CURRENT monetary policy measures put in place should be supported by all concerned stakeholders to support the stability and enhancement of the economy, says Vice President Inonge Wina.
Ms Wina said Government had no doubt that monetary policy measures put in place by the Bank of Zambia had continued to support the enhancement and stability of the Zambian economy.
She was speaking in a speech read for her by deputy minister in her office Lawrence Sichalwe at the dinner forum organised by the Economic Association of Zambia (EAZ) and the International Growth Centre (IGC) under the theme “Challenges of monetary policy implementation in Zambia”.
“There is no doubt that through the central bank, our monetary policy measures put in place have supported and continues to support price stability,” she said.
Ms Wina said the measures which needed concerted efforts and support from all stakeholders had reduced the volatility of the Kwacha on the exchange rate and improved the economic outlook.
She said the development in the financial sector which had caused a sharp depreciation of the kwacha and raised concerns among the public needed stakeholders support.
She said Government acknowledged the challenges the monetary policy that Zambia was facing and was doing everything possible to ensure the economy remained stable.
“We are confident that the economy will remain stable and robust even during these economic challenges. We urge all stakeholders to provide solutions on what to do for the economy to remain robust,” she said.
Ms Wina also said Government was committed to making significant progress towards implementing measures to reduce the budget deficit.
“Government is committed to making significant progress towards sound public finances through the implementation of physically consolidated measures to reduce the budget defficit while implementing measures that sustain the country’s resilience to current global shocks that have negatively impacted our country.
“One of the greatest economic concerns that has rocked the nation, the last one year faced with a more challenging external environment two years ago, the Zambian economy has over the last one year underperformed with our gross domestic product growth targets falling short of our expectations,” she said.
Meanwhile, EAZ president Dr Chrispin Mphuka said time was now for Government to consider implementing fiscal consolidation it had earlier planned.
Dr Mphuka said there was need for the fiscal policy to be in line with the monetary policy.
“This is the time for Government to implement the fiscal consolidation they have been talking about while showing commitment to economic indicators,” he said.
He said EAZ was committed to fostering economic dialogue while strengthening economic activities.
And IGC country manager Dennis Chirwa challenged academicians to rise to the top and provide solutions to the current economic challenges.
Mr Chirwa said IGC was committed to supporting economic challenges that would enhance stability.