Government has disclosed that the country recorded $4.1 billion in investment pledges of the approved projects during the first six months of 2012.
Chief Government Spokesperson Kennedy Sakeni in a statement released to QFM News today says the investment pledges are expected to create 18,778 job opportunities for Zambians.
Mr Sakeni adds that increased investment pledges represent aan increase of about 37% when compared with slightly over US$3 billion during the same period in 2011 with corresponding increase in expected employment opportunities from 17,999 in 2011 to 18,778 representing 4% increase.
He says preliminary statistics for the first quarter of 2012 also indicate an increase of 96.2% in Non Traditional Exports from US$305.9 million recorded in 2011 to US$600.2 million recorded in the same period in 2012.
Mr Sakeni says Zambia is on course to achieve economic prosperity under the leadership of President Michael Sata and that the PF Government has achieved a number of successes since taking over Government in September 2011.
And Mr Sakeni says the economy is poised to register a positive growth for 2012 with a GDP projection of above 7 percent, single digit inflation rate, decreasing rates and more than US$2 billion in foreign reserves.
He says the PF government is committed to ensuring that good economic performance translates into tangible poverty reduction and wealth creation especially at grass root level.
Mr Sakeni adds that the PF Government welcomes positive criticism and equally expects all stakeholders including opposition leaders like UPND’s Hakainde Hichilema to give due praise when presented with facts on the country%u2019s economic performance.
QFM
SORRY I DO NOT BELIVE THIS.I FOR ONE WOULD NOT WANT TO INVEST IN ZAMBIA.ZAMBIA IS FULL OF LAZY PEOPLE.
YOU INVITE INVESTORS AND WHEN THE INVESTORS BRING IN THE MUCH NEEDED INVESTMENT,WE GET PEOPLE WHO ACCUSE US AS TREATING WORKERS AS SLAVES AND BEING RACIST.IT IS FAR BETTER THAT A SERIUOUS INVESTOR SHOULD INVEST IN A COUNTRY WHERE THE INVERSOT WILL BE RESPECTED AND WHERE THERE IS NO CORRUPTION,
THERE IS TOO MUCH CORRUPTION.FROM THE PRESIDENT TO THE LAST MAN TOO MUCH CORRUPTION,ALL THE ZAMBIAN PRESIDENT HAS BEEN INVOLVED IN THIS VICES.THIS INCLUDES LEVY WHO HAD USED HIS WIFE AS A FRONY.CAN SHE COME OUT OPEN AND DENY THIS.
NO NEED TO INVEST IN ZAMBIA AS ZAMBIAN WORKER ARE LAZY
Absolutely wrong; the more you generalise the more wrong you become. Anyway, Zambia does not need investors like you anyway. We, the proud Zambians are investing home big time for the future of our own people. Go invest in the Congo then, or your own country we. Lazy or not, its our country. Go invest in your country and no one will force you anyway. Respect begets respect; you want to be worshiped just because you are an “infestor” no chance.
Well each investor has their personal and business choice to as to where their investment has to be made. The corrupt Zambia is the Zambia of yesteryear, brief case businessmen and Infesters who are after cutting deals with corrupt politicians under the table are not welcome here. Sata and Gang are for real, the real deal.
It’s only a matter of time before they make believers out of doubting Thom”asses” and backstabbing Jud”asses”!!
” The country recorded $4.1 billion in investment pledges”….. it is pledges…ok, non of the investments has been implemented. Sakeni, dont get excited, inventors have a tendency of not fulfilling pledges when a government has poor leadership and no policy direction like the CNP-PF government.
This is counting chicks before they hatch.
No chicks have been counted yet. Eggs have been mentioned rightfully so.
In this metaphor, pledges are eggs and jobs are chicks. So, when someone says “…. the investment pledges are expected to create 18,778 job opportunities..” that is counting chicks before they hatch, isn’t it? Perhaps you have a different interpretation, please share.
INDEED NO CHICK HAS HATCHED.PF GOVERNMENT IS DEFINETELY COUNTING THE CHICK BEFORE IT HAS HATCHED.IF FACT THEY ARE EVEN COUNTING THE CHICK OF THE CHICK TO BE HATCHED.
