ZAMBIA VOWS TO CONSOLIDATE LOWER MIDDLE INCOME STATUS

The Ministry of Finance and National Planning has said Government is committed to improving its economic policies to create a conducive environment that will enable the country to maintain its low middle-income status. Ministry of Finance and National Planning permanent secretary Anthony Undi said Government is working hard to put in place policies which will increase income generation in the country.

Mr Undi said in Lusaka early this week during the 26th annual general meeting cocktail party for Indo-Zambia Bank (IZB) that the banking sector plays an important role in growing the economy of the country.

He said IZB has contributed to the increase in foreign direct investment coming into the country because of its strategic linkages with investors outside the country.

Mr Undi expressed happiness that in complementing Government efforts the IZB has focused credit deployment to growth areas of the economy such as manufacturing, agriculture, tourism and infrastructure development.

He said the bank has registered an impressive growth of 23 percent amounting to K422 billion.

And speaking at the same function, IZB board chairperson Orlean Moyo commended Government for achieving the low middle-income status.

Mrs Moyo said the re-classification is a reflection that the country has been progressing because of the sound economic policies of the government.