Zambia's economy would develop at a slower rate than predicted in 2023

According to a budget plan released by Zambia's Ministry of Finance on Sunday, the Zambian economy is expected to grow by only 2.7% in 2023, down from 4.7% in 2022, due to contractions in the mining and energy sectors.Zambia and the International Monetary Fund (IMF) have agreed a long-delayed debt restructuring plan after Zambia became the first country in Africa to default on its sovereign debt in 2020. According to IMF estimates, this will save the southern African country $7.65 billion by 2026. Zambia's economic growth is anticipated to be 4.8% in 2024, 4.3% in 2025, and 5.0% in 2026, depending on how macroeconomic conditions improve and reforms are implemented. As Zambia works to restore fiscal sustainability, the country is experiencing a rise in confidence, according to Secretary to the Treasury Felix Nkulukusa.