In attempting to answer to concerns that […]

In attempting to answer to concerns that Government doesn’t have money to fund the targeted national development projects in the 2027 proposed budget as well as the grow Zambia agenda key projects, Minister of Finance Dr. Situmbeko Musokotwane says the private sector will finance the planned projects.

During the 2027 post- budget discussions attended by the Zambian Business Times – ZBT, Dr. Musokotwane said people are questioning where the money is going to come from.

He revealed that Government will not spend any money since the concept of project development been pursued is workable [and profitable].

“Economic growth to result in project actualisation will come from changes in policies and regulations, and the private sector will seize the opportunities and invest the projects,” he said.

“The biggest objective is to change the laws and regulations to enable the private sector thrive, mobilise finance and develop the projects.The mining industry has expanded and will produce 930,000 metric tonnes of copper of copper, and the Lusaka-Ndola road is undergoing expansion and full rehabilitation, which is all private sector monies”.

“So the model we are using is workable and the private sector is responding positively as you can see in the energy sector ,which is attracting private sector investment and doubling production and we shall induce people to put up agriculture projects along the TAZARA and Lobito transport corridors so that we develop an export-led economy.”

Secretary to the Treasury Felix Nkulukusa said the economic focus is now moving from stabilisation to growth.

“In 2021, we started to stabilize the economy by removing subsidies on fuel and other things, and implemented robust reforms including debt restructuring. We are ensuring fiscal discipline, less borrowing and more revenue collection,” he said.

Bankers Association of Zambia president Mwindwa Siakalima commended Government for the policy reform’s that has enabled actualisation of projects.

Absa Bank Zambia managing director Mizinga Melu said the Institution is well positioned to provide funding to develop the Grow Zambia Agenda.

“In response to the recent reforms, Absa Bank Zambia has availed over US$1.2 billion in the last two years in supporting projects in the energy, mining, agriculture and manufacturing sectors, and this shows our readiness to support the Grow Zambia Agenda targets,” she said.

A fact check on the Lusaka-Ndola dual road however shows that state pension scheme NAPSA was a major financier in the project, a caution that its not all private sector led.

Article by ZBT correspondent