 Billion, from US$1.1 Billion actualised in 2011. It is important to note that investments into Zambia have continued to grow on account of the prudent macro-economic management by Government.”

The President said as of December 2013 NTEs were valued at over US$3.5 Billion whilst for the period 2012 NTEs increased to over US$2.8 Billion compared to US$1.8 Billion in 2011.

“NTEs increased mainly on account of higher earnings from the export of copper wire, burley tobacco, cane sugar, fresh flowers, fresh fruits and vegetables, electricity, petroleum products, cement and lime, and electric cables,” President Sata said.

President Sata said the Government’s focus for 2014 will be to: achieve real GDP growth of above 7%; attain end year inflation of no more than 6.5%; increase international reserves to cover 3 months of imports; and containing the overall budget deficit to no more than 6.6% of GDP.

The Head of State said Government will continue to finance high priority capital projects including the provision of infrastructure in the new districts, water and sanitation, health, electricity, education, rail and road infrastructure and thereby build an economy that benefits all.

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