Q FM Africa's Modern Radio
Former Commerce Minister Felix Mutati says 2015 will be remembered as one of the most difficult years for Zambia economically in the last 10 years.
Mr. Mutati has observed that 2015 has proved to be a year where all economic fundamentals were unclenched.
In an interview with Qfm News, Mr. Mutati says this means that the country has failed to meet its projected economic targets.
Mr. Mutati notes that apart from failing to meet its end year economic growth target, Zambia’s inflation rate has soared to double digits with the exchange rate raking havoc to the economy.
He notes that this is in addition to the growing budget deficits.
Mr. Mutati who is also Lunte Member of Parliament states that the escalation in prices of essential commodities further points to the fact that the country’s economic fundamentals are no longer normal.
He says the end result is that the cost of living for any average Zambian this year has been a lot worse compared to years back.
Mr. Mutati says given these challenges, serious consideration must be made in 2016 to engage the International Monetary Fund (IMF) as a partner in economic management.
He is optimistic that this will bring about confidence and enhance capacity to implement austerity measures some of which President Edgar Lungu has already announced.