International rating agencies confident in Zambian economy: minister

LUSAKA, Feb. 27 (Xinhua) -- The Zambian government said on Monday that the favorable rating by international rating agencies was a sign of growing confidence in the country's economy.

Last Friday, Standard and Poor's Financial Services LLC (S&P) affirmed Zambia's rating at B with a stable outlook while Moody's Investor Service and Fitch did the same the previous week.

Minister of Finance Margaret Mwanakatwe said the favorable ratings indicated that the country's economic recovery was firmly grounded and headed in the right direction.

"The rating outcome by S&P demonstrates the international community's recognition of the government's strong commitment to the implementation of the economic stabilization and growth reforms, which are targeted at continued macroeconomic stability, fiscal consolidation and a corresponding accommodative monetary policy stance," she said in a statement released by her ministry.

The affirmed ratings were a good signal and assurance to domestic and external investors, she said, adding both domestic and external investors were crucial stakeholders in the country's quest to achieve higher economic growth rates.

Last week, Mwanakatwe said her country's economic performance in 2018 was expected to remain positive supported by a stable macroeconomic environment and the country will be anchored on the implementation of various policies, structural and legal reforms. Enditem