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The World Bank downgrades Zambia

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Zambia has been downgraded by the World Bank from lower middle income to low income for the fiscal year 2023. This is due to the worsening forecasts of the gross national income per capita that were noted in 2021. SITUMBEKO MUSOKOTWANE, Minister of Finance and National Planning, claims that the government is making efforts to…

Zambia has been downgraded by the World Bank from lower middle income to low income for the fiscal year 2023.

This is due to the worsening forecasts of the gross national income per capita that were noted in 2021.
SITUMBEKO MUSOKOTWANE, Minister of Finance and National Planning, claims that the government is making efforts to change the situation.
The country will quickly return to lower middle-income status at the next assessment or in the medium term, according to Dr. MUSOKOTWANE, who claims that the government has started down a path of economic repair, stabilization, and reform.

He claims that since taking office in August 2021, the New Dawn Government has worked to stabilize the economy and dedicated to realizing the Vision of the Zambian people.
According to Dr. MUSOKOTWANE, the Government has so far been successful in lowering inflation, stabilizing the currency rate, and keeping its domestic borrowing under control.

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