President Hakainde Hichilema has projected a 4% economic growth for Zambia in the medium term due to policies government has introduced to stabilize the economy.
President Hichilema said that fiscal discipline has led to the inflation rate dropping from 25% in August last year to 9.8% in August 2022.
The President was speaking when he officially opened the Second Session of the 13th National Assembly under the theme “Working Together Towards Social Economic Transformation,”.
President Hichilema said government has also stabilized the exchange rate with the Kwacha being rated as one of the best performing currencies in the world.
He said his administration’s economic policies have also increased the country’s import cover from 1.9 months last year to the current 3.7 months.
The Head of State said it is such prudent economic decisions and policies which saw the International Monetary Fund -IMF- granting Zambia the 1.3-billion financial bailout last week.
And in the agriculture sector, President HICHILEMA said the newly introduced Agriculture Support Programme will encompass more than just fertilizer and seeds which were being provided under the Farmer Input Support Programme.
President Hichilema also disclosed that so far, Government has clinched deals to supply products such as avocado, blue berries and other fruits to markets in the European Union, Middle East, China and South Africa.
On social protection, President Hichilema announced that the number of beneficiaries under the Social Cash Transfer project will reach one million this year.
The Head of State said increasing beneficiaries of the Social Cash Transfer will help vulnerable families survive the hash economic conditions.