[stop-imf] Zambia: IMF hails sale of mines (fwd)

[Robert Weissman]

Zambia: IMF hails sale of mines

The Post (Zambia)                                 4. April 2000

By Joe Kaunda

Lusaka - The International Monetary Fund (IMF) has described the
conclusion of the sale of the mines as a significant landmark on the road
towards the creation of a vibrant and growing Zambian economy.

IMF resident representative Kenneth Meyers, in a statement yesterday,
welcomed the conclusion of the sale as having been an agreed action under
the Poverty Reduction and Growth Facility with the Fund.

"The transaction supported by action to establish strong macroeconomic
fundamental, and complemented by vigorous steps to assure a friendly,
efficient and reliable environment for productive investment, bears the
potential for re- establishing sustained economic growth, creating
employment and reducing poverty in Zambia," Meyers stated.

And the World Bank will disburse US$60 million, part of which will be
channelled towards financing of retrenchments for miners to be separated
following the take over of the ZCCM mines by new owners.

The Bank will also facilitate retraining of retrenched miners to enable
them venture into other fields. Besides the investment pledges from the
new proprietors of the mines, the mining sector will also see an
investment of US$81 million from the British government for the
rehabilitation of the Nkana smelter and refinery.