SUNDAY CHANDA SAYS ZAMBIA’S RESERVES COULD REACH US$10.2 BILLION BY 2031 UNDER DISCIPLINED LEADERSHIP
SUNDAY CHANDA SAYS ZAMBIA’S RESERVES COULD REACH US$10.2 BILLION BY 2031 UNDER DISCIPLINED LEADERSHIP
KANCHIBIYA – UPND parliamentary candidate for Kanchibiya, Sunday Chanda, says Zambia’s gross international reserves are projected to reach US$10.2 billion by 2031, provided the country maintains disciplined economic management, policy consistency and growth-oriented leadership
In a statement, Mr. Chanda cited the International Monetary Fund’s (IMF) Sixth Review Under the Extended Credit Facility Arrangement, Staff Report (Volume 2026, Issue 021), which projects that Zambia’s reserves will reach the equivalent of 5.0 months of import cover by 2031, well above the internationally accepted adequacy benchmark of three months.
He said achieving this milestone would strengthen the stability of the Kwacha, boost investor confidence and provide the Bank of Zambia with greater capacity to cushion the economy against external shocks such as fluctuations in commodity prices and tightening global financial conditions.
Mr. Chanda, however, cautioned that the projected growth in reserves is not automatic, stressing that Zambia would require steady, growth-focused leadership and prudent macroeconomic policies to realise the IMF’s outlook.
He said policy consistency remains critical, noting that investors and international financial institutions value predictability and that avoiding frequent policy reversals would help strengthen Zambia’s credibility with the IMF, the World Bank and private financiers.
The UPND candidate also emphasised the importance of maintaining fiscal discipline, particularly during election periods. He noted that the IMF had identified election-related spending pressures and subsidy overruns as potential risks in 2026, making adherence to approved budgets essential for sustaining economic gains.
Mr. Chanda further called for a strong pro-investment approach in the mining sector, saying the reserve projections are based on Zambia increasing copper production to three million tonnes by 2031. He said this would require stable mining tax and royalty policies, efficient project approvals and continued investment in the industry.
He added that strengthening anti-corruption measures and promoting transparency would also be vital, noting that Zambia has already completed debt restructuring agreements covering about 94 percent of its creditors, a development he said has helped restore confidence among international partners.
According to Mr. Chanda, the Bank of Zambia will also need to continue accumulating foreign exchange reserves when market conditions permit, while the country simultaneously expands exports, strengthens energy security, promotes local manufacturing and manages imports to reduce pressure on foreign exchange.
Mr. Chanda said the country’s long-term economic success ultimately depends on the quality of leadership, urging Zambians to make what he described as an informed decision in the 13 August 2026 General Election, as the outcome would have a significant bearing on Zambia’s future economic growth and stability.
© Palm TV
