Statement By The Hon. Minister Of Finance On Further Measures Aimed At Mitigating The Impact Of The Coronavirus (Covid-19) On The Zambian Economy

In the case of Zambia, The IMF projects that the economy will grow by a negative 2.6% in 2020 from the earlier projection of 3.6%. The economic adjustments due to COVID-19 will result in a severe drop in revenue. It is estimated that the budgeted revenue will fall short of target by at least K14.8 billion or 19.7 % of the approved 2020 budget. The reduction by tax type, however, will be determined as more information unfolds.