A TEAM from Standard and Poor’s (S&P), a renowned international rating agency is in Zambia to review the country’s economic performance and structural issues. This is the first time that S&P team is in the country to assess Zambia’s performance following the rating of B+ last year.
Secretary to the Treasury Fredson Yamba confirmed in an interview that the team arrived in Lusaka over the weekend. The delegation is expected to hold meetings with various Government ministries and the private sector among them the Economics Association of Zambia and the Bankers Association of Zambia.
Mr Yamba said the team is expected to wind up its assessments on Zambia by Friday and present a report to Government. In a separate interview, Standard Chartered Zambia, head global markets dealing, Stanley Tamele said economic fundamentals in Zambia are strong and positive, adding that the re-evaluation of the country’s performance should not worry anyone.
Mr Tamele said assessments of a country’s performance by rating agencies are routine. He said Zambia can be rated with a B+, upgraded or downgraded depending on the performance. He said the rating and proposal by Government to issue a US$500 million euro bond targeted for infrastructure development is a good sign for economic growth.
He said by and large, the economic outlook for the country is very positive considering that last year Zambia went through an election in September that had an element of political risk but not so big considering that there is a new Government and things are stable.
“There is confidence back in the economy, we see the Kwacha in the short-term reducing to K5,050 from where it is (K5,200) and steadily making progress to about K4,900 levels,” he said.
Mr Tamele said the assessment of Zambia by S&P should not cause anxiety considering that some European countries that have had their rating were downgraded due debt crisis and defaulting on debt.
“The outlook for our economy is very positive, sub-Saharan growth is expected to be very high compared to Western where it’s expected to be very minimal…the fundamentals look good and positive and I don’t think there is much to worry especially in relation to what is happening in the Euro zone,” he said.
Some countries in the Euro zone have had their rating downgraded due to the debt crisis.
[Zambia Daily Mail]
YOU WILL SEE THE FOOLISHNESS OF MMD I.DIOTS HERE,WHEN THESE GUYS WILL SAY THAT ZAMBIAN IS DOING FINE,THEM FOOLS WILL SAY ITS BECAUSE OF CHI USELESS BANDA AND IF THEY WILL SAY THE ECONOMY IS NOT DOING FINE,MMD MAGGOTS WILL ITS BECAUSE OF THE PF..I WILL NEVER UNDERSTAND THE REASONING OF BITTER MMD/UPND CADRES.ALL THAT IS GOOD ITS COZ OF MMD ,ALL THAT IS BAD IS BECAUSE OF PF..LOWEST EXPECTATION EVER MOTHER FACKERS.
# 1 Rat Race hahahahahahahahaha you make laugh. you hit the nail on the head.These MMD-UPND sycophants will take any of the two reasons you have given. They are good for nothing brother.Thank you for that objectice opening remark.
At no.2 I meant objective
#1 RAT RACE – and so you will be expected to admit it if Zambia is warned or even worse downgraded. You can’t choose which rules apply to you. The MMD achieved something which up to now PF are still working to achieve. You can’t take away what the MMD brought to Zambia, whether you hate them or not. Stop being immature and face the reality. There is no need in bashing the MMD when the party in power is your PF – grow up! When PF was in opposition it used to criticise ANYTHING – including whenever Rupiah Banda went to the toilet, they would criticise. Face the reality now. PF was not voted into power just to be liked. They were voted into power to work. If you don’t like criticisms, then leave power mate…you are not yet ready! Stop wasting our time…
Why is Ratrace so jittery? You protest too much my friend. Are you scared that Zambia’s credit rating will be downgraded? Why do you care so much about what Standard and Poor are going to say, after all you were the ones who were busy rubbishing the B+ credit rating, the single-digit inflation rate and the re-classification of the country into a middle income country?
