Market News

LUSAKA, Sept 28 (Reuters) – Zambia aims to lift economic growth to an average of 7% over the next three years, building on progress in restructuring its external debt, its finance ministry said.

• The government’s medium-term macroeconomic framework projects growth of 6.0% in 2027, 7.5% in 2028 and 7.1% in 2029, the finance ministry said in a statement on Sunday.
• This year’s budget, presented in September last year, projected growth of 6.4% for 2026.
• The International Monetary Fund forecasts more modest growth of 4.3% this year.
• Finance Minister Situmbeko Musokotwane said the government wanted to move beyond stabilising the economy to securing more investment, stronger exports and boosting job creation by harnessing sectors like mining, energy and agriculture.
• Musokotwane, recently reappointed after last month’s election, oversaw protracted debt-restructuring negotiations after the Southern African copper-producing country defaulted during the COVID pandemic.
• Zambia hopes to agree a new IMF programme before the end of the year after its previous $1.7 billion arrangement ended in January.