Grow Zambia Agenda needs hard work, collective effort – Cabinet

Mr Kangwa said this in a statement issued yesterday following Cabinet’s inaugural meeting, which was convened by President Hakainde Hichilema to consider measures aimed at fostering socio economic development and expanding the economy.

He said Zambia will now transition from the stabilisation agenda that dominated the past five years to an economic growth phase anchored on the 10-10-5-3-3-1-1-1 production targets.

The targets include producing 10 million tonnes of maize, generating 10,000 megawatts of electricity, attracting five million tourist arrivals, producing three million tonnes each of copper and soya beans, one million tonnes of wheat, one million tonnes of sugar, and generating US$1 billion in beef export revenue.

Mr Kangwa said Government’s medium-term macroeconomic objectives will include promoting higher and resilient economic growth that will support job creation, maintaining single-digit inflation and a stable exchange rate, and keeping international reserves above three months of import cover.

He said fiscal consolidation will remain a key priority as Government seeks to reduce budget deficits and maintain debt sustainability through enhanced domestic revenue mobilisation.

To support this objective, Government will broaden the tax base, strengthen compliance through digital systems and improve the efficiency of tax administration.

Mr Kangwa said Government will also continue pursuing concessional and climate related financing as part of efforts to reduce the risks associated with high debt distress.

On expenditure policy, he said Cabinet has agreed that public resources should be channelled towards priorities capable of driving economic growth.

Investments in transport infrastructure, water, energy and information and communication technology will be increased to improve productivity and strengthen the competitiveness of the economy. https://enews.daily-mail.co.zm/welcome/home