Finance Minister in Africa’s second largest copper producer Zambia, Honorable Margaret Mwanakatwe has project a bright economic outlook for 2019. This was contained in the released economic highlight report for Zambia on 11 March. The Minister said growth is expected to remain resilient this year backed by stable macroeconomic environment and continued implementation of legal and structural reforms. The Minister forecasts good in key sectors such as mining, manufacturing, wholesale and trade and construction, and the recovery in agriculture are projected to support growth this year.
Energy stability was cited as an impetus driver for Zambia’s enhanced economic performance.
Other metrics targets the Minister mentioned include:
- Maintaining price and financial stability will remain a priority in 2019. Inflation is projected to be maintained within the target levels of 6-8%.
- Revenue mobilization enhancements will continue with focus on implementation of fiscal reforms such as will support fiscal consolidation.
- Fiscal deficit is expected to be attained within the 6.1% target.
- Rationalization of expenditure and attention will be paid to those expenditures with high economic returns, while protecting the social sectors.
- Dismantling of domestic arrears to support economic activities especially in the private sector.
- Prioritization of foreign exchange reserve build up in 2019 to levels of 3-months of import cover by year end.
- Debt sustainability and moving towards moderate debt risk distress is a priority this year.
The Honorable Minister also committed to promoting fiscal consolidation and strongly observing the need for constant assessment of the quality of expenditure in the public sector in order to allow the state to take remedial measures as and when unnecessary expenditures manifest.
Mwanakatwe assured citizens and the international community that the measures suggested in the 2019 National Budget and the Economic Stabilization and Growth Programme are an undertaking to set a sound foundation for improved economic management, sustained positive growth, and enhanced well- being of Zambians – without leaving anyone behind.
