Zambia Economy Should Grow By 3% This Year

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Published Nov 2, 2016

Zambia's economy should grow by 3 percent this year, largely unchanged from last year as electricity shortages and subdued private sector investment weigh according to the International Monetary Fund. The IMF's forecast was similar to the government's own growth estimate for 2016. The economy expanded by 2.9 percent in 2015. The IMF Mission Chief to Zambia said resolute policy action such as the removal of fuel and electricity subsidies could help Zambia overcome its economic challenges. Zambia began talks with the IMF in March about a potential aid package after agreeing the budget deficit was not sustainable. The government hopes to conclude a programme with the IMF in the first quarter of next year.