Economic downgrade is a call to work harder- Mposha

By Paul Shalala

Green Economy and Environment Minister MIKE MPOSHA says the downgrade of Zambia’s economic growth by the International Monetary Fund – calls for Zambia to work hard and source for local and international funds to boost the economy.

The IMF downgraded Zambia’s economic growth for the year 2024 from 4.4 percent to 2.3 percent due to the drought.

Mr. MPOSHA says the drought is threatening the nation’s efforts to meet the Sustainable Development Goals and national targets.

In a speech read on his behalf by Green Economy and Environment Permanent Secretary DOUTY CHIBAMBA during the official opening of the National Economic Summit organised by the Economics Association of Zambia -EAZ- in Chongwe, Mr. MPOSHA urged the association to undertake research on the economic impact of the drought in Zambia.

And IMF Resident Representative ERIC LAUTIER has praised Zambia for embarking on a number of reforms to strengthen the debt restructuring process.

Mr. LAUTIER said the enactment of the Debt Management Act and the Access to Information Law are part of a number of reforms which the government has embarked on to support it’s debt management process.

Meanwhile, EAZ President OSWARD MUNGULE said the association has set up a coordinating committee to monitor how Zambia is working to be resilient and rise from the current drought situation.