International Monetary Fund logo is seen inside the headquarters at the end of the IMF/World Bank annual meetings. Picture: Reuters/Yuri Gripas

Johannesburg - More tax regime instability, massive increases, and novel taxes not seen anywhere else in the world, will hurt the mining industry and all those who rely on its success, Zambia Chamber of Mines President Nathan Chishimba said after an emergency meeting of mining companies, the Lusaka Times reported on Thursday. 

“Having met as an industry, we are convinced that attracting investment is the only way to grow our economy, and growing our economy – and the base of taxpayers – is Zambia’s route to a prosperous future,” said Chishimba.

Zambia's Finance Minister Margaret Mwanakatwe said earlier this week she will meet with top International Monetary Fund (IMF) officials next week in Indonesia as Africa's no.2 copper producer tries to address mounting public debt.

Mwanakatwe, who announced mining tax increases in a 2019 budget last week, said she was hopeful that an IMF mission travelling to Zambia in November would come out with a positive outlook on the economy.

African News Agency (ANA) and Reuters