The International Monetary Fund has warned developing economies to brace for tougher economic times that will be necessitated by projected slow economic growth caused by the covid-19 omicron variant.
The Washington-based lender has also attributed the impeding economic difficult times to the US Federal Reserve decision to hike interest rates to curb elevated inflation ahead of US mid-term elections.
The decision by the US Federal Reserve to increase interest rates will negatively affect highly indebted countries such as Zambia by increasing the cost of debt servicing.
Apart from also negatively impacting Zambia’s debt restructuring efforts, the Fed’s decision will also result in increased commodity prices triggered by the depreciation of the kwacha against the US dollar.
In Other News – KK’s last born Kambarage Kaunda has died
Kambarage died in Mozambique yesterday but the body will be repatriated to Zambia for burial.Mid last year, the Kaundas lost their father, first president Dr. Kenneth Kaunda. This is terrible but only God knows, we put...learn more