Minister of Finance has disclosed that President Edgar Lungu will in the coming weeks Launch the 2020-2023 Economic Recovery Programme.
Speaking during the Economic Association of Zambia Annual Dinar Gala, Dr. Bwalya Ngandu said the program is partly a policy response to the challenges that have been brought about by the Covid-19 Pandemic adding that it proposes measures that could drive Zambia’s economic recovery strategy beyond the pandemic.
“I trust that the launching of this program will not just attract passing interest but will be used as a document from which we can tap onto as we seek to grow this economy in the next three years,” he said.
Dr. Ngandu further observed the need to build new sustainable domestic value chains and strong forward and backward linkages in the Agriculture and Manufacturing sector.
He notes the country’s failure to produce undermines Job Creation and delays significant transformation of the economy to the level it is capable of achieving.
“Our failure to produce undermines job creation and delays the significant transformation of the economy to the level that we are capable of aciving.” He said.
And Bank of Zambia Governor Christopher Mvunga said the current developments in the economy call for concerted efforts by all stakeholders to restore macroeconomic stability over the medium-term. Mr. Mvunga noted that Bank of Zambia remains committed to its mandate in contributing to the restoration of macroeconomic stability.
“From the Bank of Zambia perspective, we have adopted an accommodative monetary policy stance since the onset of COVID-19,” the Governor said.
“This is to support livelihoods and safeguard the stability of the financial sector while being mindful of the need to bring back inflation to the 6-8% target range in the medium-term,” he said.
Meanwhile Economics Association of Zambia President Lubinda Habazooka commended measures government has put in place to ensure the economy stays afloat amidst all challenges faced.
Dr. Habazoka has however expressed concern over the depreciation of the Kwacha, High cost of doing business especially on Zambian Citizens that are trading in Malls as Rentals are charged in Dollars among other challenges.
“We as EAZ would like to express our concern over the following issues, the depreciation of the Zambian Kwacha, increase in inflation rate, the high cost of doing business especially for Zambian citizens that are trading in malls as rentals are charged in US Dollars, the Fiscal burden that is currently being imposed on businesses, the high number of payroll taxes among other challenges,” he said.