https://en.sputniknews.africa/20240928/zambia-eyes-economic-rebound-after-historic-drought-targeting-growth--deficit-reduction-in-2025-1068463403.html
Zambia Eyes Economic Rebound After Historic Drought, Targeting Growth & Deficit Reduction in 2025
Zambia Eyes Economic Rebound After Historic Drought, Targeting Growth & Deficit Reduction in 2025
Sputnik Africa
The drought induced by the El Niño climate pattern, which swept across Southern Africa this year and was described as the worst in living memory, decimated... 28.09.2024, Sputnik Africa
2024-09-28T17:57+0200
2024-09-28T17:57+0200
2024-09-30T13:45+0200
sub-saharan africa
economy
zambia
southern africa
drought
economic growth
budget
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Zambia is aiming for a strong economic recovery in 2025, targeting a significant rebound in growth and a substantial reduction in its budget deficit. The country is recovering from a devastating El Niño-drought drought, described as the worst in living memory, which significantly impacted its economy in 2024.Finance Minister Situmbeko Musokotwane outlined the government's plan in his budget speech on Friday, projecting a growth rate of 6.6% in 2025 compared to a forecasted 2.3% growth in 2024. The recovery is expected to be driven by improved performance in the mining and agricultural sectors.Zambia also aims to shrink its budget deficit to 3.1% of gross domestic product (GDP) in 2025, down from the projected 6.4% in 2024. Domestic revenues will finance roughly 80% of next year's spending, with the remaining 20% covered by grants (4%) and borrowing (16%).The minister also highlighted ongoing negotiations with commercial creditors to restructure Zambia's debt, following the successful restructuring of its Eurobonds. The protracted debt restructuring process has previously hindered investment and weighed heavily on local financial markets.
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economy, zambia, southern africa, drought, economic growth, budget
economy, zambia, southern africa, drought, economic growth, budget
Zambia Eyes Economic Rebound After Historic Drought, Targeting Growth & Deficit Reduction in 2025
17:57 28.09.2024 (Updated: 13:45 30.09.2024) Muhammad Nooh Osman
Writer/Editor
The drought induced by the El Niño climate pattern, which swept across Southern Africa this year and was described as the worst in living memory, decimated crops, leading to food shortages and undermining the region's economic prospects.
Zambia is aiming for a strong economic recovery in 2025, targeting a significant rebound in growth and a substantial reduction in its budget deficit. The country is recovering from a devastating
El Niño-drought drought, described as the worst in living memory, which significantly impacted its economy in 2024.
Finance Minister Situmbeko Musokotwane outlined the government's plan in his budget speech on Friday, projecting a growth rate of 6.6% in 2025 compared to a forecasted 2.3% growth in 2024. The recovery is expected to be driven by improved performance in the mining and agricultural sectors.
Zambia also aims to
shrink its budget deficit to 3.1% of gross domestic product (GDP) in 2025, down from the projected 6.4% in 2024. Domestic revenues will finance roughly 80% of next year's spending, with the remaining 20% covered by grants (4%) and borrowing (16%).
The minister also highlighted ongoing negotiations with commercial creditors to restructure Zambia's debt, following the successful restructuring of its Eurobonds. The protracted debt restructuring process has previously hindered investment and weighed heavily on local financial markets.
