- HH attributes it to debt restructuring progress, economic stability
PHILIP CHISALU
Lusaka
ZAMBIA is poised to attain a much higher economic growth rate than what is being projected because of the progress made in debt restructuring and economic stability, President Hakainde Hichilema has said.
And players from the international capital markets have extolled President Hichilema and the UPND’s economic reforms, saying compared to other frontier markets, Zambia has stood out post-debt restructuring.
Yesterday, Mr Hichilema met a delegation from the international capital markets led by J.P. Morgan executive director for global economic research, Gbolahan Taiwo.
Zambia’s gross domestic product (GDP) is this year projected to grow by 6.4 percent driven by a strong recovery in mining, increased agricultural production and improved electricity supply During a meeting at State House, Mr Hichilema said the country will now leverage the benefits of his administration’s “heavy” economic reforms to achieve more growth.
He said the UPND was elected on a ticket of economic reconstruction and growth, and restoration of the rule of law.
“We will continue with the macro stability, keeping those tabs under control, fiscal consolidation under control, but now turn the page a little to a more expansionary approach and driving energy [growth], which is important,” the President said. Zambia is heavily investing in the energy sector, a key factor to attaining increased agricultural output and the three million tonnes copper production target.
He said one of the UPND’s top agendas when it formed government was to dismantle Zambia’s huge debt, even though many people did not understand why his administration was focused on that path.
President Hichilema also highlighted the positive impact of Zambia’s home-grown programme with the International Monetary Fund (IMF) under the Extended Credit Facility (ECF), especially on the aspect of economic stabilisation.
And the head of State is confident that the IMF board will today approve Zambia’s sixth review under the ECF.
Zambia has already reached a staff-level agreement on policies required to complete the sixth and final review of its 38-month ECF programme….https://enews.daily-mail.co.zm/welcome/home
