Q FM Africa's Modern Radio
Visiting UN Economic Commission for Africa (ECA) Executive Secretary Carlos Lopes says there is no need to press the panic button over Zambia’s budget deficit.
Dr. Lopes says Zambians and other stakeholders should remain calm.
He says any other country in Europe, with the exception of Germany and the Netherlands, would be happy to have such a budget deficit Zambia has recorded in the first 6 months of 2015.
Dr. Lopes who is also UN under-Secretary General notes that this is especially that Zambia’s downsized projected growth rate for 2015 is also better than most countries in Africa.
He has however, suggested the need for the country to focus on structural economic transformation.
He states that Zambia needs to industrialize, but with a different approach given the current trends.
Dr. Lopes has further called on developing African countries like Zambia to address the issue of energy deficit as they develop.
He is concerned that presently, there is not even a drive on working towards catching up on the deficits in relation to the rate at which development is taking place on the continent.
Dr. Lopes was speaking this morning at a special media breakfast held in Lusaka.