The signing of a memorandum of understanding with Anglo American Corporation for the privatization of Zambia’s two main copper mines, Nchanga and Nkana, has provided a significant boost to the country’s economic prospects. Not least because it opened the way to the approval of an IMF enhanced structural adjustment facility (Esaf) and a subsequent debt-rescheduling agreement by the Paris Club.
However, 1999 is still set to be a difficult year as the agricultural sector struggles to offset the impact of a continuing fall in copper output and knock-on effects on the manufacturing and service sectors.
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