Finance Minister Bwalya Ng’andu has disclosed that government is on track with its economic reforms and transformation agenda despite the serious power supply and fiscal space constraints currently obtaining in the country.
Dr. Ng’andu said the country has made strides in its development efforts through measures targeted at addressing external, internal and natural vulnerability that Zambia is facing.
Speaking during an investors forum held in Washington DC in the United States of America (USA), the minister noted that acknowledgement from the international audience of upper-market investors is a sign that government through interactions with investors, local or foreign is vital as it gives faculty correct information to facilitate decision-making.
The applauds accorded to the Zambian team is a sign that the country is on the right track in its pursuit for economic stabilization, growth, fiscal consolidation, debt sustainability and strengthened development cooperation with local and international partners.
Said Dr Ng’andu.
Dr Ng’andu explained that the upward movement of external debt figures over the last fiscal quarters mainly reflected new expenses from the already contracted and existing loans.
Among the assurances sought by the investors was Zambia’s plans related to the current Eurobonds, asserts monetization, fiscal adjustments and the commitment to achievements of macro-economic targets.
Dr Ng’andu assured the investors that government is in the process of developing a Eurobond refinancing strategy that will be published once cabinet approves.
He added that the dismantling of domestic arrears remains a priority that will be implemented later by 2020 and beyond.
The minister was accompanied by Secretary to the Treasurer Fredson Yamba, Ministry of Finance Permanent Secretary (Economic Management and Finance) Mukuli Chikuba and Bank of Zambia Director (economics) Johnathan Chipili.