Downgraders in the house
IN MOST CASES PAPER WORK GIVES A POSITIVE IMPRESSION THAT ZAMBIA IS GETTING BETTER. TO SOME EXTENT THIS IS TRUE. THE PROBLEM WITH SUCH REPORTS IS THAT THEY ARE SKEWED REPORTS AS THEY ONLY COVER THE ECONOMIC ACTIVITIES IN LUSAKA AND ON THE COPPERBELT, AS THOUGH THOSE ARE THE ONLY PLACES IN ZAMBIA THAT ARE INHABITED BY ZAMBIANS AND THAT THEY HENCE FORM ZAMBIA. THERE IS POVERTY IN ZAMBIA. THERE IS NO SERVICE DELIVERY IN MANY PARTS OF ZAMBIA. ROAD INFRASTRUCTURES ARE DEPLORABLE, EVEN IN TOWN CENTERS THEMSELVES, NOT EVEN TALKING ABOUT ROADS INTO RURAL AREAS, GIVING AN EXAMPLE OF ROADS IN MONZE TOWN, WHICH ARE A TERRIBLE SITE. THESE STATISTICS DO NOT MEAN ANYTHING THEREFORE TO MOST OF US ZAMBIANS. POLITICIANS ARE GOOD AT COVERING THEMSELVES BY WRITING IMPRESSIVE REPORTS FOR NO SERVICE DELIVERED
Was reading the Business Monitor International yesterday and news is that Zambia has been downgraded to C+. It will be interesting to see of S & P will publicly announce otherwise tomorrow…
Was reading the Business Monitor International yesterday and news is that Zambia has been downgraded to C+. It will be interesting to see if S & P will publicly announce otherwise tomorrow…
Rat Race you have cracked me my man______________not to worry P&S will only upgrade our credit rating, things can only get better from here on.@ Kabova they would not need to travel to zambia just to publicaly announce a downgrade, lekeni kateka ateke he is doing a good job for our country and let us give PF more time to get used to governing
What gets my goat about our politics is that the opinions of malnourished cadres are taken as facts. In a nutshell, its all bul*shit. Oh, sorry … bullshi*.
With street trading, I will downgrade Zambia to a D.
The economic fundamentals look strong, inflation is below 10%, we have positive GDP 5-6% and our exports have done fairly well despite the fact that the price of copper has gone down, the depreciation of our has currency has suffered from two factors; namely the fall of copper prices on the international market, and the economic challenges in the euro which has seen most investors abandon the euro bonds to the more safer US bonds which are strongly hedged. All in all I strongly feel that we will maintain the B+ rating and our fight against corruption will be applauded. Therefore let us look to a brighter 2012 and work hard as nation. I thank you.
You can anticipate whichever grading you want, but raising Euro500 million from international markets by an incompetent govt will not happen. It is just a pipedream or Zambia will have to pay exhorbitant interest rates. You might as well issue TBs which have no exchange risk for Zambia.
@RAT RACE and KWEKWE
You must have ledd miserable lives over the last 20 years when MMD was ruling. Your hatred shows through. Now, enjoy the next 5 years. In the meantime, allow the opposition and non-PFooters to enjoy yapping daily at the heels of the incompetents now in power. That is the game of politics.
#RAT RACE, you are spot on on your analysis!!! Kekeke
RATRACE. Indeed a scared rat. Ke ke ke ke ke ke ke ke. \:d/\:d/
#14,…I never leaved a miserable life during MMD because I am out of Zambia enjoying my 6,000 USD salary per month. The fact is MMD completely failed to take Zambia to where it was supposed to be by 2011, instead we started going in reverse. Had we given FULLISH RB another chance (God forbid), Zambia would have been ruined for GOOD.
that usd 6,000 is what i bag in a busy 3 days, it is sufficicient, enjoying it? i don’t know. i suppose it all depends on the standards you set for yourself
Number 1 and 2 must be frustrated neanderthals…thinking like homohabilis wont help you dudes, get your IQs upgraded dudes.
The same neanderthal, N0. 17..@ Kwekwe, get real and stop dreaming dude. I actually know you, packing vegetables and punching price tags in a supermarket can only earn you that money over a year, unless you have gone into porno of late…lolest
rubbish