Govt aware of falling copper prices, kwacha depreciation – Yamba

Government says it is abreast to the challenges that has resulted from the falling copper prices and the depreciation of the kwacha against the United States dollars.

Secretary to the Treasury Ferdson Yamba said government is also aware of the challenges the two factors have created to the mining operations in the country and volatility in the exchange rate.

In a statement issued to ZANIS, Mr. Yamba said this in Lusaka today at the end of the International Monetary Fund (MF) mission to Zambia.

Mr. Yamba stated that the fall in copper prices has reduced projected revenues for the economy and has posed challenges in the implementation of the new mining fiscal.

He however said in line with this, government is in dialogue with the affected stakeholders in the mining sector so that a lasting solution is found to ensure continued operations.

Mr. Yamba said this will facilitate the continued contribution of the sector to the growth of the economy and provision of resources for investment.

He expressed confident that the mining sector will continue to grow despite the current challenges.

Mr. Yamba reaffirmed government’s commitment to resolving the challenges through diversification which he said is the more sustainable way of insulating the economy against adverse external shock.

A team of IMF officials were in the country for consultations with government and its customary.

And Mr. Yamba said despite the external and domestic economic factors that the country is currently facing, Zambia has continued to record positive Gross Domestic Product (GDP) growth of 6 percent in the region.