The Centre for Trade Policy and Development has said that the re-classification of Zambia by the World Bank to the low-income status from lower middle income, for the 2023 financial year speaks to a failed collective leadership over the years despite having resources.
Organization Executive Director Isaac Mwaipopo said that the development is a good baseline for the new administration which promised Zambians that it has ideas that can turn around the economic fortunes of the country and actualize its potential.
Mr Mwaipopo said this opportunity has been given to the new dawn government by Zambians to demonstrate their capability by pulling the country out of the downgrade especially since Zambia has all the resources needed to prosper into a middle-income country.
He said there is a need for a renewed commitment towards rebuilding the country and for those in leadership; a clear reconstruction road map will need to be provided.
And Green Party Leader Peter Sinkamba has said that he is saddened that Zambia’s efforts to reach the upper middle-income status are not yielding positive results.
Commenting on the World Bank’s reclassification of Zambia to Low Income Status from Lower Middle Income for the 2023 financial year, Mr. Sinkamba attributed the development to the failure to manage the mining and energy sectors being the main contributors to the economy.
Mr. Sinkamba is of the view that if the green party’s agenda to have cannabis legalized was properly implemented, the country would not have been on the position it is now as it would have reached the upper middle income status and reached the set goal for 2030.
He has since called on government to reorganize the mining sector and resolve issues surrounding Konkola copper Mine and Mopani and to also look into the price of fuel which he said is too high.
Meanwhile, Economic Freedom Fighters also said that the re-classification of Zambia by the World Bank to the low-income status from lower middle income, for the 2023 financial year has eroded the country’s reputation on the ability to repay debt and attract meaningful investments.
The deterioration of Gross National Income per capita estimates recorded in 2021-using the World Bank Atlas method has resulted in the re-classification of Zambia by the World Bank to the low-income status from lower middle income, for the 2023 financial year.
Party Secretary-General Changala Siame said that the economic status that the country has assumed cannot attract investors as Zambians will be deemed incapable of buying their outputs.
Mr. Siame said this development is embarrassing and has castigated some Economists for misleading the nation over the matter saying this will lead to higher unemployment and more suffering for poor Zambians.