LUSAKA, Aug. 26 (Xinhua) -- The Zambian government said on Monday that it was making progress in the implementation of fiscal consolidation measures.
Minister of Finance Bwalya Ng'andu said the government will remain steadfast in implementing austerity measures, effectively manage debt and that the economic stabilization program remains on course in line with the country's stabilization and growth aspirations.
In a release, the Zambian minister said he was committed to returning the economy to fiscal health and achieve sustained fiscal consolidation but called on players in the economic sector to pull in one direction.
According to him, among the measures taken to register progress in the implementation of austerity measures was the stoppage of commercial loan contraction, re-scoping of existing non-critical projects by redesigning them in order to trim their estimated costs and ongoing compilation of data on projects that will be stopped or postponed.
Last week, the country's central bank said lack of effective implementation of austerity measures was negatively affecting the economy as evidenced by the continued pressure on economic fundamentals.