Africa AfricaAsia  Report

Finance Minister dismissed in Zambia

Margaret Mwanakatwe, Finance Minister

Margaret Mwanakatwe is no longer part of the Zambian government.

Zambian President Edgar Lungu abruptly fired his finance minister on Sunday.

She’s been replaced by Bwalya Ng’andu, former deputy chief of the Zambian central bank.

The Zambian presidency announced its decision in a statement issued on Sunday, but did not give reasons for the dismissal.

Mwanakatwe had been Finance minister for just over a year.

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.

The new finance boss took office on Monday.

 

Africanews

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Adewale Adenrele Muhideen

Journalist ,PR, Researcher, Investigative , Culture and Tourism promoter, Business Development Consultant.

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