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Zambia braces for tougher austerity [Business Africa]

Adverse weather conditions have affected crop production and stifled power generation in Zambia. Thus, President Edgar Lungu has cut the country’s 2019 economic growth forecast.

The Southern African nation is also struggling with high debt levels. Foreign currency reserves are down and the International Monetary Fund says growth is likely to remain subdued over the medium term. The Breton Wood institution sees a 2 percent growth this year, from an initial projection of 4 percent.

In an addres…

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