adminLUSAKA. – The Zambia Micro and Small Traders Foundation Cooperative Society Limited in Muchinga Province has hailed Zambia’s economic performance under the Patriotic Front (PF) leadership. Provincial Programmes Coordinator Josephat Chitimbwa says the Zambia Micro and Small Traders Foundation Cooperative Society Limited is happy that International Financial Organisations who have been following Zambia’s economic performance, have continued to give Zambia a fair rate.
Quantum Global Group, a Zurich-Switzerland based Investment Fund and asset organisation with a large African focus has ranked Zambia as the eighth best performing economy.
According to their 2018 Africa investment index report, Zambia is also the third best performing economy in the SADC region, behind Botswana and South Africa.
Quantum Global’s 2018 Africa investment index [aii] ranks Zambia as Africa’s overall eighth best on growth, liquidity, risk, business environment, demographic, and social capital factors.
Chitimbwa says Government has managed to stabilise the economy because of the good policies that it has put in place adding that the Zambian economy has in the recent past seen a steady growth.
He has since appealed to the Government to continue pressuring the lending institutions for them to reduce lending rates in order for the ordinary Zambians to benefit from the good performance of the economy through various economic activities.
Chitimbwa says Zambia can only sustain its economic growth by adding value to various products for export in order to boost its Growth Domestic Product (GDP).
Zambia has targeted an average annual real Growth Domestic Product (GDP) growth rate at least 5 percent by the year 2020.
In a green paper released to the media recently by Secretary to the Treasury Fredson Yamba, government said its specific broad social-economic objective during the 2018-2020 will include, maintaining single digit inflation in the range of 6-8 percent; accelerating the diversification of the economy, particularly towards agriculture, manufacturing, tourism and energy, through among others.
Meanwhile, Chitimbwa has appealed to its members who got small loans under the presidential initiative to quickly pay back in order to benefit more.
Chitimbwa says those who have paid in full have since qualified for a second funding of K3 000 and their names have since been forwarded to the national headquarters office in Kabwe.
The formerly United Street Vendors Foundation Cooperative Society empowerment and now Zambia Micro and Small Traders’ Foundation Cooperative Society Limited fund is a replica of a successful revolving fund being implemented in China and Malaysia in Asia that has seen a number of youths getting out of poverty and be able to start their own businesses.
Chitimbwa said about 400 youths in the entire province have benefited from the revolving fund. – Lusaka Times.
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