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Africa, News

Zambia aiming to reduce deficit to 9.3% in 2020 – finmin

LUSAKA, Sept 25 (Reuters) – Zambia is aiming to reduce its fiscal deficit to 9.3% of gross domestic product in 2021 from the 11.7% projected in 2020, Finance Minister Bwalya Ng’andu said in a budget speech delivered on Friday. “Due to the fall in revenues and grants and the increase in spending, the fiscal deficit, on a cash basis, is expected to rise to 11.7% of GDP by the end of 2020 against the target of 5.5%,” Ng’andu said in parliament. (Reporting by Chris Mfula; Editing by Emma Rumney)

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