Tuesday, 16 October 2012

World Bank Warns That Zambia Risks Paying Back About 40million Dollars A Year If The 750million Dollar Bond Money Is Left Idle Without Being Spent On Right Viable Projects


The World Bank Has Warned That Zambia Risks Paying Back About
40million Dollars A Year If The 750million Dollar Bond Money Is Left Idle Without Being Spent On Right Viable Projects In The Sectors Government Has Identified.


And The World Bank Has Challenged The Zambian Government To Release The Report On The Feasibility Studies It Carried Out If It Did It; On Viable Projects It Has Identified To Spend The Money From The Eurobond.
World Bank Country Director Kundhavi Kadiresan Says Government Apart From Selecting Good Projects That Will Contribute To High Growth, It Is Also Important For Government To Enhance The Capacity To Spend Effectively.


Mrs. Kadiresan Says Government Finances However Are Currently In A Phase Where Revenues Have Been Rising And There Is Enough Headroom To Borrow, Given The Space Created By The Debt Relief In 2005-2006.

She Says These Conditions Have Allowed Government Expenditures To Grow At A Fast Pace Despite Development Needs Of The Country Remaining Enormous And Capacity To Efficiently Spend Available Resources Remaining A Constraint.

Mrs. Kadiresan Said This In Lusaka Today, When She Addressed Journalists At The World Bank Head Offices.

And An Economist Professor Oliver Sasaa Says The World Bank’s Advice Is Timely And Must Be Adhered To Without Hesitation.

Meanwhile The World Bank Through It’s Country Director Mrs. Kadiresan Says The Proposal To Restrict Operations Of The Food Reserve Agency To Maintenance Of The Strategic Food Reserve Stock Is In The Right Direction And Long Overdue.

Mrs. Kadiresan However Says For Fra To Stop Influencing The Maize Marketing Prices, The Fra Act Will Need To Be Amended And There Is Need To Enact A New Agricultural Marketing Act Which Among Other Things Will Establish An Agricultural Marketing Council.
the world bank has further applauded government's stance on creating a friendly macro economic policies which it says will encourage more foriegn investment.

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