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Zambian economy projected to slow in 2023

Zambia’s economy is predicted to grow by just 2.7% in 2023, down from 4.7% in 2022, according to a budget plan released by the Ministry of Finance on Sunday. This is because declines in the mining and energy sectors would limit growth.

Zambia has finally finished a protracted debt restructuring plan with the International Monetary Fund (IMF), after becoming the first nation in Africa to default on its sovereign debt in 2020.

The IMF estimated that by 2026, this will save the country of southern Africa $7.65 billion.

The budget plan predicts that Zambia’s GDP will increase by 4.8% in 2024, 4.3% in 2025, and 5.0% in 2026, depending on improvements in macroeconomic conditions and the implementation of reforms.

According to Felix Nkulukusa, secretary of the Treasury, Zambia is witnessing increased confidence as it attempts to regain fiscal sustainability.

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