Zambian president promises to cut deficit, review mining policies

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Rebuilding the economy is the main focus after Zambia became the first country in Africa to default on its sovereign debt during the pandemic

Lusaka - Zambian President Hakainde Hichilema said on Friday his new government would implement policies to reduce the fiscal deficit, restore economic growth and review mining policies.

“Rebuilding our economy is top on our agenda. We will implement policies to address the fiscal deficit while ensuring that confidence is restored in the markets,” Hichilema said. Zambia also owes mining companies more than $1.5bn in value-added tax refunds, an issue that soured relations between the government and the mining sector.

 

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