Zambia Implements Strategic Measures to Restore Economic Stability and Foster Growth
The Zambian government has launched strategic interventions aimed at restoring macroeconomic stability, enhancing economic efficiency, and promoting private sector-led growth through increased investments.
Dr. Situmbeko Musokotwane, Minister of Finance and National Planning, reaffirmed the government’s commitment to collaborating with the private sector during his address at the Zambia Association of Manufacturers (ZAM) pre-budget meeting in Lusaka earlier this week.
He emphasized that the private sector’s expansion and its ability to seize upcoming investment opportunities are crucial to Zambia’s economic prosperity.
Minister Musokotwane identified several key challenges contributing to Zambia’s recent economic difficulties, including an unprecedented drought, energy issues, a cholera outbreak, and exchange rate volatility. He acknowledged the significant impact these factors have had on the manufacturing industry.
“The interest we are seeing in exploration is unprecedented in the last twelve years. We cannot be a mining country and create conditions that close the mines while simultaneously borrowing money,” Musokotwane explained.
Meanwhile Fronscen Haloba, Vice President of the Zambia Association of Manufacturers (ZAM), highlighted additional challenges faced by the manufacturing industry, primarily stemming from climate change and exchange rate instability.
Haloba noted that power load shedding caused by the drought has reduced the country’s manufacturing production capacity and called on the government to continue its support for the sector to maximize its benefits.
The government’s strategic measures and its commitment to working with the private sector are expected to address these challenges, foster economic stability, and drive growth. By enhancing investment opportunities and supporting key industries, Zambia aims to build a resilient and prosperous economy.
