Saturday, March 2, 2024

Zambia Anticipates Economic Improvement in 2024 with Focus on Mining Sector

Share

Finance Minister Situmbeko Musokotwane has announced the government’s optimism regarding an economic upturn in 2024, driven by new investments in the mining sector in the Copperbelt province. The Minister highlighted anticipated growth in agriculture and manufacturing activities as additional contributors to the country’s economic resurgence.

During a press briefing in Lusaka, Dr. Musokotwane emphasized that the government has secured parliamentary approval to borrow 33.3 billion kwacha under the 2024 national budget. He clarified that the borrowing, from both domestic and external sources, will be conducted with careful consideration to gradually reduce the borrowing rate from 14 percent to 5.2 percent. This strategy aims to bring the country’s debt back to sustainable levels, reflecting the government’s commitment to responsible financial management.

“We will adhere to the borrowing plan to ensure it is controlled as the country is still battling with unsustainable debt,” Dr. Musokotwane stated.

The Finance Minister outlined priority areas for the government in 2024, including economic transformation and job creation, human and social development, environmental sustainability, and good governance. Additionally, ongoing discussions with private creditors are in progress, with the government expressing optimism about reaching a conclusion by the first quarter of 2024, according to Secretary to the Treasury Felix Nkulukusa.

12 COMMENTS

  1. What worries me about Situmbeko Musokotwane is that in all my interactions with him and the public statements he makes, I never get any impression that he’s aware that the world economy is rigged, including the international trade and financial system that are its component parts. This is true of all the other officials he works with.

    • @Gunner in Zambia: He knows all about how the game is rigged. He worked in the IMF where the rigging is done. The problem with Zambia is the US $33 billion debt that Michael Satan and Edgar Lungu took and looted. Think about it. If all the debtors agree to freeze their debt, allow Zambia to pay off US $1 billion per year, it would take us 33 years to pay off that debt. Zambia does not have $1 billion to give anyone. Furthermore, Zambia is overdue on the $2.95 billion for the 3 terrible Eurobonds that Satan took. This money needs to paid in full right now. The debt relief that Musokotwane agreed with the IMF in June 2023 would give Zambia a 3 year grace period until 2026. Zambia would then pay 1% interest until 2037; however, the Chinese then refused to sign the deal

      1
      2
  2. Three years in government saying one thing and doing exactly the opposite. 6 days in to the new year and mealie meal is approaching k400, the Kwacha is at k26 and cholera has returned. Miners are getting buried in Chingola mines under very suspicious circumstances. None of the foreign investors are investing in the country all the are doing holding on promises so that Gloria still dances to white music.

    • @kci: The price of mealie meal is high for 2 reasons. 1) Because we cannot service the US $33 billion debt, that Michael Satan and Edgar Lungu took and looted, we have been made to remove subsidies from maize, petrol, electricity etc. This money is being taken and used to pay some of the dues on the debt. The IMF has agreed to give us a $1 billion loan, but they control when and how much of it is released. This is why the Kwacha is $26. 2) Frederick Chiluba and Michael Sata sabotaged the agriculture of Southern Province, out of envy and hatred of Tonga people. Before he them, the province produced well over 80% of maize consumed in Zambia. Monze produced 50% of the maize of Zambia. Under Chiluba, agriculture in the province was reduced by more than 80%

      1
      2
  3. If the Western countries came to Zambia and said, ‘take the refugees of Gaza, we will give you US $20 billion, and wipe out your debt”, should Zambia agree or not? I ask this because apparently, that buffoon of a president of the DRC, Felix Tshisekedi, has been offered some sort of deal in which he is actually contemplating such nonsense. Before this, the US is said to have offered Egypt US $20 billion if it agreed to accept the population of Gaza in the Sinai desert. The Arab countries came together and ruled out such deals. Now, Israeli newspapers are reporting that the Israel is in talks with foreign countries to accept “voluntary repatriates’ from Gaza; and now it is being reported that DRC is one of those countries.

  4. If you ask me, I do not think that Zambia would agree. However, if the number was 20 000 Palestinians, US $10 billion cash, and wiping out every penny owed to Western debtors (because the West would never do Chinese debtors a favour),,, Look, we already have Lebanese criminals and homos in our country. We have the Chinese in our country; we have the sly, snivelling and crooked Indians ru(i)ning our commerce; what would 20 000 Palestians do any differently? I would say, lets have a debate about it. The debt owed to Western debtors is about US $12 billion of the $18 billion external debt. I would force the West to eat the debt to the local debtors as well. We would then be left with the low interest $6 billion we owe to the Chinese, and we can manage that… A deal with the devil, but….

  5. He says he will focus on the mines? How is that going to benefit us as a nation when all the proceeds from the mines are externalized?
    Our goose that laid the golden egg has been given away.

    5
    1
    • The goose was given away by Michael Satan and Edgar “Johnathan Mutawire” Lungu, by borrowing and looting US $33 billion. Basically, the goose was made to swallow the bait by the venality and greed of the foregoing criminal presidents. Now we are f@cked as a country. This debt is so big that even if the debtors froze the interest, and allowed us to pay off $1 billion each each year, it would take us 33 years to pay it off. However, we do not have $1 billion to pay anyone. In a good year, when Copper was recording $10 billion in gross revenue, our royalties amounted to about $ 30 million a year. Which is nothing. Some of the *****s running their mouths do not know the numbers, and that why they try imagine that things are better than they are. Debt is given to enslave a country.

      1
      1
  6. That metal or stone alter will be broken in Jesus name and all these lies will be no more.Some trust in chariots and hoses but we believe and trust in the Lord.Zambia is for Jesus period. Does the minister surely in touch with reality? mmmm were as these people from is it Jupter or MARS that they are not in touch with reality?………

Comments are closed.

Read more

Local News

Discover more from Lusaka Times-Zambia's Leading Online News Site - LusakaTimes.com

Subscribe now to keep reading and get access to the full archive.

Continue Reading