Zambia’s Gross International Reserves have increased to $4.31 billion.
By Sharon Siame
Bank of Zambia Governor, Denny Kalyalya, says this is equivalent to 4.6 months of import cover as of the end of December 2024.
In September 2024, reserves stood at $4.1 billion, equivalent to 4.6 months of import cover.
Dr. Kalyalya attributed the increase to project inflows from the World Bank and African Development Bank, disbursement by the IMF under the Extended Credit Facility agreement, and net purchases of mining taxes.
Dr. Kalyalya, however, noted that sluggish economic activity continued in the fourth quarter of 2024 as business conditions for the private sector deteriorated further due to the severe impact of the drought.
He said the real GDP growth for 2024 is expected to be significantly lower at 1.2 percent compared to the 2023 outturn of 5.4 percent.
Dr. Kalyalya said that a rebound in growth to 6.6 percent in 2025 is projected.
He said this is on account of the anticipated recovery of the agriculture and energy sectors.
