ZUPED HAPPY WITH EXPORT PROCEEDS TRACKING FRAMEWORK
…..it will help stabilize the kwacha and also improve Zambia’s economy
The Zambians for Unity Peace and Development (ZUPED) has expressed happiness that the implementation of export proceeds tracking framework will help stabilize the local currency, kwacha.
ZUPED President Ronnie Jere is also confident that this will help improve the country’s economy and enable the copper producing country have enough foreign exchange.
In an interview with Smart Eagles in Lusaka, Mr Jere said the organization is impressed that the implementation of this framework will see to it that every export is monitored to ensure that the money remains in the country.
He said kwacha is expected to appreciate this month as export proceeds tracking framework kicks in.
“With the implementation of the export proceeds tracking framework, it means our kwacha will start to appreciate against the major convertible currencies. With the implementation of this framework, it means that all exports will have to bring in foreign currency earnings and these will be deposited in our banks. This is good for our economy and it is good for our kwacha,” he said.
Mr Jere also thanked the government for reopening shaft 28 mine in Luanshya which has been closed for many years.
“The reopening of mine shaft 28 and Mopani Copper Mine will also help grow out economy. We are also hoping that within few weeks, government concludes it’s deal with Vedanta Resources so that the investor takes over the operations of Konkola Copper Mine (KCM). We are sure that once the mine sector is resuscitated or revamped, we will see the difference in our economy. By doing this, we will be creating employment opportunities for our young people and increase economic activities in the country,” he submitted.