https://en.sputniknews.africa/20230716/what-awaits-zambias-economy-in-next-three-years-1060576927.html
What Awaits Zambia's Economy in Next Three Years?
What Awaits Zambia's Economy in Next Three Years?
Sputnik Africa
In 2020, default on the sovereign debt was declared in Zambia, which was the first African state in COVID-19 era to fail to pay its debt. Recently, the country... 16.07.2023, Sputnik Africa
2023-07-16T19:01+0200
2023-07-16T19:01+0200
2023-08-03T10:44+0200
sub-saharan africa
zambia
debt
debt restructuring
international monetary fund (imf)
economic growth
finance
minister
southern africa
economy
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It is projected that Zambia's economy will increase by 4,7% on average from 2024 to 2026 as the the government’s medium-term budget plan published by the Finance and National Planning Ministry stated. Economic growth by 4,8% is expected in 2024, by 4,3% in 2025 and by 5% in 2026. Zambia's economy is predicted to expand by 2,7% in 2023 in comparison with 4,7% growth in 2022, according to the Ministry.The country and the IMF have also concluded the first review of Zimbabwe's $1.3 billion extended fund facility (EFF) programme (a IMF's programme, which provides medium-term financial assistance to low-income countries), according to the IMF's website. In addition, last week Zambia was allocated with $189 million by the IMF, organisation's website reported. After the completion of the IMF's second review, the country plans to sign a memorandum of understanding to restructure additional debt with private creditors.
https://en.sputniknews.africa/20230713/zambia-bondholders-reportedly-begin-talks-on-3-billion-debt-restructuring-1060517045.html
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zambia, debt, debt restructuring, international monetary fund (imf), economic growth, finance, minister, southern africa, economy
zambia, debt, debt restructuring, international monetary fund (imf), economic growth, finance, minister, southern africa, economy
What Awaits Zambia's Economy in Next Three Years?
19:01 16.07.2023 (Updated: 10:44 03.08.2023) In 2020, default on the sovereign debt was declared in Zambia, which was the first African state in COVID-19 era to fail to pay its debt. Recently, the country and the International Monetary Fun (IMF) have agreed on a restructurization plan of the debt, which will allow Zambia to save $7.65 billion by 2026, according to IMF.
It is projected that Zambia's
economy will increase by 4,7% on average from 2024 to 2026 as the the government’s medium-term budget plan published by the Finance and National Planning Ministry stated. Economic growth by 4,8% is expected in 2024, by 4,3% in 2025 and by 5% in 2026.
"Over the 2024-26 medium term, the government’s economic policies will focus on stimulating economic growth through restoration of macroeconomic stability, attaining debt and fiscal sustainability, facilitating a conducive environment for private sector participation and improving livelihoods," the document reported.
Zambia's economy is predicted to expand by 2,7% in 2023 in comparison with 4,7% growth in 2022, according to the Ministry.
The country and the IMF have also concluded the first review of Zimbabwe's $1.3 billion extended fund facility (EFF) programme (a IMF's programme, which provides medium-term
financial assistance to low-income countries), according to the IMF's website.
In addition, last week Zambia was allocated with $189 million by the IMF, organisation's website reported.
After the completion of the IMF's second review, the country plans to sign a memorandum of understanding to restructure additional
debt with private creditors.
