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President Lungu has right tools for economic recovery - Mutati

http://zebru.org/images/zambian%20delegation%20led%20by%20finance%20minister%20felix%20mutati%20meeting%20eib%20officials%20at%20eib%20headquarters%20in%20luxembourg.jpgBRUSSELS, FRIDAY, 20TH JANUARY, 2017 – Zambia’s minister of Finance Felix Mutati says, in President Edgar Lungu, Zambia has a practical leader with credentials necessary for the country to realise socio-economic stability; attain economic recovery; and reach greater heights in job-creation, prosperity, and sustainable development.
The Minister said this in Luxembourg today during a meeting with the European Investment Bank [EIB]. Mr Mutati said the EIB was doing a great job on financing in sub-Saharan Africa.
He said to achieve the necessary and much needed economic recovery, Zambia has taken tough but strategic policy measures aimed at driving the country forward.
“I am glad that our European partners have recognized the tough decisions we have taken to secure the country through economic recovery through removal of subsidies and implementation of measures which facilitate strong public institutions, policy consistence, and fiscal discipline,” Mr. Mutati said. “We have a President who is a practical leader with a blend of credentials required to maintain socio-economic stability and implement measures which will ensure that we achieve economic recovery”.
And Mr Patrick Walsh, EIB Deputy Director General and Director for the Global Partners Division, revealed that out of EURO 407 million, Zambia has received the largest assistance in the Africa Caribbean Pacific [ACP] Region from 2011 to date.
“Of the total amount given from 2011 to date, EURO 80 million went towards rehabilitation of the Great East Road, EURO 22 million for the Kafue-Livingstone Transmission Line, EURO 50 million for the Itezhi-Tezhi Hydro Power Transmission Line, EURO 75 million for the Zambia Water and Sanitation Project, EURO 78 million for the Lusaka Power Transmission and Distribution Network, and EURO 120 million for the Lusaka Sanitation Project”, Mr Walsh said. “Next month, we will send a team of experts to Zambia to engage with the private sector on capacity sharing on project preparation, resource mobilisation, and competitiveness”.
Mr. Mutati was accompanied to the EIB Headquarters by Ministry of Finance Permanent Secretary for Economic Management and Finance, Mr Mukuli Chikuba, Zambia’s Ambassador to the Benelux and the EU Mrs Grace M. Mutale Kabwe, and officials from the ministry and Embassy respectively.


                                                                                                                                                                                                                                                                                                                                                                                  Issued by:                                                                              

Lambwe Kachali [Mr]
First Secretary (Press & Public Relations)

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