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AFRICAN ECHO BUSINESS NEWS
Complied by Cass Gilroy-Business Editor

Germany assures Zambia of their continued financial support

Germany is ready to continue supporting Zambia financially because of the great improvements the Government has made in the macro-economic management and performance over the past years. The head of the division for the regional development policy in Southern Africa, Ralf Schroder, confirmed Germany’s position in Lusaka during the Zambia-Germany negotiations on development cooperation between the two countries.

Dr Schroder, who is heading the German negotiation team, said Zambia's economic growth was five per cent in real terms last year while inflation levels had fallen. Debt relief and other initiatives had helped to strengthen the external position, boosting market confidence in the economy and leading to substantial inflows of portfolio investment.

Germany encouraged Zambia to seize the opportunity and accelerate the pace of reforms because it was important to make a dent into the very high level of poverty in Zambia.

Earlier, Finance and National Planning Minister, Ng'andu Magande, said that Zambia's support from cooperating partners would be guided by her aid policy and strategic mechanism. Zambia's negotiating team to the talks was being led by Secretary to the Treasury, Evans Chibiliti.

 

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