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Zambia’s economic growth to drop from 3.6% to -2.6% in 2020, country to apply to WB, IMF

Filed under: Breaking News,Business,Health & Nutrition |
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Minister of Finance Dr Bwalya Ng’andu says Zambia has applied to the World Bank,African Development Bank to be considered for support under their various Covid-19 emergency funds.

He was speaking to the press this morning when he indicated that the country would apply to the world monetary institutions. He added that the IMF projects that Zambia’s economy will grow by -2.6% in 2020 from an earlier projection of 3.6%.

“Economic adjustments due to COVID19 will result in a drop in revenue, Budget revenue will fall short of target by at least K14.8 billion or 19.7% of the 2020 approved budget.”-Dr Bwalya Ng’andu.

Dr Bwalya added that projections show that the reduction in copper prices on the London Metal Exchange will continue until June which will result in a drop in mineral royalty.

In order to alleviate economic pressures associated with Covid-19 induced liquidity challenges Dr Bwalya Ngandu said government has released K500 milion to the Public Service Pension Fund to pay over 1500 retirees and other beneficiaries.

He added that another K170 million has been released to Banks to clear third party arrears and K140 million to various road contractors.

Commenting on donations for the fighting of the pandemic, he said money donated for the Covid-19 response will be monitored by the ministry of finance to ensue that the money is used for the intended purpose.

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