Zambia launches Economic Recovery Programme
Zambian President Edgar Lungu, has launched the 2020-2023 Economic Recovery Programme (ERP), formulated to address various dimensions of the economic challenges facing the country.
The challenges are as a result of a number of factors, including the COVID-19 pandemic which had negative and serious consequences on the growth prospects of the economy.
Launching the Programme under the theme: ‘Restoring growth and safeguarding livelihoods through macroeconomic stability, economic diversification and debt sustainability’, President Lungu said the challenges that Zambia faces are daunting but not insurmountable.
He said the challenges include stagnation in growth and job creation, increasing call on resources for debt service, and the need to scale-up social safety nets due to the COVID-19 pandemic and lower economic activity.
“I am convinced that using this programme as a blueprint, we will be able to overcome the economic headwinds and challenges that have been compounded by the COVID-19 pandemic.
To this effect, my government, with support from all stakeholders such as all private sector players, our farmers, and the ordinary man and woman throughout Zambia, intends to effectively implement the programme to spur economic growth that will have a significant impact on poverty and the livelihoods of our people,” Lungu said.
He was optimistic that effective implementation of the programme will result in other key social and economic development outcomes such as improved standard of living and increased employment levels.
If well and fully implemented, the programme will bring about inclusive development, without leaving anyone behind, in line with the principles of the seventh national development plan, Lungu stated.
He said to realise the development outcomes, there is need for dedication, innovation, endurance and resilience by the people.
“This is an auspicious occasion that should bring hope to our people. This occasion signifies our commitment to reinvigorate the economy. The world today is at the crossroads as nations and the international community continue to brainstorm the solutions to both the health and economic challenges afflicting mankind arising from the Covid-19 pandemic,” said President Lungu.
The plan is aimed at bolstering economic growth while reducing poverty and inequality amongst the Zambian population. It is intended to address various macroeconomic challenges in the country with a view of improving the welfare of the Zambians without leaving anyone behind. (PANA)