By BUUMBA CHIMBULUZAMBIA’S budget deficit which has widened substantially is expected to gradually narrow as Covid-19 recedes, the World Bank has predicted.Former Finance Minister, Bwalya Ng’andu, last year indicated that Zambia’s fiscal deficit would rise to 11.7 percent of Gross Domestic Product.Dr Ng’andu however mentioned that Government would aim to bring this back down to 9.3 percent this year.Budget deficits which have widened substantially in countries such as Zambia, Chad and Ethiopia are expected to gradually narrow as Covid-19 recedes, the World Bank said in its Global Economic Prospects for June, 2021.From Page 1“A stronger than expected rally in metals and oil prices could boost exports, increase government revenues, and ease fiscal pressures in industrial commodity exporters.“As Covid-19 recedes, budget deficits, which have widened substantially, are expected to gradually narrow (Chad, Ethiopia, Zambia; IMF 2020),” it indicated.According to the World Bank, for many industrial commodity-exporting economies, higher oil and metal prices would boost export revenues.It […]
WORLD BANK PREDICTS IMPROVED BUDGET OUTLAY FOR ZAMBIA
