HENRY KAPATA SHEDS LIGHT ON THE PIVOTAL INSIGHTS SHARED BY DR MUSOKOTEANE AT A SYMPOSIUM
Hello,
Just in case you missed it, yesterday, the Minister of Finance and National Planning Dr. Situmbeko Musokotwane shared pivotal insights during the Symposium on 2023 Economic Performance and 2024 Budget and Economic Outlook. Here’s a glimpse:
✅ 2023 Economic Success
Zambia achieved a commendable 4.3% economic growth rate.
✅ IMF Collaboration
Zambia received $187 million from the IMF, reinforcing successful implementation of economic reform programmes.
✅ Kwacha Depreciation Causes Factors include reduced forex inflows from mining, 2023 fertilizer payments, maturing government bonds, and debt restructuring delays.
✅ Currency Stability Prospects
Dr. Musokotwane remains optimistic about Kwacha’s stabilisation, anticipating positive impacts from investor injections in Konkola Copper Mine (KCM) and Mopani Copper Mines
✅ IMF ECF Programme Milestones Successful second IMF programme review, facilitating debt restructuring discussions and receiving $125 million from the World Bank in December 2023 for budget support.
✅ Debt Restructuring Progress Memorandum of Understanding signed with the Official Creditor Committee; ongoing negotiations with commercial creditors and Eurobond holders for comparable debt treatment.
✅ Constituency Development Fund (CDF) Enhancements
Proposed revisions to the CDF Act and Public Procurement Act to bolster fund management and citizen participation in development projects.
✅ Decentralisation by Devolution Commitment to full implementation, supported by the Zambia Devolution Support Programme, focusing on fiscal decentralisation and governance.
✅ Energy Sector Plans
Shift towards renewable energy, cost-reflective tariffs, and increased electricity generation investments to mitigate load shedding.
✅ Petroleum and Agriculture Reforms
Efforts to ensure fuel and food security through Tazama pipeline optimisation, enhanced storage facilities, and agriculture input support reforms.
✅ Mining Sector Revival
Emphasis on Mopani and KCM revival, attractive incentives, Minerals Regulation Commission operationalisation, and geological surveys for future copper production targets.
✅ Future Outlook
Aerial surveys planned for mineral mapping, continued reforms for inclusive growth, and economic opportunities.
Henry Kapata
Director and Spokesperson
Ministry of Information and Media – Zambia