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.