Debt restructuring boosts confidence in Zambian economy —Sinda

The Zambian government reports that its ongoing debt restructuring process has significantly bolstered confidence in the economy, drawing Foreign Direct Investment (FDI) particularly into critical sectors such as mining, manufacturing and energy.

Michelle Sinda, Principal Planner for the National Planning Division at the Ministry of Finance and National Planning, highlighted these developments during a Regional Workshop on Integrated National Financing Frameworks 2024 in Addis Ababa, Ethiopia.

The workshop, themed “Public Finance for Sustainable Development in Africa,” focused on optimizing public finances for sustainable growth.

In a statement issued by Inutu Mwanza, First Secretary for Press and Tourism at the Zambian Embassy in Addis Ababa on Saturday, Sinda said the near-completion of the debt restructuring programme would allow for the reallocation of resources to vital areas such as education, health and social protection.

This resource relief was expected to facilitate the implementation of national development priorities and the Sustainable Development Goals (SDGs).

“Zambia is committed to identifying opportunities in mobilizing domestic resources and using existing financial resources more efficiently to achieve the much-needed economic growth and Sustainable Development Goals,” Sinda said.

Regarding climate change, Sinda noted that climate variability poses a significant threat to Zambia’s economy and the achievement of certain SDGs, impacting electricity generation, agricultural output, and the manufacturing sector.

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