Zambia's Finance Minister Bwalya Ng'andu. Photo: Bloomberg.
INTERNATIONAL - Zambia's Finance Minister Bwalya Ng'andu unveiled the 2020 national budget which he said will focus on stimulating the domestic economy.

The 106.0 billion Zambian Kwacha (about $8.15 billion) budget, which represents about 32.4 percent of Gross Domestic Product (GDP), will have 72 billion Kwacha coming from domestic revenues while the balance will be raised through domestic and external financing.

Speaking when he unveiled the budget in parliament, the finance minister said it will focus on stimulating the domestic economy by reducing the budget deficit, rationalizing debt contraction and dismantling of domestic arrears while protecting social sector allocations.

"The budget further seeks to consolidate the austerity measures that government has been implementing by directing resources and efforts towards stimulating the domestic economy," he said.

The key goals of the budget includes achieving real GDP growth of at least 3 percent, achieving and maintaining inflation within the target range of 6 to 8 percent, increasing international reserves to at least 2.5 months import cover and reducing fiscal deficit to 5.5 percent of GDP.

XINHUA