Lusaka ~ Mon, 28 Sept 2020
By ZR Reporter
And Mr Chanda has said 2020 has been a very challenging year due to COVID-19.
Mr Chanda said when he featured on ‘Policy, Money and Power’ radio programme on Money FM that Zambia was poised to be a net exporter of electricity in the region next year.
He attributed the cause of the massive load shedding being experienced currently to droughts and poor rainfall patterns experienced in 2015.
Meanwhile, Mr Chanda said people underplaying the negative impact of COVID-19 and climate change on the economy were not up to date with reality.
He said 2020 had been “very challenging when it comes to economic performance of the country.”
He said the country experienced drastic reduction in revenue collection and pushed expenditure up because most businesses were forced to close and in some instances, depended on government for survival, as a result of COVID-19.
“When you have drastic reductions in revenue collection and you have businesses trying to survive in the wake of Covid-19 and in some instance depending on government for survival the economy suffers. We had some businesses that closed down due to Covid-19 and workers were
laid off or put on half salary, so anyone underplaying the negative impact of Covid-19 on the economy is not up to date with reality,” he said.
“2020 has been a very challenging year for Zambia and the globe at large. Our economy being commodity driven, means whenever we have low copper prices we see a down ward spiral in revenue and we see the Kwacha losing value. That is why PF has said to itself that we diversify the economy and bring other sectors on the table so that we stop depending on copper. Some of the key factors we have seen has been key policy shift.”