Fri, 23 Dec 2016 08:13:44 +0000 By Mailesi Banda THE year 2016 has been economically and socially gruelling and Zambia, like many other countries, has had its share of economic hardships, the Zambia Federation of Employers (ZFE) has observed. The ZFE has however said it was gratifying that Government had acknowledged that Zambia was going through serious economic hardships and hoped that the year 2017 would see an improvement with the austerity measures that had been put in place. ZFE president Tyson Chitambo said businesses had not been spared by the country’s economic slowdown and that the deteriorating exchange rate had led to Government responding by tightening money supply to slow the inflation rate. Mr. Chitambo said this led to restricted borrowing and businesses could not even run to the financial market to ease their operational financial hardships. “With these financial hardships that businesses experienced they resorted to undesirable cost cutting measures which included scaling […]
