Margaret Mwanakatwe
LUSAKA, July 16 (NNN-AGENCIES) — Zambia’s President Edgar Lungu has fired the country’s finance minister and replaced her with the deputy governor of the central bank, Bwalya Ng’andu.
No reasons for the dismissal of Margaret Mwanakatwe were given in the announcement that was made on Sunday evening.
Lungu simply thanked Mwanakatwe for her services and wished her well in her future endeavours.
Mwanakatwe had been Finance minister for just over a year.
The new finance boss took office on Monday.
Recently, Zambia has been grappling with increasing debt levels.
The country’s foreign debt has more than doubled since 2014, and servicing costs are forecast to rise by 90% this year.
Credit-ratings agency Moody’s, last month cut its rating of Zambia’s debt further into junk territory, citing a rising probability of default.
The 9% across-the-board tax on sales of goods and services, which was originally due to be introduced in April, would help rein in the external debt of Africa’s second largest copper producer, which hit $10.05 billion at the end of 2018, and a fiscal deficit running at 7.5% of gross domestic product.
The International Monetary Fund has repeatedly warned that Zambia’s high debt and shrinking foreign exchange reserves leave its economy vulnerable. — NNN-AGENCIES
