Zambia’s drought crisis, basis for revising 2024 national budget, Minister Musokotwane reiterates


Finance and National Planning Minister, Situmbeko Musokotwane, has said that revising the 2024 national budget due to the drought situation formed a basis for discussions with the International Monetary Fund (IMF) during their last visit.

The IMF hosted a mission to Zambia from April 24 to May 7, 2024 as part of the third review of the Extended Credit Facility (ECF) Programme.

Giving an update on what was discussed, Musokotwane said deliberations were held on recent economic developments including the impact of the drought on the economy.

He said in a statement issued on Friday that the drought and the humanitarian response, required to support the vulnerable in the society, demands that government revise the budget.

“I express my gratitude to the IMF for the continued collaboration with the Government in addressing the challenges facing the economy. This formed an important part of our discussions.

“Going forward, as we revise the budget, we will continue to focus on maintaining macroeconomic stability, restoring fiscal and debt sustainability, enhancing human development and improving the governance environment in line with our home-grown economic reform agenda,” Musokotwane said.

He further said the discussions were also held on the implementation of the EFC.

“To complete the third review, discussions will continue virtually in the coming weeks and the conclusion will be communicated to the public,” he said.

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