LUSaKA– The recent posiitve ratings of Zambia’s economy by the leading international rating agencies Moodys and Standard and Poors (S&P_ are a sign of confidence which the international community has in the country, says Minister of Information and Broadcasting Services and Chief Government Spokesperson Dora Siliya.

Stressing that the government would continue to support the priority economic sectors for job and wealth creation, she noted that at the end of 2017, the country saw positive economic growth of three to four per cent with a stable exchange rate and single-digit inflation.

Siliya also stated here Monday that the intervention by the central bank to lower its benchmark policy rate was another effort to facilitate cheaper financing to allow the private sector to grow and contribute to the country’s economic growth.

Meanwhile, the Bankers Association of Zambia (BAZ) is elated by the credit ratings assigned to Zambia by Moodys Investor Service and S&P. BAZ Public Relations and Administrative Officer Mirriam Zimba said the ratings showed a true and favourable representation of what is happening in the country.

Economic Association of Zambia President Chrispin Mphuka said the ratings by Moodys and S7P provided a good indicator to investors and pricing of financial instruments.

Dr Mphuka, however, added that it was important for the government to slow down on its borrowings so that the economy can remain stable and be sustainable.

The Livingstone Chamber of Commerce and Industry welcomed the S&P rating of Zambia at B with a stable outlook, with its president, Namakau Sianga, describing it as a positive indicator for the economic performance of the country.

Sianga added that everyone in Zambia should be happy with the rating because it would help attract foreign and local investments and in turn create job opportunities for the people. She said the chamber was encouraged to continue doing business in Zambia because the country was attractive for investment.

S&P on Friday affirmed Zambia’s rating at B with a stable outlook, which is consistent with those of other independent agencies such as Moody’s and Fitch Ratings.