Government has developed the economic recovery programme that will ensure the economy is back onto a path that will lead to improving the livelihood of Zambians.
The programme which was launched by President Edgar Lungu has been coined as the ERP, 2020-2023, under the theme restoring growth and safeguarding livelihoods through macroeconomic stability, economic diversification and debt sustainability.
Launching the programme President Lungu noted that the step programme signifies the government’s commitment to ensuring the economy is back onto a path that will lead to improving the livelihood of Zambians.
“This is an auspicious occasion that should bring hope to our people. This occasion signifies our commitment to reinvigorate the economy,” President Lungu said.
Observing that the World is crossroads as nations and the international community continue to brainstorm the solutions to both the health and economic challenges afflicting mankind arising from the COVID-19 pandemic many economies have been crippled and misery is afloat.
In announcing Zambia’s recovery President Lungu said Zambia would embark on Value Addition on Natural resources.
“Now is the time to use our intellect to utilise these resources, and not just sell them to the highest bidder but add value to them through the creation of a vibrant manufacturing base,” he said.
President Lungu further noted four policies which include the provision of financing by the treasury, K10 billion medium-term refinancing facility by the Bank of Zambia, issuance of the k8 billion covid-19 bonds as a stimulus package to enhance economic activity as well as TAX relief measures aimed at boosting production in agriculture, mining, tourism, and many other sectors
The programme launched by the President today gave a road map of strategic policy actions and enablers required to revive the economy of which he emphasized lay on the revamping of Zambia’s manufacturing ambit.
He noted that the objectives are to restore macroeconomic stability, attain fiscal and debt sustainability, dismantle the backlog of domestic arrears, and restore growth and diversifying the economy, and safeguarding social protection programmes. All the objectives set have been backed by structural and legal reforms.
President Lungu announced that agriculture, manufacturing, tourism, and mining will be the main key drivers with heavy support from the Energy sector with all the sectors looking at diversification and value addition.
“In manufacturing, government will establish trade facilities at some of our borders to promote cross-border trade. To increase access to export markets, my government will aggressively pursue investment promotion activities,” President Lungu said.
He observed that the effective implementation of the programme will, in turn, result in other key social and economic development outcomes such as improved standard of living and increased employment levels.
“If well and fully implemented, the programme will bring about inclusive development, without leaving anyone behind.”