Monthly Archives: July 2018

PRESIDENT EDGAR LUNGU TO ATTEND BRICS SUMMIT- HON. MALANJI*

The Minister of Foreign Affairs, Hon. Joseph Malanji, MP, wishes to inform the nation that His Excellency President Edgar Chagwa Lungu will be among regional Heads of State attending the BRICS Summit being held in Johannesburg, South Africa from 26th-27th July 2018. The BRICS countries

BRICS is the acronym for an economic association of five major emerging national economies; Brazil, Russia, India, China and South Africa.

The five BRICS countries represent over 3.1 billion people, or about 41% of the world population; four out of five members (excluding South Africa at #24) are in the top 10 of the world by population. They have a combined GDP (PPP) of around US$40.55 trillion (32% of World’s GDP PPP) and an estimated US$4.46 trillion in combined foreign reserves.

His Excellency the President is travelling to this important meeting in response to an official invitation to attend the BRICS Africa Outreach Program by the in-coming Chairperson of BRICS and the Summit’s host, President Cyril Ramaphosa of South Africa.

On the sidelines of the Summit President Lungu will hold bilateral talks with Russian President, H.E. Vladmir Putin, Turkish President H.E. Recep Tayyip Erdoğan among others.

The BRICS Africa Outreach Summit with African leaders seeks to ensure continuity from the 5th BRICS Summit held in The summit was held in Durban, South Africa in 2013 and to provide BRICS’ support for African industrialization and infrastructure development.

The sub-theme for the BRICS-AFRICA Outreach: BRICS in Africa: “Working towards the realization of the African Aspirations”.

Among the African Heads of States invited to attend the BRICS-Africa Outreach Dialogue are:

• Rwanda – as Chair of the African Union (AU);
• Senegal – as Chair of the New Partnership for Africa’s Development (NEPAD) Heads of State and Government Implementation Committee (HSGIC);
• Gabon – as Chair of the Economic Community of Central African States (ECCAS);
• Uganda – as Chair of the East African Community (EAC);
• Ethiopia – as Chair of the Intergovernmental Authority on Development (IGAD);
• Togo – as Chair of the Economic Community of West Africa States (ECOWAS);
• Zambia – as incoming Chair of the SADC Organ on Defence, Politics.
• Namibia – as incoming Chair of the Southern African Development Community (SADC);
• Angola – as Chair of the SADC Organ;
• Egypt – as Chair of the Group of 77 (G77) + China,
• The Chairperson of the African Union Commission, Mr. Moussa Faki Mahamat, and;
. All SADC Member States.

ZAMBIA HAPPY WITH IMPROVED ECONOMIC GROWTH

PRESS STATEMENT FOR IMMEDIATE RELEASE.
Pretoria -Thursday, 12th July, 2018
Zambia has expressed happiness with the improved economic growth it has continued to record since 2016.
Secretary to the Treasury Fredson Yamba says the improved economic growth the country has recorded was as a result of increased investor confidence and recovery of global commodity prices.
Speaking at the Southern African Development Community (SADC) macroeconomic peer review mechanism panel meeting in Johannesburg, South Africa, Mr. Yamba said other factors that have contributed to Zambia’s improved economic growth were the improved performance of the agriculture sector and hydro –power generation, which had previously been hampered by adverse weather conditions.
Mr Yamba noted that the stringent monitory policy pursued by government through the Bank of Zambia has resulted in the appreciation of the kwacha against major convertible currencies as well as deceleration in inflation rate.
He observed that Zambia has continued to improve its fiscal deficit which stood at 7.6 percent of Gross Domestic Product (GDP) in 2017 from 9.4 percent of GDP in 2015, as such, government would endeavour to limit the growth of public debt by improving debt management.
Mr. Yamba said this will be achieved by altering the debt structure to achieve 60 percent domestic and 40 percent external debt.
He said other measures that government will endeavour to implement in order to reduce fiscal deficit will include acceleration of economic diversification process, integration of economically marginalised rural areas into dynamic of the economy and strengthened revenue mobilisation methods among other measure.
And Mr. Yamba disclosed that a team from the International Monetary Fund (IMF) was next week expected in the country as a continuation of the consultative process.
He said the IMF’s mission visit to Zambia follows the successful submission of data that the fund had requested for.
Mr. Yamba said the meeting was expected to reconcile figures between the two parties and find the best way forward.

Mrs. Naomi Nyawali
First Secretary Press and Public Relations.
Zambia’s High Commission, South Africa.