The MinFin in Africa’s second largest copper producer Zambia has announced that it see’s the fiscal deficit at 5.8%. Finance Minister Situmbeko Musokotwane said in his 2024 budget presentation themed, unlocking economic potential, that the Southern African nation will narrow its deficit to 5.8% against a targeted 7.7% and further targets to lower the gap to 4.8% next year.
Musokotwane forecasts expenditure to close the year at K157 billion compared with K167 billion presented in September 2022. Amidst constrained resources, Musokotwane 2023 budget was circa K5 billion less than previous years and has demonstrated effective utilization of funding in a critical time for the copper producer.
Zambia is in the middle of a debt restructure negotiations which remain integral to unlocking resources for increased production possibilities.
The Kwacha Arbitrageur