Government has embarked on the implementation of strategic interventions aimed at restoring macroeconomic stability, enhancing economic efficiency and ultimately boosting private sector led economic growth through enhanced investments.
Minister of Finance and National Planning Situmbeko Musokotwane has reiterated the government’s unwavering commitment to supporting and collaborating with the private sector in the country.
He said the private sector’s growth and ability to capitalize on upcoming investment opportunities are cardinal to Zambia’s prosperity.
The Minister said this when he officiated at the Zambia Association of Manufacturers (ZAM) pre-budget meeting in Lusaka.
Mr Musokotwane highlighted drought and energy, cholera outbreak and exchange rate volatility as some of the main causes of the poor performance of the country’s economy.
He noted that the government is aware that the highlighted reasons have significantly affected the manufacturing industry in the country.
“The amount of interest we are seeing in exploration is something we haven’t seen in the last twelve years. We cannot be a mining country and create conditions that close the mines and on the other hand borrow money,” he explained.
Meanwhile, Zambia Association of Manufacturers (ZAM) Vice President Fronscen Haloba said the manufacturing industry is currently facing challenges that are influenced mainly by climate change and the instability of the exchange rate which have affected planning.
Ms Haloba indicated that the load shedding of power which has been caused by the drought has significantly reduced the production capacity of manufacturing in the country.
She called on the government to continue supporting the manufacturing sector to maximize the benefits of the manufacturing sector.
Even before drought, energy and cholera, the economy was already in free fall. It reminds us of PF failing and blaming covid, though PF prices were better than UPND prices by far even with the debt and default. Remove tax incentives from the mines.
Upnd has failed and should just quit! It shows they have no capacity . They blame Lungu, they blame pf, they russia attack on Ukrain, they blame covid, they blame climate change and now they blaming” tribalists”.
If you have nothing to say,join clueless Lungu and Sikota
All they need to do is this; 1. Empower pipo to own & run small & big mines, the heart of the nation is Mining & yet we are not taught from primary schools about Mining
2. Give pipo access to loans from lending institutions to run profitably Mining businesses
3. Give Tax holidays for these Mining & other businesses for Zambians, make it easy to start & trade
4. Tax these big foreign companies to raise monies for national development
well pointed out
But our leaders are boot lickers, cowards, unexposed, scared of white pipo, corrupt, angry, selfish, full of unjustified egos, busy fighting each other on the expense of starving pipo. You politicians need to be linched, you are so wicked… wicked to the core with short-sightedness
What is the meaning of incentive in taxation?
a reduction in taxes that encourages companies or people to do something that will help the country’s economy: Tax incentives worth millions brought dozens of companies and thousands of new jobs to the region last year.
You politicians are the enemy to African progress, i do NOT blame the west anymore but our stupid fools for leaders in Africa. The WORST ENEMY to an African child is a politician… period. So as far as i am concerned i will never trust anyone of them, they are all same.. stupid & wicked!!!!!!!
LT post this one…
The WORST ENEMY to an African child is a politician… period. So as far as i am concerned i will never trust anyone of them, they are all same.. stupid & wicked!!!!!!!
What are defined incentives?
something that incites or tends to incite to action or greater effort, as a reward offered for increased productivity. Synonyms: prod, goad, encouragement, impulse, incitement, spur, stimulus.
What is incentives and allowances?
An allowance is an amount of money that the company gives a team member for a certain purpose. One of the most common allowances that employers may offer is the dearness allowance. This type of incentive is an additional amount in an employee’s paycheck that acts as a buffer against inflation increases.
Launching strategic interventions to restore the economy now after being in power for close to 3 years?
Thats like asking why ruling parties all over the world reduce prices or taxes or both just before elections……..
AND WITH ZESCO NOW GOING TO 16 + HOURS LOADSHEDDING
AND TOP MANAGEMENT STILL SITTING COMFORTABLE IN OFFICE
I SAY WE ARE GOING BACKWARDS
I wish SPAKA WOULD TAKE OFF HIS ROSE COLOURED SPECTACLES
Spaka doesn’t know reality….all is a Cinderella paradise.
Sometimes it is important to admit we are old and tired and leave room for the younger vibrant ideas. Economics of 1965 will not work in 2024
And the computer has changed so much since 1965
The government of launchers
Allow & assist locals to industrialize the nation to create jobs, create wealth for everyone. How can you have huge mineral deposits from since the creation of the earth & you do NOT even have huge industries? Imwe fi politicians whats wrong with you? You MUST be ashamed of yourselves. Any rich nation has huge industrialization going on.
These people received so much help from foreigners in exchange for investment favors. They are only full filling their promises. Look at the KCM deal.. it’s a shame.
I think they must change the constitution so that before anyone aspire for any political role must have about 10 -10 years living abroad so that they really understand how backward & undeveloped we are. This trust me will open them up to see through the eyes of the west & do what the West have done. Not grown up & raised Up in ZED , no exposure nothing but with some degrees that do not even benefit the nation.
Hon Minister one approach you might wish to do is create a sovereign fund under IDC managed properly it can be a game changer
Managed properly ???? STOP ON
Is this possible here ?? Not with this generation !!!
Uninspiring and too theoretical.
The key to controlling the economy is in the exchange rate. Once the exchange rate is controlled everything else automatically falls into place including price of fuel, commodities, manufacturing, etc.
The failed economy is all the fault of PF .