A LOT has been said about Zambia’s economic challenges, and the only way out is to heed the Government’s guidance in order for the country to pull through the current economic shocks.
The Government on its part has explained the external factors causing the challenges being faced by the country and it has gone further to offer solutions on the way forward.
Copper prices on the international market have fallen, triggering a shortage of foreign exchange on the local market leading to a fall in the Kwacha mainly because Zambia has been a copper-dependent country.
Without folding hands, the Government through President Edgar Lungu has come out in the open to acknowledge the challenges and, as a result, some fiscal measures to reduce expenditure have been put in place.
The State has even refocused the country’s future from that of a copper-dependant to a more diversified economy that would ensure prosperity for all its people.
And what critics should remember is that an economic recession is not unique to Zambia but is a global phenomenon that requires the participation of all sectors in a given economy.
Even global financial institutions understand what the country is going through, especially that Zambia’s economy is part of the larger global market.
It is, therefore, encouraging that the International Monetary Fund (IMF) through its Managing Director Christine Lagarde has shared and supported President Lungu’s robust economic diversification programme.
On Monday, we published a story in which Ms Lagarde phoned President Lungu to assure him of the Fund’s support in his quest to diversify the Zambian economy.
The IMF chief said that since the institution’s mission to Zambia last month, it remained actively engaged with the Zambian authorities at various levels to ensure that the on-going measures introduced by the Government under difficult circumstances succeeded.
Ms Lagarde noted that although Zambia’s economy was largely dependent on copper, she was confident that the country would successfully diversify and reduce the current economic shocks caused by the fall in copper prices and the power deficit.
She said the IMF team would be back in Zambia in March next year to continue dialogue with the Government on issues regarding economic management.
Apart from being in constant touch with various sectors in Zambia, the IMF would also continue monitoring economic developments in the country.
We feel the message from the IMF chief, which is in tandem with President Lungu’s vision, should be embraced by all Zambians as the nation strives to rise above all challenges.
President Lungu at his first Press conference last month emphasised that the challenges being faced were not insurmountable as long as everyone got involved on the diversification route.
With the abundant resources in the country, the onus is on Zambians to exploit them and flood the regional and overseas markets so that the country can earn the required foreign exchange.
Similarly, all well-meaning Zambians should remain steadfast during this trying moment and reciprocate the Government’s desire for a diversified economy by getting involved at whatever economic level.
This surely should not be a time for people to pull in different directions but that of unity of purpose to achieve the desired economic state for the benefit of the citizenry.
Zambians should turn a deaf ear to critics who seem to be thrilled with the economic challenges because they do not mean well but only expect to draw personal gain out of the situation.
Not all is lost for the country. All that is needed is for people to listen to the Government’s roadmap to have a fully diversified economy that will ensure a steady flow of foreign exchange.