ZAMBIA'S ECONOMIC PROSPECTS BRIGHT – BANK CHIEF

Zambia's economy will continue growing as seen by positive economic indicators such as the strong currency and the single digit inflation, says Stanbic Bank chief executive officer, Leina Gabaraane. Mr. Gabaraane said it was unfortunate that critics had focused only on Zambia's debt burden and ignored the positive economic outlooks such as its Gross Domestic Product (GDP) which stood at 4.2 percent. The chief executive officer who ran Botswana Stanbic Bank for 10 years said Zambia's economy was doing better than some African countries and that it had comparative advantage such as a stable political climate and plenty of water bodies which could be harnessed in agriculture activities unlike his home country which was in dire need of water. Mr. Gabaraane said Zambia's debt challenge was not insurmountable and reaffirmed that the bank was pro-Zambian. He said this in Lusaka yesterday at a media training session that the bank has so far invested more than K100 million in technology and digital services to ensure clients were served better and timely. "The economy will continue to grow, look at the single digit inflation rate, the gross domestic product at 4.2 percent which I must say is better than most African countries. It's unfortunate that critics have only focused on Zambia's debt burden," he said. Mr. Gabaraane said if Zambia was not a favorable economic destination it could not have been attracting an influx of investors as well as tourists. He expressed optimism that the bank would grow bigger than its competitors as it was a risk taker. Mr. Gabaraane expressed concern that about two thirds of the population were unbanked but that the bank was determined to bring it's services closer to people in far flung areas. And Stanbic Bank head global markets Victor Chileshe said the massive infrastructure development being rolled out by the government was an economic catalyst.