LUSAKA Corey Crawford Youth Jersey , June 17 (Xinhua) -- The World Bank on Wednesday advised the Zambian government to improve its fiscal policy in order to contain the rising budget deficit.
Kundhavi Kadiresan, the bank's director for Zambia, Zimbabwe and Malawi, said the government needs to deal with the growth in government spending which has pushed the budget deficit to at least six percent of the Gross Domestic Product (GDP).
In remarks delivered when the bank released its 5th Zambia Economic Brief, the official said the government should contain the growth of spending on salaries and subsidies to create fiscal space for programs that reduce poverty.
While acknowledging Zambia's positive sustained economic growth, the bank said the main challenge for the country was to strengthen fiscal policy in order to have inclusive growth and reduce poverty.
According to her Jonathan Toews Youth Jersey , the budget deficit poses a risk to the southern African nation's macroeconomic stability and growth of the economy, adding that the government needs stringent fiscal policy to support growth going forward.
Zambia, she said, spends more on salaries as a share of the Gross Domestic Product (GDP), compared to other countries in the world.
On Tuesday, Finance Minister Alexander Chikwanda revealed that the 2015 budget deficit has increased to 20 billion Zambian Kwacha (about 2.7 billion U.S. dollars) from the initial projected figure of 8.5 billion (about 1.2 billion dollars) in the first six months of the year.
The Zambian minister said reduced copper earnings and unbudgeted for expenditure such as a presidential election held in January followed the death of President Michael Sata Duncan Keith Youth Jersey , had exerted extreme pressure on the budget resulting in the widening budget deficit.
The government, he said, will have to increase its external borrowing to complete infrastructure projects while new projects will not be entertained.
Meanwhile, the World Bank said Zambia needs to design fiscal policies that ensure fair revenue to the government whilst also encouraging private sector investment.
According to the economic briefing titled "Making Mining Work for Zambia: The Economic, Environmental and Health Nexus of Zambia' s Copper Mining Economy" the bank said mining was an important source tax revenue foreign currency earning and jobs for the country hence the need to ensure that decisions made on the sector encouraged sustained growth of the sector.
"This also requires that government has adequate capacity to deliver on all these issues that the mining companies take part and disclose the necessary long-term planning information required to undertake the necessary analysis," the bank representative said.
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U.S. Federal Reserve Chair Janet Yellen attends a news conference in Washington D.C. Patrick Kane Youth Jersey , capital of the United States, on Sept. 20, 2017. The U.S. Federal Reserve on Wednesday kept interest rate unchanged, but announced that it will start to unwind its 4.5-trillion-U.S. dollar balance sheet from October, a further step to end the loose monetary policy. (XinhuaYin Bogu)
BEIJING, Sept. 23 (Xinhua) -- As the United States takes a further step to end its loose monetary policy with a portfolio draw-down plan Marian Hossa Womens Jersey , for China the pressure from draining the dollar liquidity of its currency is set to be largely limited.
Many economists believe that given China's sound economic fundamentals and abundant foreign reserves, there is no need to worry about exchange rate volatility or massive capital outflows.
The U.S. Federal Reserve announced this week that it would keep interest rates unchanged, but, as anticipated, also start to slowly unwind its huge 4.5-trillion-U.S. dollar balance sheet from October.
""Balance sheet reduction, like a rate hike Gustav Forsling Womens Jersey , is a necessity for the Fed to normalize its monetary policy,"" said Wang Qing, analyst with Golden Credit Rating International.
The Fed's balance sheet has ballooned to around 4.5 trillion U.S. dollars following three rounds of quantitative easing to withstand the impact of the 2008 global financial crisis.
However, the unwinding decision, which will directly withdraw monetary base from the market and tighten dollar liquidity, did not cause much of a market stir as it was largely expected.
Following the Fed's announcement John Hayden Womens Jersey , U.S. stocks wavered in a narrow range Wednesday, with the Dow Jones Industrial Average adding 41.79 points (0.19 percent) to 22,412.59. The S&P 500 inched up 1.59 points (0.06 percent) to 2,508.24.
The U.S. dollar index, a measure of the dollar against a basket of other major currencies, increased 0.83 percent to 92.558 in late trading on Wednesday Ryan Hartman Womens Jersey , but retreated to around 92 by Friday.
Meanwhile, the central parity rate of the Chinese yuan weakened 197 basis points to 6.5867 against the U.S. dollar Thursday. On Friday, it strengthened 6 basis points back to 6.5861 against the greenback.
Zhao Qingming, chief economist with China Financial Futures Exchange, said the swift rise of the U.S. dollar was largely related to its previous falls.
After skidding to a two-year low earlier this month, the dollar index started to pick up strength in the past two weeks as market worries over geopolitical tensions on the Korean Peninsula and Hurricane Irma eased.
Although the balance sheet reduction announcement was a strong support for the greenback rebound and seemed to put slight pressure on the yuan Brandon Saad Womens Jersey , in view of the global market the reaction of the yuan was moderate, Zhao said.
Since the beginning of this year, the yuan has appreciated by around 6 percent in cumulative terms against the dollar due to the weakening greenback and steady expansion of the Chinese economy.
China's GDP grew faster than expected in the first half of the year, up 6.9 percent from a year earlier. The growth accelerated from 6.7 percent in 2016, above the government's 2017 full-year target of around 6.. Cheap Jerseys China Cheap NFL Jerseys Cheap MLB Jerseys China Cheap NFL Jerseys From China Cheap Nike NBA Jerseys Cheap MLB Jerseys Online Cheap Nike College Jerseys Cheap Hockey Jerseys Wholesale Jerseys Wholeasale Jerseys From China
