By IRVIN MUYUMBWASOME political stakeholders have said the World Bank’s decision to reclassify Zambia as a low income country is shameful and a reminder for Government to review its economic policies.Patriots for Economic Progress President Sean Tembo said Zambia’s reclassification to low income status from lower middle income shows that the government’s interventions have worsened the economic wellbeing of the people.Mr Tembo said the reclassification signified that the economic welfare of the people was not measured by inflation or wellbeing of reserves at Bank of Zambia but employment, yet the business environment is very bad with employment levels falling.He said the government should review its economic policies and pump money into the economy by paying contractors as well as focus on empowering local SMEs if the country is to avoid continued downgrades.Meanwhile, Green Party leader Peter Sinkamba said the reclassification means chances of the country accessing other loans from the market become slim because of […]
‘WB’s decision to reclassify Zambia a wake-up call’
