Zambia’s economic reforms on track - Ng'andu

ZAMBIA'S economic reform and transformation agenda is still on course despite the power supply and fiscal space constraints currently being experienced, Finance Minister, Bwalya Ng'andu, has said.

Making a presentation to Zambia's financial asset investors on the side-lines of the 2019 annual meetings of the International Monetary Fund (IMF) and the World Bank, Dr Ng'andu took the opportunity to share an in- depth perspective on the state of the economy; the 2020 Budget; and the medium term debt strategy.

Dr Ng'andu told the investors that Zambia was on the right track in the pursuit of economic stabilisation, growth, fiscal consolidation, debt sustainability, and strengthened development cooperation with all local and international partners.

During the presentation, the minister highlighted the strides that the country had made in its development efforts through measures targeted at addressing some external, internal and natural vulnerabilities being faced.

Dr Ng'andu discussed issues ranging from growth, fiscal adjustment, investment flows, debt and Zambia’s financing plans going forward.

"In the last eight months, revenue collections were 9.9 percent above the budget target for the period," he said in reference to resource mobilisation efforts.

Dr Ng'andu also clarified that the upward movement of the external debt figure over the last few fiscal quarters mainly reflects new disbursements from already contracted and existing loans.

He emphasised that the dismantling of domestic arrears remained a priority that would be implemented to the latter in 2020 and beyond.

Among the assurances sought by the investors was Zambia's plans related to the current Eurobonds, asset monetisation, fiscal adjustment and the commitment to achievement of macro-economic targets.

Government is in the process of developing a Eurobond refinancing strategy which, once Cabinet approves, will be published, he told the audience.