PMRC PROJECTS A 4% ECONOMIC GROWTH FOR ZAMBIA IN 2024

 

By Daily News Reporter

 

The Policy Monitoring and Research Centre (PMRC) has projected Zambia’s economic growth to increase to above 4% in 2024 following the continued policy reforms.

 

PMRC Executive Director, Sydney Mwamba said Zambia’s Economic outlook for 2024 remains positive with growth projected to increase due to higher global copper prices as well as the market confidence associated with ongoing fiscal consolidation measures.

In a statement issued to Daily News in Lusaka today, Mr Mwamba noted that the country, in 2023, made significant advancements with regards to enhancing human development through increased investment in education.

 

He outlined the government's introduction of the Free Education Policy, as one of the key milestones of 2023.

 

Mr Mwamba highlighted that in June, 2023, Government recorded another milestone by reaching a staff-level agreement with the Official Creditor Committee (OCC) on a debt treatment that is in line with the International Monetary Fund (IMF) programme parameters and agreed on the Memorandum of Understanding in October 2023.

 

“These developments are significant strides towards achieving long-term debt sustainability for Zambia. Going forward, Government has continued to seek agreements with private creditors, including Eurobond holders, consistent with the program parameters and on comparable terms, as defined by the official bilateral creditors,” he said.

 

Mr Mwamba suggested that these measures will help improve the business environment and consequently macroeconomic parameters key to economic stabilisation.

 

He urged Zambian government to consistently maintain positive ties both bilaterally and multilaterally in the area of international cooperation.

 

He further stated that the bilateral relations include the ongoing efforts by the United States government to restructure its partnership with Zambia, by enhancing its cooperation between the two countries as well as the State visit to Zambia by Germany President, Frank-Walter Steinmeier which signified a pivotal moment in strengthening of bilateral ties and the pursuit of shared developmental goals between the two nations.

He added noted that the organisation remains committed to supporting development partners in developing evidence-based policy recommendations for the effective delivery of the national development agenda.

 

“In this regard, we shall continue to partner with like-minded institutions to promote and encourage dialogue and debate on social and economic policy issues critical to national development,” Mwamba said.