Zambia targets 7% annual economic growth from 2015

GMT 19:18 2014 Friday ,22 August

Arab Today, arab today Zambia targets 7% annual economic growth from 2015

Economic growth in Zambia
Lusaka - XINHUA

The Zambian government is targeting an annual economic growth of seven percent per annum from next year as it tries to ramp up economic growth to benefit citizens, the Ministry of Finance said on Friday.
According to its Green Paper, the Medium Term Expenditure Framework (MTEF), released on Thursday, the government was targeting inflation to fall under six percent by 2017 as well as continuing the implementation of enhanced levels of investment in major socio-economic infrastructures.
"As I announce the release of the Green Paper, I invite all stakeholders to partner with government in its efforts to deliver inclusive growth with social justice by forwarding their comments and reflections on it as my ministry prepares the 2015 budget," Fredson Yamba, the Secretary to the Treasury said.
The Green Paper details the proposed policies underlying the government economic policies for the 2015-2017 period.
According to him, it was government's objective to ensure that Zambians benefited from the fruits of the nation's economic development by facilitating further broad-based economic growth through creation of job opportunities.
This, he said will be achieved through continued implementation of enhanced levels of investment in major socio-economic infrastructure, continued structural reforms to diversify the economy and reducing the cost of doing business.
The Medium Term Expenditure Framework would build upon the favorable macro-economic performance recorded over the last five years, which had been evidenced by the high economic growth rates, attainment of the single-digit inflation and positive trade balances, he added.
The Ministry of Finance is expected to announce the 2015 budget on October 10. The Zambian economy is expected to grow by 6.5 percent this year.

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