Tuesday, June 25, 2024

Situmbeko happy that economy is on track following multilateral support

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Finance Minister Situmbeko Musokotwane has expressed confidence that the country’s debt burden will soon be brought under control.

The minister says following the review by the country’s official creditors resulting in the disbursement of 189 million US dollars under the Extended Credit Facility (ECF) the country’s economy will soon be back on track.

Mr. Musokotwane said this at a press briefing in Lusaka today.

He said the successful review by the International Monetary Fund (IMF), the World Bank and other multilateral lenders means that the country will now have more resources channeled into infrastructure development to support investment.

Mr. Musokotwane said the government is on course to ensure that the country’s debt situation is brought under control to encourage investment.

He said going forward the country will focus on getting a deal with private creditors in the second review.

Meanwhile, Bank of Zambia Governor Denny Kalyalya said 50 percent of the 189 million US dollars of the Extended Credit Facility will be channeled to budget support while the other 50 percent will be put into foreign reserve build up.

On July 13 2023 the country’s official creditors comprising the IMF, World Bank and other multilateral lenders successfully reviewed Zambia’s reform efforts resulting in the disbursement of 189 million US dollars under the Extended Credit Facility.

5 COMMENTS

  1. Zambia will never develop as long as gay rights are not respected. The poorest country’s in this world including zambia , all have one thing in common. They all have anti lgbt laws and are religious

  2. The Rt Hon Situmbeko Musokotwane MP and Minister of Finance and National Planning ought to know that he’s a dismal science practitioner with its high propensity to disappoint. The debt restructuring deal has just a given us a chance to make a fesh start. By coming to an agreement with our creditors, we have just averted economic and currency collapse which could have led to massive corporate failures and accompanying job losses Zimbabwean-style. We now have to start the hard work of spending public funds sensibly so that the economy rebounds.

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  3. @Gunner in Zambia
    I agree with you 100%…especially when you said ” Spending public funds sensibly”…HH needs to cut down on his international trips and unnecessary state visits….A state visit cost alot of tax payers money and what do we get in return..nothing…Musokotwane is not a very honest man…remember what he did when he was in MMD

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    • Presidential travels be they local or foreign are provided for in the national budget. You should start getting worried if HH busts the budget for Presidential travels. People expect push-button solutions to their economic challenges. Unfortunately there are no such solutions. Even reductions in prices are unlikely to happen because prices rarely go down. It’s economic illiteracy to expect prices to reduce in a country with high inflation because those people demanding price falls are not ready to take a pay cut themselves. They forget or rather do not know that their pay is also someone’s price. What realistic economically is to expect price rises to decline so that wages catch up.

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