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Copper is the essential constituent of modern electronics. Therefore, its demand is worldwide. At present copper is available at a rate of $9000 per ton and it would go as high as $11000 /ton during 2013. Zambia has seventh largest reserves of copper in the world and it is fourth regarding copper production. During the 1970 th decade 0.7 million tons copper had been excavated , today too Zambia exports 0.8 tons copper to western countries so that they keep the industrial wheel running but what the Zambians are getting?
Fifty years back the demand of copper was low and Zambian government had low income from copper. The rulers had been getting loans from IMF and World Bank to fulfill their expenses luxuriant livings like the rulers of third world countries and the load volume reached to $6.3 billion in 1995. So on the pressure and threats of IMF and World Bank Zambian government initiated privatization plan the same year.
How the privatization process was carried out, its glimpses can be viewed in the article published in Newyork Times in 1996. The article says that under the pressure of International Institutions, government terminated all the plans started for poor masses like subsidy on food items. Every thing of the government taking from old diesel engines to heavy industries were presented for sale. Within 2 years all the 282 government factories were sold. World Bank took its credit because government itself did not interrupt.
Under this privitization program, the biggest mining company of Zambia and profitable institution Zac Com (Zambia Consolidated Copper Mine) were also sold and and the selling commiitee included 5 American banker of Wall Street. These bankers had been paid by American Agency for International Development. .
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Copper is the essential constituent of modern electronics. Therefore, its demand is worldwide. At present copper is available at a rate of $9000 per ton and it would go as high as $11000 /ton during 2013. Zambia has seventh largest reserves of copper in the world and it is fourth regarding copper production. During the 1970 th decade 0.7 million tons copper had been excavated , today too Zambia exports 0.8 tons copper to western countries so that they keep the industrial wheel running but what the Zambians are getting?
Fifty years back the demand of copper was low and Zambian government had low income from copper. The rulers had been getting loans from IMF and World Bank to fulfill their expenses luxuriant livings like the rulers of third world countries and the load volume reached to $6.3 billion in 1995. So on the pressure and threats of IMF and World Bank Zambian government initiated privatization plan the same year.
How the privatization process was carried out, its glimpses can be viewed in the article published in Newyork Times in 1996. The article says that under the pressure of International Institutions, government terminated all the plans started for poor masses like subsidy on food items. Every thing of the government taking from old diesel engines to heavy industries were presented for sale. Within 2 years all the 282 government factories were sold. World Bank took its credit because government itself did not interrupt.
Under this privitization program, the biggest mining company of Zambia and profitable institution Zac Com (Zambia Consolidated Copper Mine) were also sold and and the selling commiitee included 5 American banker of Wall Street. These bankers had been paid by American Agency for International Development. .
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