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Zambia's revenue collection to fall by 15 pct: official

Xinhua, December 8, 2016 Adjust font size:

Zambia's revenue collection will decline by 15 percent by the end of this year for the first time in five years, state media reported Thursday.

Minister of Finance Felix Mutati attributed the revenue collection drop to factors such as a slowdown in mining activities and power shortages.

"We will not be able to meet our revenue target. Our revenue collection will decline by 15 percent for the first time in five years due to a slowdown in mining activities such as a decline in copper prices and also power shortages which impacted negatively on the economy," he is quoted as saying by the Times of Zambia.

The Zambian minister was speaking during the launch of an economic brief entitled "Raising Revenue for Economic Recovery" on the country by the World Bank.

According to the economic brief, Zambia needs higher domestic revenue collection if current levels of government expenditure are to be maintained in a sustainable manner.

The World Bank has since urged the government to find ways of improving revenue collection so that economic growth would be expedited. Endit