JUST LOOK AT THE DEBT OF ZAMBIAN AIRWAYS.DBZ BORROWED TO THIS CROOKS AND NOW DO NOT WANT TO PAY.THE GOVERNMENT NOW WANTS TO FIRE THE JUDGE WHO PASSED JUDGEMENT THAT THIS CROOKED OWNERS PAY BACK THIS HUDGE DEBT BACK TO DBZ AND WHAT DO YOU SEE.SATA WANTS TO PROTECT MMEMBE AND THE NCHITO BOYS BY SACKING THE JUDGES.WITH THIS AND OTHER DECISION I DO NOT SEE A SERIOUS INVESTOR COMING TO INVEST IN ZAMBIA.
THERE IS NO RULE OF GOOD LAW IN ZAMBIA
Is he the minister of finance or home affairs? Seems like in this government people are always waiting for information to take to the media without looking at jurisdiction. Bwana Minister, your job is to talk about police, immigration and all that kind of stuff, economic announcements should be left to Chikwanda. I think his more informed about such things than yourself. Imagine Kambwili talking about Immigration stuff. Nde loleshafye indeed.
Sorry dude maybe you didnt read the article or you didnt just comprehend it, second paragraph says “Chief Government Spokesperson Kennedy Sakeni” he is the right person to speak, he can speak on behalf of any minister or mynistry. lets not be find faults in everything.
I would prefer that each government make positive progress over wishing to see any fall on their collective faces. Look at our current legacy and accept we are not where we should and could be. I hope investments flow, projects manifest and the whole nation benefits. Politics aside my hopes for the future remain solidly positive. I give way for the naysayers :)
OK. Now, ensure these pledges are actualised. That can help a lot.
By the way, in which sectors and by which investors?
When someone says “…. the investment pledges are expected to create 18,778 job opportunities..” that is counting chicks before they hatch because pledges are eggs and jobs are chicks in a manner of speaking.
At least the fact that there are some pledges suggests that at least something is happening, not so?
I agree with you Equaliser. That must be the starting point.
Yes, if there are pledges that suggests something is happening….if.
Rubbish, plum investment can’t come to Zambia under such a mad government.
Mr Spokesman a pledge is merely a solemn promise or undertaking, its not a guarantee; the G7 countries make these pledges at Summits everyday and in the end deliver zero cents. How did you even get to that figure of 18,778 job opportunities…what formulae did you use?
Let’s be serious and make statements when you have tangible investments….
Don’t be fooled. This is the PF Govt we are dealing with and lying to the Zambian people is one strategy that is firmly embeded in their agenda. And has people have rightly identified “pledges” have no substantive meaning in terms of investment or development and Zambians should know this only too well. How many times has someone promised to give you back your money at the monthend and you spend your last K20,000 on talk time chasing money that you will never see.
#2 YOU ARE VERY FUNNY BUT I BELIEVE YOU.
@3, Mwaba-Jr:
Bwana, how does all investments start?
World over, investments start by pledges, either by the govt or investors, then modalities are worked out to turn the pledges into reality. This is true everywhere you go in the world. Mind you, not all investments are the same. Govt has to iron-out issues investor by investor. But you can’t do that without anybody showing interest in investing in your country. So these pledges are very important as they help drive policy—more investor interest equals investment friendly policies by the govt. That’s how things usually work!
By the way, if the policies and investment atmosphere is as bad as some of you and your cheerleaders opposition sycophants wants us to believe, none of these pledges would be forthcoming, right?!
Yambayamba
You are absolutely right but it is equally important and wise to time your announcements to the media/public. Especially in a situation where we are dealing with a Govt which has a proven truck record of lying and lacking credibility. Unless these pledges are from China, which does not care much about the political environment, I would certainly say none of it will materialise and that’s not driven by any sycophant opposition leader.
@8, Brabus:
NO, you are wrong!!! What does it mean to you when you predict the results of a football game? Is that counting chicks before they hatch or simply a PREDICTION? And the prediction can easily turn out to be correct or wrong! But that’s the nature of the beast, especially when it comes to economics.
