Zambia Launches 2024 Public Finance Review Report with Focus on Economic Growth and Fiscal Governance
The Minister of Finance and National Planning, Dr. Situmbeko Musokotwane, MP, has launched the 2024 World Bank Zambia Public Finance Review Report to enhance Zambia’s fiscal governance and economic development. The report provides an in-depth assessment of Zambia’s public expenditure policies, aimed at supporting socio-economic advancement through impactful public investments.
Speaking at the event, Dr. Musokotwane commended the World Bank for its continuous support to Zambia’s development agenda, especially in boosting public finances and fiscal governance. “The World Bank has played a significant role in strengthening fiscal governance, and I extend the government’s gratitude for this contribution,” he said.
The launch of the Public Finance Review comes just days before the presentation of the 2025 National Budget, which will prioritize stabilizing energy production, restoring growth, creating jobs, and protecting vulnerable populations.
Dr. Musokotwane noted the timeliness of the report, which highlights successes and challenges in Zambia’s fiscal landscape, including improvements in revenue forecasting, governance practices, and public investment management. However, the report also emphasized the need for increased revenue streams, such as VAT reforms, and attracting more private capital.
The report points out the importance of mobilizing private sector investment to complement government financing in delivering Zambia’s ambitious development goals. “The government desires to fund the majority of capital investments through private capital, reducing the fiscal risks associated with large-scale projects,” the Minister remarked, stressing the need for public-private partnerships, green bonds, carbon trading, and diaspora funds.
Dr. Musokotwane emphasized that the findings of the report will assist the government in better prioritizing public projects across various sectors, ensuring optimal costs and fostering broad-based growth.
He concluded by reaffirming the government’s commitment to strengthening its partnership with the World Bank to implement the recommendations of the report and promote inclusive economic growth.
The World Bank Country Manager for Zambia, Dr. Achim Fock, also attended the launch, alongside senior government officials and stakeholders from various sectors.
