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Musokotwane projects Zambia’s economic growth at 5.4 percent


FINANCE Minister Dr Situmbeko Musokotwane says Zambia’s economic growth for the year 2023, has been projected at 5.4 percent based on improvements in the macroeconomic environment resulting from the country’s admission to the International Monetary Fund (IMF) Extended Credit Facility.

Delivering a ministerial statement in Parliament yesterday, Dr Musokotwane said a recovery in input prices and implementation of a much more efficient input support program in the agricultural sector, including investments in the mining and manufacturing sectors, are expected to drive the country’s 5.4 percent targeted growth.

Dr Musokotwane however says, the risks to the projected growth included the negative impact of the Russia-Ukraine war on commodity supply chains especially in the energy and agriculture sectors.

And Dr Musokotwane says, as at January 31, 2023, income tax collections had amounted to K4.9 billion against a target of K6.2 billion in the previous year. Dr Musokotwane has attributed the underperformance to lower than anticipated tax declarations by the mining companies.


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