12/24/2023 0 Comments Debt quencher windowsThe stability of the currency is on account of improved supply of foreign exchange, better outlook for copper prices and positive market sentiment. The Kwacha appreciated against the US dollar to an average of K9.34 in May 2017 from K9.92 in December 2016. Speaker, the exchange rate of the Kwacha against major currencies has remained stable, with a bias towards an appreciation. EXCHANGE RATE AND EXTERNAL SECTOR DEVELOPMENTS Inflation is projected to remain in single digits in 2017. This was supported by the continued stability of the exchange rate, lower food prices in view of a good harvest and improved market confidence in the country’s policy direction. Sir, inflation that closed the end of 2016 at 7.5% reduced further to 6.5% in May 2017. Other sectors that are supporting growth are construction, wholesale and trade and tourism sectors. This is as a result of increased agricultural output, recovering generation for electricity and higher mining output supported by better prices and power supply. Speaker, Growth in 2017 is projected to rise to 4.3% against an initial forecast of 3.4%. Sir, economic performance has rebound with inflation down to single digits, the exchange rate remaining largely stable while GDP growth has started recovering. The first part of my briefing will provide an update on the state of the economy while the second will provide a brief on the IMF engagement. Speaker, I thank you most sincerely for according me this opportunity to brief the House and the nation, on the state of the economy and Government’s engagement with the International Monetary Fund (IMF). “When the agreed required actions are implemented in the next few weeks, the Programme could be presented to the Board in August 2017,” – MUTATI. Felix Mutati gestures in Parliament MINISTERIAL STATEMENT ON THE STATE OF THE ECONOMY AND GOVERNMENT’S ENGAGEMENT WITH THE IMF BY HONOURABLE FELIX MUTATI, MP – MINISTER OF FINANCE
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