ZAMBIA: Zambian students jeer president over state bank shares sale to a foreign bank

Record ID: 1519733

  • Title: ZAMBIA: Zambian students jeer president over state bank shares sale to a foreign bank
  • Date: 26th January 2007
  • Summary: PEOPLE SITTING IN TREES PEOPLE CHANTING
  • Embargoed: 10th February 2007 07:43
  • Keywords:
  • Location: Zambia
  • Country: Zambia
  • Topics: Economic News,Domestic Politics
  • Reuters ID: LVA2R56W1SO8NYJ5SYHDZCZ318J2
  • Aspect Ratio: 4:3
  • Story Text: University students in Zambia, angered by the sale of shares in the state bank Zanaco to a foreign buyer, jeered President Levy Mwanawasa during a campus visit on Friday (January 19).
    Students booed him when he visited the university to lay a foundation stone for the construction of more hostels. They shouted that it was "shameful" for the president to have agreed to International Monetary Fund (IMF) proposals to sell Zanaco shares to Rabobank of the Netherlands, forcing the president to pause during his speech to them.
    The president chided them for interrupting him and said the issue had been addressed and did not need to be raised again.
    "The issue of IMF proposals and the sale of ZANACO has been addressed at so many meetings. There was a demonstration only a few days ago," he said.
    Mwanawasa has come under fire for his economic policies on previous occasions.
    Earlier this month some 4,000 protesters in Lusaka demanded the government set aside IMF proposals for tax increases and the reversal of the sale of 49 percent of shares in Zanaco to Rabobank of the Netherlands.
    Zambia's economic growth has accelerated in recent years thanks to an increase in copper production and prices as well as the strength of the agricultural sector. It has also won praise from Western governments for prudent economic policies.
    But Mwanawasa has battled a growing public perception that his strong fiscal record has done little to benefit most of the 10 million people in the copper-rich nation.
    The protesters led by Patriotic Front (PF) leader Michael Sata presented a petition to Finance Minister Ng'andu Magande demanding that the government set aside International Monetary Fund (IMF) proposals for tax increases. Mr Sata addressed the crowd before the march.
    "God has stopped creating countries. God created one country which he gave to Zambia. They have stolen our money, they have stolen our economy. HIPIC (The Highly Indebted Poor Countries initiative) has come, they want to add more, where is HIPIC? Do you have HIPIC in your pockets? They are saying inflation, where is inflation? If we have got HIPIC, how can a policeman stay for three months without getting paid?" he asked a fired up crowd.
    The Patriotic Front (PF) supporters were joined by some trade union leaders in the early January demonstrations which highlight rising tension over higher taxes in Zambia, where most people remain extremely poor despite the country's vast copper wealth.
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