Basic HTML Version
www.ebizguides.com
90
The Zambian Economy
Livingstone Hydro Dam
The new Chirundu “one-stop” Border crossing between
Zambia and Zimbabwe
The First Lady commissioning a school donated
Other Important Reforms
Other reforms being implemented to sustain the
growth of the economy include business reforms
aimed at reducing the cost of doing business by
creating a competitive business environment; finan-
cial reforms aimed at enhancing access to financial
services; and public financial management reforms
aimed at enhancing efficiency in the management of
public resources.
With regard to business reforms, Zambia continues to
implement aggressive reforms under the Private Sec-
tor Development Programme in order to ease the do-
ing of business. The country has undertaken reforms
to facilitate the registration of setting up a business,
has streamlined the business licensing regime to re-
duce the number of licenses required to do business
and has established the one-stop border post with
Zimbabwe to facilitate trade. Through the amalgama-
tion of several agencies, the country has created the
Zambia Development Agency, a one-stop facility for
export and the promotion of investment.
As a result of the business reforms, Zambia has been
recognised as being among the top ten global reform-
ers in the world by the World Bank. In the World Bank
Doing Business Report 2010, the country improved its
overall ranking to 76 out of 183 countries from 90th
position out of 173 countries in 2009. The country also
has achieved other favourable assessments including
being second in the SADC region and fourth best re-
former worldwide in starting a business and third in the
COMESA region on overall ease of doing business.
In the financial sector, the Government has extended
the implementation of the Financial Sector Develop-
ment Programme (FSDP) in order to enhance access
to financial services beyond the current 37.3 percent
of the adult population as well as encourage com-
petition in the sector. Government will also continue
implementing public expenditure reforms to enhance
efficiency in the management of public resources.
Prospects for the future
During the last few years, the Zambian economy has
registered the longest period of sustained positive
growth since independence. This outcome has been
a result of the favourable policy environment estab-
lished following the reforms of the early 1990s to sup-
port investment, productivity and competitiveness.
As reflected in the Sixth National Development Plan
(2011 – 2015), the economy is expected to continue
posting strong growth of more than 6 percent per
annum over the medium term. This robust growth is
expected to be diversified and driven by growth in ag-
riculture, manufacturing, construction, transport and
communication, tourism and the continued expansion
of the mining sectors. Other macroeconomic indica-
tors are also expected to remain favourable.
With these favourable economic prospects, reinforced
by the long history of peace and democracy, Zambia
is poised to take its rightful position as a stable and
competitive destination for both domestic and foreign
investments.