Musokotwane says Zambia targeting consistent growth to navigate post-debt restructuring era

Finance and National Planning Minister, Situmbeko Musokotwane, says government is focused on ensuring consistent economic growth to successfully manage the post-debt restructuring period.

Speaking at the Kitwe District Chamber of Commerce and Industry Post-Budget Symposium at Garden Court Hotel on Saturday, Musokotwane stressed that stability in growth was critical to sustaining debt repayments.

“The economy has been performing very well after dealing with the debt situation, but our aim is to maintain the growth trajectory to handle debt repayments as they fall due,” he said.

He added that the 2026 budget places emphasis on high agricultural productivity targeting regional markets, which requires a shift in mindset.

“I agree with the submissions on the need to grow food for the regional market rather than targeting only 20 million Zambians. A shift in mindset is needed to achieve that,”
Musokotwane said.

He further noted that the budget also includes measures to support motor vehicle assembly and to address climate change, such as increasing tax bands on plastic bags, with a complete ban to follow.

At the same event, Secretary to the Treasury, Felix Nkulukusa, outlined risks to the implementation of the 2026 budget, citing the energy crisis, debt repayments, and external shocks arising from geopolitical tensions such as the Russia-Ukraine war and Middle East conflicts.

Meanwhile, Bank of Zambia Governor, Dr. Danny Kalyalya, urged businesses and individuals to reduce their preference for imports, saying this was key to strengthening the Kwacha and building economic resilience.

“Why should people always want to import goods that can be found in the country? When we introduce instruments to enforce the use of the Kwacha in domestic transactions, the same people start complaining,” Kalyalya said.

Meanwhile, Kitwe Chamber of Commerce vice president, Luckson Simwiinga, called on government to leverage opportunities in gold mining to boost fiscal buffers.

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