Zambia to maintain Mwanawasa policies

The country's minister of finance Ngandu Magande has said on Tuesday that Zambia was saddened by the death of Mwanawasa who had put the country's economy back on track. he however added that it will maintain the prudent macroeconomic policies following the death of the country's President Levy Mwanawasa.

Mwanawasa, 59 was well respected among donors for policies that have helped boost growth and for clamping down on corruption in Zambia.

It's indeed a tragedy because he was a good captain, but I am sure another captain will be found to steer the ship," Magande said adding that the country will maintain its prudent macroeconomic policies.

He said the Southern African country which is one of the biggest producers of copper, does not need political changes and hence would focus on boosting economic growth.

A Reuters report Tuesday said that the International Monetary Fund (IMF) and other Western donors extended billions of dollars in debt relief to Zambia after Mwanawasa curbed government spending and launched the biggest anti-corruption drive since independence from Britain in 1964.

According to the report, Zambia's economy is said to have averaged 5 percent growth over the last six years and the inflation rate declined to single digits in 2006 for the first time in over three decades, although it has accelerated recently on higher global fuel and food prices.

However the country's kwacha currency fell as much as 3 percent on news of Mwanawasa's death.

Mwanawasa suffered stroke two months ago whilst attending an African Union (AU) summit. He was later flown to France before his death on Tuesday.

Meanwhile, Zambia's neighbour Malawi has described the death of Mwanawasa as a great loss to the Southern Africa Development Community (Sadc) region.

Malawi's deputy minister of information and civic education John Bande said the Zambian president would be remembered for fighting high level corruption in his country, subsequently, making the malpractice an enemy of the entire Sadc region.

Several leaders worldwide have also expressed their sadness on the death of Mwanawasa who was also the chairman of Sadc.