Monday, March 4, 2024
Africa NewsBusiness

ZAMBIA PROMISES ECONOMIC REPAIR AFTER WORLD BANK CLASSIFIED IT TO LOW-INCOME FROM LOWER-MIDDLE INCOME

The World Bank has classified Zambia to low income from lower middle income for the 2023 financial year over the deterioration of Gross National income per capital estimates recorded in 2021.

Zambia’s finance and national planning minister, Situmbeko Musokokotwane has confirmed and said government has embarked on an economic repair to reverse the situation.

“Government has embarked on an economic repair, stabilisation and transformation path that will ensure the country swiftly regains lower – middle income status at the next assessment or in the medium term,” Musokotwane said.

He said upon assuming office in August last year, the new government has been committed to actualizing the vision of the Zambian people and has focused on stabilizing the economy.

“So far, the Government has managed to bring down the inflation rate, stabilized the exchange rate and controlled its domestic borrowing,” said Musotokwane.

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