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Gold/Mining/Energy : first quantum minerals FM on TSE

FM 27.19

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Jan 8 4:00 PM EST

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To: Stephen O who wrote (309)	7/31/2000 7:53:56 PM
From: Stephen O	Read Replies (1) of 385

Zambia's economy to double this year By Business Reporter ZAMBIA's economy is expected to double this year as the country is rated as one of Africa's top recipients of foreign direct investment (FDI), reveals the Standard Chartered Treasury department. The department indicates that Zambia's economic prospects had improved and that the sale of the copper mines was largely responsible for a flood of the much needed development assistance and balance of payment support. 'The outlook of the Zambian economy is now better than it has been for a long time with growth this year expected to double what was achieved in 1999,' the department says in its treasury letter. It also notes that despite the deteriorating price outlook, there was evidence of a concerted effort to push interest rates lower. The department expects the monetary policy to be loosened further as presidential and parliamentary elections approach next year. The bank expects the Gross Domestic Product (GDP) to grow by four per cent this year because of the revival of activities on the Copperbelt and increased production from the newly privatised mines. Inflation will rise to 28 per cent largely because of pressure from high oil price while pressure on the Kwacha will continue as the new mine owners try to get the best deal. 'In pre-privatisation ZCCM days, foreign exchange was provided to the market at rates unlikely to pressure the Kwacha. This has changed with privately owned mining companies now trying to get the best deal,' the treasury letter reads. The department notes also that there is still a disparity between onshore and offshore Zambian Kwacha rates. The bank is hopeful that Zambia will graduate to the highly indebted poor countries initiative (HIPC) but do not see that happening until well after the 2001 presidential elections. The current account is said to be positive due to high copper prices, increased copper production and donor aid pledges of over $260 million. The department however cautions that higher oil prices and increased import bill as mine equipment is repaired may affect this scenario. From Times of Zambia 1st Aug 2000

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