|dc.description.abstract||At Independence Zambia was a baby bom with a copper spoon. The economy thrived under a multiparty free socialist economy. The booming economy was boosted by sufficient foreign exchange resulting from high Copper prices. Towards the end of the sixty's copper prices began to fall. The then ruling party leader decided to nationalize mining copper mines and prominent private companies claiming the country had not benefited from political independence. In the early seventy's falling copper prices exacerbated the situation. Copper prices continued to drop and Zambia was forced into structural adjustment by IMF/WORLD BANK. Increased import costs and low earning from exports of copper led to poverty levels in excess of sixty percent.
The new MMD Government which took over from UNIP in 1991 under the tutelage of IMF/WORLD BANK, embarked on economic reforms which UNIP leaders had ignored. The new Government liberalized the economy, privatized parastatals, established investment centre , export board, small scale industries organization, ZEPZA (which never operationlised) and Zambia Privatization Agency Copper prices had continued to deteriorate resulting in increased demand for balance of payment support. Poverty was attributed to falling trade which manifested in unemployment, reduced investments and worsened the exchange rate.The Zambia Development Agency Act is an attempt to revive the economy through concerted efforts at attracting investments, reviving industry and promoting exports and supporting small scale investors through financing, technical support and provision of data.||en_US