Zambia's Economic Position

For a commodity-based country such as Zambia, policy measures to enhance the efficiency of the agricultural sector is critical for the future. The generally weak outlook for real commodity prices over the long-term make the implementation of policies to increase productivity in agriculture essential. Zambia has recognized the importance of relaxing price controls in agriculture, as well as the importance of liberalizing the marketing and distribution of agricultural products.

The need to divert both earned and donor-provided foreign exchange to the import of food grains slow the revitalization of the Zambian economy in the first-half of the 1990s. Activities required for the revitalization of the Zambian economy included the privatization of enterprises, and the implementation of new IMF/World Bank agreements. The Zambian government is emphatic in its commitment to a market economy.

The policies Zambia is being asked by the IMF and World Bank to reject in the 1990s are the same policies recommended by the IMF durin

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orld Bank program to clear the bank debt of the world's poorest countries. The move toward liberalization of exchange systems in Africa is reflected in the growing number of countries that have removed restrictions on current account transactions and have accepted the obligations of Article VIII, Sections 2, 3, and 4 of the IMF's Articles of Agreement, which require the establishment of current account convertibility. In Zambia, following the suspension of the Exchange Control Act in January 1994, foreign exchange transactions are now essentially unregulated. Zambia Airways Corp. is set to be privatized by the selling an 80 percent stake in the firm. The buyer likely will be a joint venture consortium involving South African regional airline SA Express (SAX). The new airline would be modeled after SAX. Both British Airways and Lufthansa are possible stakeholders. Zambia has mineral resources and tourist potential, but faces a fall in real personal income, rising levels of infant mortality and lower life expectancy. The country has been granted aid in exchange for structural reform including privatization of ZCCM, which accounts for over 99 percent of the country's export earnings. Inflation has fallen, and the budget
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