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Government has published the 2024-2026 Medium Term Budget Plan (MTBP) that spells out Zambia’s broad macroeconomic and fiscal policies for the medium term.
The paper highlights key interventions that will be catalytic in spurring economic growth through enhancement of private sector investment, production and productivity as well as facilitation of efficiency in the delivery of public service.
Over the 2024-2026 medium term, government’s economic policies will focus on stimulating economic growth through restoration of macroeconomic stability, attaining debt and fiscal sustainability and facilitating a conducive environment for the private sector.
This is according to the Secretary to the Treasury, Felix Nkulukusa, in a statement issued on Sunday to announce the publishing of the green paper.
Nkulukusa pointed out that the paper has been prepared in the context of growing confidence in Zambia as a result of the progress made in restructuring the country’s external debt and the successful measures being taken to restore and maintain macroeconomic stability and fiscal sustainability.
“This outturn of events, presents an opportunity to transform our economy to build economic resilience, protect the vulnerable and leave no one behind. To transform the economy, there is urgent need to work concertedly in progressing with government’s bold development agenda, even within the still, constrained fiscal environment,” he said.
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Nkulukusa said among key interventions would be the full and effective implementation of the Comprehensive Agricultural Transformation Support Programme (CATSP) to exploit the country’s comparative advantage in agriculture.
Further, he said, the diversification of a wider economy through value addition in mining, manufacturing and tourism, among other sectors, would be priority.
He explained that digitisation would be undertaken in earnest to promote both the private sector and the wider economy.
“In addition, in line with the decentralising policy, allocations for public service delivery will be facilitated to ensure citizen participation in governance and development that puts their needs first.
“Finaly, government will continue to prioritise the vulnerable by mainstreaming of gender, child, the aged and disability issues into the policies and strategies used to implement government programmes and projects,” he said.
Nkulukusa also projected Zambia’s growth rate would reach 4.8 percent in 2024, 4.3 percent in 2025 and 5.0 percent in 2026.
He based these projections on improvements in the macroeconomic conditions resulting from the implementation of Zambia’s development reform agenda as set out in the Eight National Development Plan (8NDP).
He also based the projections on the steps taken by government, in collaboration with its creditors, to restructure external debt.
“Additionally, efforts to attract investment, particularly in the key sectors of agriculture and livestock, manufacturing, mining, energy, and tourism, are anticipated to stimulate production and enhance productivity,” Nkulukusa said.
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