Government Rolls Out Strategic Interventions to Restore Economic Stability and Boost Private Sector Growth

The government has launched its implementation of strategic interventions that are guided at restoring macroeconomic stability, enhancing economic efficiency, and bolstering private sector led economic growth through enhanced investments.

Dr. Situmbeko Musokotwane, the Minister of Finance and National Planning, reiterated the government’s continued commitment to working with the private sector in Zambia, both in support and collaboration.

While being officiated at the Zambia Association of Manufacturers (ZAM) pre-budget meeting in Lusaka earlier this week, Minister Musokotwane said the private sector’s expansion and ability to capitalise on upcoming investment opportunities are pivotal to Zambia’s prosperity.

He further clarified that the unprecedented drought and energy issues, the cholera outbreak, as well as the exchange rate volatility, have been the main reasons for the country’s weaker economic performance of late.  

He also emphasised the government’s awareness of how these reasons have significantly affected the manufacturing industry.

“The amount of interest we are seeing in exploration is something we haven’t seen in the last twelve years. We cannot be a mining country and create conditions that close the mines and on the other hand borrow money,” he explained.

Meanwhile, the Zambia Association of Manufacturers (ZAM) Vice President, Fronscen Haloba, similarly said that the manufacturing industry is also facing challenges, which have primarily sprung from climate change and the instability of the exchange rate.

Ms Haloba further indicated that the load shedding of power caused by the drought has reduced the country’s production capacity for manufacturing, calling on the government to continue its ongoing support for the manufacturing sector so as to maximise its benefits.