Zambian leader says economic recovery on track

Source: Xinhua| 2017-08-12 00:38:19|Editor: Mu Xuequan
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LUSAKA, Aug. 11 (Xinhua) -- Zambian President Edgar Lungu on Friday said the country's economic recovery program was on track in view of a decline in prices of essential commodities and services.

The Zambian leader told reporters in Lusaka, the country's capital before departure for the northern part of the country for a two-day working visit that reduction of prices of various commodities such as the staple food mealie meal and pump fuel prices were a sign that his administration was on track.

The Zambian leader said the reduction in the prices of essential commodities were based on market forces.

He however said the reduction should not result in relaxation but required more hard work from citizens.

He further called on stakeholders not to shy away from giving the government advice on how to push the country's economic development agenda forward.

The Zambian economy has shown stability after a crunch recorded in 2015 and 2016 due to both external and internal forces such as a drop in copper prices on the international market and an electricity deficit that paralyzed operations in industries.

On Thursday, the country's central bank said economic growth prospects over the medium term are expected to improve with Gross Domestic Product (GDP) growth for 2017 and 2018 revised upward to 4.3 percent and 5.1 percent from 3.9 percent and 4.6 percent respectively.

The upward revision reflects mainly increased agricultural output, recovery in electricity generation as well as higher mining output supported by better prices and electricity.