By NATION REPORTER
PATRIOTS for Economic Progress (PEP) president Sean Tembo says Government should not spare the mining sector in the export proceeds framework developed by the Bank of Zambia (BoZ).
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”4,5,6″ ihc_mb_template=”2″ ]
The BOZ has developed the framework to ensure export earnings reflect in the Zambian accounts.
Mr Tembo said the government must ensure that the mining sector is included in the framework son that the country benefits from the sector.
He said the UPND has a well-documented soft spot for the mining sector as evidenced by policies like tax holidays.
Mr Tembo said the mining sector constitutes more than 80 percent to the tax base of the country’s exports and if the BoZ measures are only implemented in other sectors leaving out mining, then it will not yield the desired results.
“We want to emphasise that Government needs to develop an appetite to implement this measure on the mining sector as well as the other sectors of the economy if they want to see anything positive from the move,” he said.
He said it was pleasing that Government has adopted the measures which PeP recommended to ensure that exporters remit all export proceeds in the Zambian banks.
Mr Tembo said he was confident that the framework would be implemented as a measure of mitigating the continued depreciation of the Kwacha.
He said there is a very big discrepancy between the balance of payment position and the actual situation on the ground in terms of availability of foreign exchange.
[/ihc-hide-content]
