November 8, 2018 / 12:27 PM / 11 days ago

Zambia sees fiscal deficit at 7 percent in 2018: finance minister

LUSAKA (Reuters) - Zambian Finance Minister Margaret Mwanakatwe expects the country’s fiscal deficit to be around 7 percent of gross domestic product in 2018, she said on Thursday.

Mwanakatwe also told a news briefing that Zambia’s external debt at the close of third quarter was $9.51 billion from $9.37 billion at end of second quarter of 2018.

The International Monetary Fund (IMF) has raised concerns over high borrowing by Africa’s second largest copper producer. Mwanakatwe said Zambia was committed to implementation of austerity measures to limit debt risk distress.

Reporting by Chris Mfula; Editing by James Macharia

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