Zambia News

President Hakainde Hichilema Engages with IMF and IGC in Economic Growth Forum

President Hakainde Hichilema led discussions yesterday in an ‘Economic Growth Forum’ alongside Cooperating Partners from the International Monetary Fund (IMF) and the International Growth Centre (IGC). The forum provided a platform to exchange visions and ideas on maximizing Zambia’s natural resources for national development.

During the forum, President Hichilema articulated the government’s commitment to exploring critical economic sectors such as mining and agriculture, particularly amidst challenges posed by climate change, including the ongoing drought in some regions of Zambia. Strategies to enhance production efficiency in these sectors were emphasized, underlining the government’s determination to unlock Zambia’s economic potential and create job and business opportunities for all citizens.
We are resolute in our efforts to optimize the utilization of Zambia’s abundant natural resources for the betterment of our nation,” President Hichilema affirmed.

The engagement with IMF and IGC representatives signifies a collaborative approach to addressing economic challenges and fostering sustainable development in Zambia. By leveraging international partnerships and expertise, the government aims to implement innovative solutions that promote inclusive growth and resilience in the face of global challenges.

President Hichilema concluded the forum with a reaffirmation of his administration’s dedication to advancing Zambia’s economic agenda, stating, “Together, we will work tirelessly to realize our vision of a prosperous and thriving Zambia for all.

Source: Lusakatimes

In other news – Zambia’s Kwacha emerges as Africa’s best-performing currency in 2024

The kwacha has surged by 13.8% to 22.8 against the dollar in 2024, as reported by LSEG data. The central bank took measures such as raising commercial banks’ reserve ratios and increasing interest rates to counter the currency’s decline, which had contributed to rising inflation, Reuters reported.

Zambia's Kwacha

Last November, the apex bank raised the statutory reserve ratio for deposits in both local and foreign currencies by 3 percentage points to 14.5%. Analysts, however, stress that the kwacha’s sustained strengthening depends on the country’s ability to attract more foreign investment. Read more

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