By Michael Kaluba
Stanbic Zambia Limited has predicted that private investment in Zambia will rise in 2022 against a backdrop of improving economic conditions and a more business-friendly environment while foreign direct investments are likely to rebound in the coming quarters.
Stanbic Bank Head of Global Markets Victor Chileshe also predicts that Zambia’s tourism sector stands to benefit from a global accumulation of savings during the Covid era that will potentially result in an influx of tourists as conditions become more favorable amidst the pandemic.
Speaking during Stanbic Bank`s engagement with its clients and the business community last night at Garden Court Hotel in Kitwe, Mr. Chileshe explained that Zambia still needs to borrow to sustain the economy but that with the poor
He says numerous challenges are ahead for Zambia despite the positive economic outlook against the backdrop of the country owing over $13 billion in external debt, $7.4 billion locally, around $4.3 billion in arrears and around 130 percent debt to GDP ratio while only posting around $2.8 billion in reserves as at 31 December 2022.
And Stanbic Bank Zambia Limited Chief Executive Officer Mwindwa Siakalima says with notable transparency from government on the statistics and the IMF discussion, the bank remains committed to its clients to provide latest insights on the economy and research work such as the Stanbic purchasing managers index.