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Statement on further measures aimed at mitigating the impact of the Covid19 on the Zambian economy

đź“• 3 min. read by Minister of Finance on Sun, Apr 5, 2020
The impact of covid-19 on the Zambian economy.
The impact of covid-19 on the Zambian economy.

1.0 PREAMBLE

  1. Good Morning Ladies and Gentlemen. Let me start by welcoming you all to this morning’s briefing at which we present our assessment of the impact of the Covid19 on economic performance. This is part of the ongoing effort to apprise the country of how we are impacted by this pandemic and it comes as a follow up to a similar briefing which we presented just over two weeks ago. At the same time the briefing presents a number of measures to assist in mitigating the negative impact of this pandemic. Some of these measures also have the potential to help businesses transition through this very difficult period that will be necessary for them to continue as viable businesses in the post Covid-19 era.

  2. The Covid -19 pandemic, as we have come to learn, is both a health catastrophe as well as an economic catastrophe. It is however, important to understand that it is first a health challenge and an economic challenge only later. We must therefore, pay serious attention to all the measures that are intended to protect and preserve human life. As and when we pull through this episode of our lives, we will come together to rebuild our economy and restore our capacity to generate wealth. What we will not be able to do is to restore lives that we lose to this scourge and the human skills that will disappear with this loss. The speed with which we are able to revitalise our economy after the Covid-19 will partly depend on how well we preserve our human capital during this period.

  3. Let us not lose sight of the fact that the health situation continues to be grave around the world. The latest update from the World Health Organization indicates that over 2.4 million confirmed cases have been recorded around the world from 470,000 at the time I issued my last statement. The number of deaths due to the virus are now estimated at more than 165,000 from 20,000 deaths three weeks ago. These statistics, Ladies and Gentlemen, not only speak to the severity of this pandemic but suggest that the fight against the pandemic could be a protracted one with severe consequences on the global economy.

  4. Coming to Zambia we are witnessing disturbing developments as the virus has increased in terms of the number of people confirmed as positive and also in terms of its geographic spread. As at 19th April 2020, we had 61 confirmed cases, 33 recoveries and sadly, 3 deaths due to Covid-19. Unlike the situation at the time of my first briefing, the virus is no longer confined to Lusaka, but has spread to other parts including Kafue and Kabwe.

  5. These developments call for a stern and deep reflection on the seriousness of the situation that we are faced with. At this moment the least we can do is to follow the guidelines stressed by His Excellency, the President when he recently extended the period of the current measures that all citizens should abide by the following:

    • Wear face masks at all times, particularly, in public places such as markets, buses, bus-stops and shopping malls;

    • Practice high levels of personal hygiene especially washing or sanitising hands frequently;

    • Cover mouths with a flexed elbow when coughing;

    • Use tissue when sneezing and carefully dispose it off in a bin;

    • Avoid touching faces and no shaking of hands;

    • Observe social distancing every time and everywhere while limiting movements. Above all, His Excellency emphasised the need to stay home in order to stay safe.

Download the full statement here