In any case, the world is run on predictions all the time! In fact, the cost of commodities are all based on future predictions. For instance, the prediction that “China’s economy will keep growing hence they will need a lot of raw materials to keep it going,” so the prices of Copper shoot up! Yet the Chines economy falters.
So predictions are important, and the Minister is not wrong to predict the number of jobs if these pledges come to fruition!
Preliminary statistics for the first quarter of 2012 also indicate an increase of 96.2% in Non Traditional Exports from US$305.9 million recorded in 2011 to US$600.2 million recorded in the same period in 2012.
In addition, to support economic activity in the country the PF Government has introduced a combination of reductions in the statutory reserve ratio, the core liquid asset ratio, the corporate tax rate for banks and the Bank of Zambia Policy Rate to induce a reduction in commercial banks’ lending rates to an average of 16.6% in August 2012 from 26.3% in November 2011.
The economy is poised to register a positive growth for 2012 with a GDP projection of above 7 percent, single digit inflation rate, decreasing rates and more than US$2 billon in foreign reserves. The PF government is committed to ensuring that good economic performance translates into tangible poverty reduction and wealth creation especially at grass root level.
Other milestone achievements include the increase in the tax exemption threshold and the upward revision of the minimum wage for low earners. The PF Government increased the tax exemption threshold from K1 Million to K2 Million. This means those earning below K2 Million are not taxed.
In terms of budget execution, by the end of June 2012, the Government had released 76.6 percent of the budget allocation with most of the ministries and spending agencies having received above 50 percent of their 2012 allocations.
In this vein, Government is in the process of establishing a government wide monitoring and evaluation system which will enhance resource allocation and evaluation system to projects and tracking of policy performance, including support of results based management.
The PF Government has also recently adjusted the minimum wage by about 100%, putting salaries for domestic workers at K522,000 per month, while shop and general workers will now earn about K1.1 Million.
On a similar note, earlier in the year hundreds of public workers were awarded a wage hike that saw some workers wages rise on an average of between four and fifteen percent. The increment is the highest in decades and is in line with the more money in the pocket campaign promise.
Zambia is on course to achieve economic prosperity under the leadership of President Sata; and the PF Government has achieved a number of successes since taking over Government in September 2011.
During the first six months of 2012, the total pledged investment of the approved projects amounted to US$4,154,209,065 with an expected job creation of 18,778 opportunities for Zambian citizens. The increased investment pledges represent an increase of about 37% when compared with slightly above US$3 billion during the same period in 2011 with corresponding increase in expected employment opportunities from 17,999 in 2011 to 18,778 representing a 4% increase.
Attention Mr. Sakeni,
Well said and good, good message coming from a govt.spokesperson, however, we also retain the right to question the rationale behind the release of this seemingly good economic news for Zambians. The pertinent bruising question is the timing of the above publication. Another question is, have the above statistics been inflated so as to be biased towards the PF regime? How can a lay man on the streets in Zambia verify the authenticity of the above figures and their sources? lastly, are they meant to soften the robust opposition following the disappointing government attempt to crack down the strongman Hakainde Hichelema? As educated and experienced South Africans in such intricate political tactics we advise anyone to approach such pronouncements very carefully.
I do not trust Sakeni because he has no track record in doing anything right in his life. What is his profession? Perhaps he was a call boy understudy for Chiluba. I cannot stand these thugs who have no pro-Zambia strategies.
“more than US$2 billion in foreign reserves.”????????. I thought MMD left US$ 3 Billion. Where has 1 billion gone to in less than 10 months???
Pledges=Promises
Propaganda
Ugly man representing an ugly president and ugly party. Maybe Mushota should go for him (he is a minister after all) and give him nice kids.
This is very good news for the country if it is true. But Mr Sakeni should not try to talk above Zambians by being economical with information. For istance he does not mention the so called approved projects. This style of giving information makes people to receive the information with a pinch of salt and even punch holes through it. Those in the information field should advise or even coach GRZ spokespersons on the art or science of conveying information.
To this gov’t a sales lead to a potential customer would be classified as a done deal even before the phone is picked up!!