INTERNTAIONAL – Zambia’s new finance minister on Tuesday said there was need by the government to narrow the gap between commitments made in the implementation of austerity measures and the actions taken.
Bwalya Ng’andu, who was appointed new finance minister Sunday night following the firing of Margaret Mwanakatwe, said the government needed to restore fiscal fitness by taking a more granular approach in identifying specific actions that needed to be taken to achieve sustained economic stabilization and growth.
"The current challenge is that we have agreed on measures over the last few years but we need to step-up on our action," the former deputy central bank governor said when he addressed his first meeting of senior management officials in the ministry, according to a release.
He challenged officials in the finance ministry to take a more professional approach to finance and economic management and to be critical in tackling challenges facing the economy.
He outlined three areas namely effective expenditure control, debt management and enhanced domestic resource mobilization as critical factors for the success of the economy.