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top-to-bottom review of the way Africa’s top copper producer is run.
Sata did not give details about what he wanted to change although much of his September election victory was built on a platform of rebalancing the economy in favour of local investors rather than foreigners.
He said the government would appoint a committee to come up with a new nationally acceptable constitution for Zambia within 90 days.
Foreign investors, especially in the key mining sector, have been nervous about what policies Sata would introduce but he said any changes would be preceded by consult ations.
At the opening of parliament yesterday, Sata criticised the policies of the previous government for stifling local enterprise. “This has been largely due to lopsided policies of the previous government, which tended to favour foreigners at the expense of local investors,” he said, adding he would encourage joint ventures between foreigners and locals.
“While Zambia will continue to welcome foreign direct investment, it must be understood that the most sustainable and lasting investment must come from Zambian people,” he said.
Sata won the presidency largely supported by the youth and said he owed young people jobs and would introduce programmes that empowered them.
Part of his plan is to lower interest rates at commercial banks, although he did not give a time-frame.
Currently, Zambia does not use a key lending rate as a monetary policy tool but has been talking about introducing it since 2009.
Meanwhile president Sata has taken a swipe against economists who are suggesting that if government reviews the minimum wage, it will fuel inflation.
President Sata says it is unfair to suggest that increasing wages for workers will fuel inflation when the same economists get millions of Kwacha. He also made reference to state media institutions saying reporters are poorly remunerated and lack transport. He says he wants to improve the welfare of workers at Zambia National Broadcasting Corporation and create more jobs by establishing regional television stations. And, president Sata has called the executive arms of government to adhere to the three cabinet principles. He says cabinet and deputy ministers must adhere to collective responsibility, cabinet confidentiality and declaration of interest.
Sata says the three principles should be adhered to individually and collectively day-to-day as they discharge their duties as ministers. – ZNBC/Lusaka Times/AP.
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