IMF Dramatically Cuts Zambia’s GDP Growth Target, As Inflation Set to Be Above 10%
The IMF has projected that Zambia’s economic growth is going to fall 2.9% next year, below the original 3.1 targeted for this year. In the same report it was noted that the Zambia will see inflation rise above 10% by the end of 2019, spelling serious trouble for our economy.
This news was broken in Washington DC at the IMF Spring Meeting in Washington DC, where Finance Minister Margaret Mwanakatwe is leading the Zambian delegation. She is accompanied by Secretary to the Treasury Fredson Yamba, Deputy Secretary to the Cabinet [Finance and Economic Development] Christopher Mvunga, and Bank of Zambia Governor Dr. Denny Kalyalya.
The delegation’s engagements will extend to dialogues with Fitch, Standard and Poor’s, and Moody’s Rating Agencies. At these meetings, the parties will be looking at Zambia’s macroeconomic situation, fiscal affairs, debt matters, and foreign reserves, among other issues.
It’s been a tumultuous 12 months for the Minister of Finance, who has been unable the quell rumours that Zambia’s debt is far above what she has stated, figures have put the total external debt at 68% of GFP contributing to serious concerns over the PF governments ability to manage the economy,