AUSTERITY measures announced by President Edgar Lungu must be actualized by various stakeholders if the country’s economy is to grow, says a financial expert Joel Lungu.
He said those implementing the measures must ensure that they were put into practice to restore the country’s economic growth. Mr Lungu said it was not too late to revive the economy and that Zambians were ready to get back on track provided all stakeholders supported and implemented the belt-tightening measures.
He said the current economic situation was of great concern to every Zambian as the downturn affected every household.
Mr Lungu called for consistency and adherence to set socio-economic targets in the nation’s 2016 budget to prevent major disruptions in the economy and any subsequent adverse effects in the economy.
“The country is still overwhelmed by an increase in the prices of essential commodities due to the current economic challenges, and to make matters worse the power deficit that has characterized the nation has contributed to production being reduced,” he said.
Mr Lungu said it was vital that long term measures were put in place to avert such economic challenges in future, adding that it was vital that the people of Zambia also worked together to benefit from the available resources. He said the Head of State had shown the way in transforming the country’s economy by putting in place austerity measures that should be supported by every well meaningful Zambian.
Mr Lungu said the country must move away from mining as the mainstay of the economy and promote other sectors if the country to continue to progress.
He cited agriculture as a catalyst for economic growth and development, looking at the innovative skills that were introduced to grow the sector.
President Lungu last week announced a package of belt-tightening measures to cut Government expenditure in light of the severe economic challenges facing the country.