Zambian President Rupiah Banda said on Wednesday that there is need to respond to the global economic crisis in a manner that does not just mitigate its effects but positions the country to move forward and sustain its economic gains.
Banda said that in light of the global crunch, there was need to take measures that would strengthen the competitiveness, infrastructure, food security and the resolve of the country to prosper.
He was quoted by Zambia News and Information Service (ZANIS) as saying the effects of the crisis were real as manifested by the closure of some operations and job losses in the mining sector.
Banda said the country's response to the global financial crisis had to ensure that there was an adequate safety net to protect the vulnerable in society in a bid to moderate their suffering due to job losses.
The president said a reduction in government's revenue collection was a wakeup call not only to implement resolutions made in many fora such as previous indabas and the north-south corridor meetings, but also to diversify the economy away from the dependence on copper.
According to ZANIS, Banda was speaking in Livingstone, a tourism destination in Southern Province, at the opening of the sixth Zambia International Business Advisory Council conference held at Zambezi Sun Hotel under the theme "Global Economic Crisis: Zambia's Response to growth and competitiveness."
He said there was urgent need to maintain food security by priotizing measures to support the continued growth of the agricultural industry.
Banda also called for the creation of a conducive business and investment climate by the way of producing quality goods and services, if the country was to compete favorably in the global economy.
He also stressed the need to implement and effectively monitor reforms under the private sector development program. The president assured the private sector and cooperating partners that the government would continue attaching strong political will and commitment to private sector development.
He said the government would continue to appreciate all the support from its cooperating partners in order to implement phase two of the private sector development program.