By REBECCA MUSHOTA –
FORMER deputy minister in the ministries of Finance and Commerce, Miles Sampa has said the recent upgraded credit rating of the country by Moody’s is an endorsement of President Edgar Lungu’s sound economic leadership.
Mr Sampa said in an interview yesterday that the upgraded credit rating by Moody’s Investors Service to stable from negative was a sign of confidence in President Lungu and Government’s leadership.
He said the rating was a sign that the international community had gained confidence in Mr Lungu and Government generally.
“This is a sign of confidence naturally that the electioneering of 2016 is over and it is a mark of ‘well done’ to President Lungu and Government,” Mr Sampa said.
He said the positive credit rating was an indication that the economic turbulence caused by the 2016 general election was nearly over and that the Government was steering Zambia in the right direction.
The upgraded rating was an endorsement that the Zambia Revenue Authority and Bank of Zambia were taking the correct steps.
The rating gave confidence to potential investors that Zambia was a conducive destination for investment.
Mr Sampa said payment on Eurobonds and the cost of borrowing would also come down as a result of the upgraded rating.
He said other rating agencies would also give positive ratings following Moody’s because the Moody’s rating usually set a trend.
Mr Sampa said he was confident that the rating next year would be better and the onus was on all Zambians to work hard and ensure that a better rating was attained.