ISRAEL-GAZA CRISIS LIKELY TO NEGATIVELY IMPACT ZAMBIA’S ABILITY TO FINANCE 2024 BUDGET
University of Zambia Political Science Lecturer Evans Daka says similar to the Russian-Ukraine conflict, the Israel-Gaza crisis has the potential to negatively impact Zambia’s ability to finance its 2024 national budget.
Government has proposed a budget of almost K177.9 billion for 2024, with K141 billion to be raised through domestic resources and K3.4 billion from grants.
Mr. Daka tells Phoenix News that geopolitical conflicts significantly affect developing countries like Zambia and could complicate efforts to contain inflation, especially when the output is struggling.
He is concerned that without alternative plans, Zambia might face adverse effects in implementing the budget as cooperating partners could redirect their finances to manage the crises in the Middle East and Ukraine.
Citing the International Monetary Fund –IMF-, he notes that the pace of global economic recovery is slowing, issuing a warning in the midst of a new war in the middle east that threatens to further strain a world economy already grappling with multiple concurrent crises.
PHOENIX NEWS