INTERNATIONAL – Zambia has cut its 2019 economic growth forecast to around 2 percent from an initial projection of 4 percent, President Edgar Lungu said on Friday.
Lungu said in a state of the nation address in parliament that adverse weather conditions will negatively affect growth this year.
“It is being revised downwards to about 2 percent on account of adverse weather conditions which have affected the energy and agricultural sectors,” Lungu said.
Lungu said Africa’s second-largest copper producer would strive to dismantle domestic arrears and maintain debt within sustainable levels.
Zambia’s external debt rose to $10.05 billion at the end of 2018, compared with $8.74 billion a year earlier, raising fears that the southern African country is headed for a debt crisis.