Zambian President, Edgar Lungu, has assured the Zambian people that his government is taking measures to ease power shortages. He further declared that Zambia will be a net exporter of electricity within 12 to 13 months.
Zambia’s economy is expected to grow by less than 5% in 2015 owing to a power crunch that has hit output from mining companies, already grappling with a slide in global copper prices.
“Let me assure the nation that my government has rapidly moved to address this problem,” Lungu said when opening parliament.
Lungu explained that the government would invest in the energy sector and attract private entrepreneurs to address shortages. He said investment in energy and infrastructure that supported growth would benefit Zambia and the country did not risk falling into a debt trap.
Lungu said: “Our debt is around 40% of gross domestic product. The nation has borrowed mainly to finance roads, energy and infrastructure as a long-term investment that will spur economic development.”
Lungu also split the ministry of finance, moving national planning to a new ministry of Development Planning.