Steep Interest Rates Holding Back Investment

A Zambian investor who has invested in China and employed more than 5,000 Chinese workers but is refusing to invest back home because of high interest rates.  A recent disclosure from the vice president urged financial institutions to reduce their interest rates further to attract investors and create jobs.

Guy Scott was speaking at the official opening of the two day national conference on job creation and decent work.  Zambia Congress of Trade Unions, President Leonard Hikaumba says some policies such as the Structural Adjustment Program have ended up disadvantaging workers.

And International Labour Organisation Country Director Martin Clemensson has urged government to diversify the economy and reduce dependence on copper export earnings.  Meanwhile, IMF Africa Deputy Director Sean Nolan has urged government to generate adequate resources from mining and non mining sectors.

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