IMF team expected in Zambia next week

Fredson Yamba

Secretary to the Treasury Fredson Yamba has disclosed that a team from the International Monetary Fund (IMF) is expected in the country next week as continuation of the consultative process.

Mr Yamba says the IMF’s mission visit to Zambia follows the successful submission of data that the fund had requested for.

He says the meeting is expected to reconcile figures between the two parties and find the best way forward.

Meanwhile Mr Yamba says the economic growth the country has continued to record since 2016 is as a result of increased investor confidence and recovery of global commodity prices.

Speaking at the Southern African Development Community (SADC) Macro-economic Peer Review Mechanism panel meeting in Johannesburg, South Africa, Mr Yamba said other factors that have contributed to Zambia’s improved economic growth were the improved performance of the agriculture sector and hydro-power generation, which had previously been hampered by adverse weather conditions.

Mr Yamba noted that the stringent monetary policy pursued by government through the Bank of Zambia has resulted in the appreciation of the kwacha against major convertible currencies as well as deceleration in the inflation rate.

He adds that Zambia has continued to improve its fiscal deficit which stood at 7.6 percent of Gross Domestic Product (GDP) in 2017 from 9.4 percent of GDP in 2015, and that government would endeavor to limit the growth of public debt by improving debt management.

Mr Yamba says this would be achieved by altering the debt structure to achieve 60 percent domestic and 40 percent external debt.

This is contained in a statement issued by first secretary press and public relations at Zambia’ High Commission to South Africa, Naomi Nyawali.