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FIRST REPORT OF THE COMMITTEE ON ECONOMIC AFFAIRS AND LABOURFOR THE FOURTH SESSION OF THE TENTH NATIONAL ASSEMBLYAPPOINTED ON THURSDAY, 24TH SEPTEMBER 2009
Consisting of:Mr C W Kakoma, MP, (Chairperson); Mr G W Mpombo, MP; Mr J K Zulu, MP; Ms E MImbwae, MP; Mr C Mulenga, MP; Mr F R Tembo, MP; Mr S Katuka, MP and Mr W CSimuusa, MP.The Honourable Mr SpeakerNational AssemblyParliament Buildings
LUSAKA
Sir, following the guidance that your Committee should table the Report of the previousCommittee for the Third Session of the Tenth National Assembly, your Committee studiedin detail the Report of your previous Committee on Friday, 16
th
October, 2009, adopted theReport.Your Committee Mr Speaker, Sir, have the honour to present the Report.
C W Kakoma, MP September 2009CHAIRPERSON LUSAKA
 
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REPORT OF THE COMMITTEE ON ECONOMIC AFFAIRS AND LABOUR FORTHE THIRD SESSION OF THE TENTH NATIONAL ASSEMBLY APPOINTED ON21ST JANUARY 2009
Consisting of:Mr C W Kakoma, MP, (Chairperson); Mr G Lubinda, MP; Mr D M Syakalima, MP; Ms EM Imbwae, MP; Mr C Mulenga, MP; Mr C L Milupi, MP; Dr K Kalumba, MP and Mr F RTembo, MP.The Honourable Mr SpeakerNational AssemblyParliament Buildings
LUSAKA
Sir,Your Committee have the honour to present their Report for 2009.
Functions of the Committee
2. In addition to any other duties conferred upon them by the Hon. Mr Speaker, or anyother order of the House, the functions of your Committee are as follows:a)
 
to study, report and make recommendations to Government through the House onthe mandate, management and operations of Government ministries, departmentsand/or agencies under their portfolio;b)
 
to carry out detailed scrutiny of certain activities being undertaken by Governmentministries, departments and/or agencies under their portfolio and make appropriaterecommendations to the House for ultimate consideration by Government;c)
 
to make, if considered necessary, recommendations to the Government on the needto review certain policies and/or certain existing legislation; andd)
 
to consider any Bills that may be referred to them by the House.
Meetings of the Committee
3. Your Committee held fourteen meetings to consider submissions on the Impact of the Global Economic Crisis on Zambia’s Economy and the operations and stability of financial markets in Zambia. Your Committee also considered the pricing of sugar inZambia.
Format of the Report
4. Your Committee’s report is divided into three parts. Part I outlines the impact of the global economic crisis while Part II highlights the pricing of sugar. Part III is theconclusion.
 
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PART ITHE IMPACT OF THE GLOBAL ECONOMIC CRISIS ON ZAMBIA’S ECONOMYAND THE STABILITY AND OPERATIONS OF THE FINANCIAL MARKETS INZAMBIA.
5. From 2002, to the mid 2008, there had been a turn-around in Zambia’s economicgrowth performance due to the effective implementation of good policies as well as afavourable world economic outlook. This was reflected in the positive growth rates in realGDP, low inflation, relative stability of the exchange rate and improved growth in the realsector. However, these positive economic gains were at the risk of being reversed due tothe effect of the global financial crisis.Your Committee resolved to study in detail the impact of the global economic crisis onZambia’s economy. Specifically, your Committee intended to achieve the followingobjectives:a)
 
appreciate the operations and stability of the financial markets in Zambia;b)
 
appreciate the impact of the economic downturn on the macroeconomic fundamentals;c)
 
appreciate the impact of the economic downturn on the real sector of the economy;d)
 
investigate strategies instituted by the Government to prevent, and mitigate the impactof the financial crisis in Zambia; ande)
 
recommend to the Government measures to mitigate the impact of economic crisis.In order to appreciate various views on the above subject, your Committee requested bothwritten memoranda and oral submissions from the Ministries of Finance and NationalPlanning (MoFNP); Commerce, Trade and Industry (MCTI); Labour and Social Security(MLSS); Energy and Water Development (MEWD); and Mines and Minerals Development(MMMD).In addition, your Committee received submissions from the Bank of Zambia (BOZ); theZambia Development Agency (ZDA); Zambia Revenue Authority (ZRA); Lusaka Stock Exchange (LuSE); National Council for Construction (NCC); Energy Regulation Board(ERB); Zambia Electricity Supply Corporation (Zesco); and the Zambia Tourism Board(ZTB).Other witnesses were the Zambia Association of Chambers of Commerce and Industry(ZACCI); Zambia Association of Manufacturers (ZAM), the World Bank Group (WBG);Bankers Association of Zambia (BAZ); the Hotels and Catering Association of Zambia(HCAZ); Lafarge Zambia Limited; Copperbelt University (CBU); Caritas Zambia; JesuitCentre for Theological Reflection (JCTR); and the Chamber of Mines of Zambia (CMZ).The summary of their submissions is highlighted here below:
I).
 
Balance of Payments Position
Your Committee were informed that as the global economic crisis unfolded during thefourth quarter of 2008, Zambia’s exports fell by 24.6% to US $909.8 million from the US$1,206.7 million recorded in the third quarter. In the first quarter of 2009, export earningsdeclined by 27.1% to US $663.3 million. Total export earnings thus declined byapproximately 45% between the third quarter of 2008, and the first quarter of 2009, with
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