FINANCE MINISTER: Matambo

Minister of Finance and Economic Development, Kenneth Matambo, says efforts by government to diversify domestic economic is showing positive signs.

Delivering the Budget Speech for the 2019/2020 financial year this week,  Matambo said this is evidenced by the decline in the share of mining sector in the value addition, with a corresponding increase in the contribution of the non-mining sectors.

“Mining sector’s share to the GDP declined from 25 percent in 2008 to 18 percent in 2018, while the contribution of non-mining sectors increased¬† from 75 percent to 82 percent over the same period,” noted the minister.

According to Matambo, this is in line with government efforts to reduce the dependence of the economy on the mining sector, which is susceptible to external shocks.

He stressed the need to intensify efforts to diversify the country’s exports and government revenue sources.

“Diamond exports continue to dominate the trade account, while minerals and customs revenue account for over two-thirds of government revenues”.

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