The World Bank has re-classified Zambia to low income status from lower middle income, for the 2023 financial year.
This is because of the deterioration of Gross National Income per capita estimates recorded in 2021.
But Finance and National Planning Minister SITUMBEKO MUSOKOTWANE says the Government is working to reverse the situation.
Dr. MUSOKOTWANE says Government has embarked on an economic repair, stabilisation and transformation path that will ensure the country swiftly regains lower middle-income status at the next assessment or in the medium term.
He says the New Dawn Government upon assuming office in August, 2021, committed to actualising the Vision of the Zambian people and has focused on stabilizing the economy.
Dr. MUSOKOTWANE said so far, the Government has managed to bring down the inflation rate, stabilised the exchange rate and controlled its domestic borrowing.
This is contained in a statement issued to ZNBC News by the Ministry of Finance and National Planning.