A Critical Review of Economic Policy Responses to the Covid-19 Pandemic: The Case of Zambia
Journal Title: Journal of Economics, Finance and Management Studies - Year 2022, Vol 5, Issue 06
Abstract
The aim of this paper is to systematically review the economic interventions, measures, and policies that Zambia has implemented in the last four (4) years as a response to COVID 19. The methodology used involved drawing together secondary literature and evidence from a number of sources such as the World Bank (WB), UNCTAD, COMESA, International Monetary Fund, Ministry of Finance, Bank of Zambia (BOZ), and various African countries’ trade and national statistics publications. Findings revealed that organizations in Zambia implemented the global and national health Covid-19 guidelines that were provided by institutions such as the World Health Organisation (WHO) and the Government of the Republic of Zambia through the Ministry of Health. The focus of this study was to assess the economic interventions and policy measures put in place as a response to COVID-19. Some of the social implications observed in the study included increased social cash transfers and stimulus packages that resulted in decreased chances of poverty. The Economic interventions included monetary policy rates favourable for the economy and tax reliefs. Fiscal and monetary interventions included the issuance of the COVID-19 bond, and the promotion of local agricultural produce to meet demand and trade restrictions. It is clear from the study that the economic interventions that Zambia undertook stemmed from a social, fiscal, monetary, and economic perspective and had effects in each of these areas. The aim of all the interventions was to stabilize the economy and ensure that the welfare of the population did not deteriorate. The study recommends that further work be done analyzing the impacts of these interventions with more data and that the Government continues on its path of protecting the economy from external shocks such as COVID-19.
Authors and Affiliations
Austin Mwange, Ph. D, Zena Bulaya, Maria Chisanga, Victor Mulenga, Kakompe Siloka, Chilambwe Aubrey, Jane Mwaba Chishimba, Hildah Nachizo Namunyola, Windu Matoka,Ph. D
Keywords
Related Articles
- EP ID EP707300
- DOI 10.47191/jefms/v5-i6-06
- Views 160
- Downloads 0
The Management Strategy Of Covid-19 Pandemic Files Towards InformationPublic Disclosure In Malang City Government
Disclosure of public information becomes a medium to optimize a public oversight toward the state administration, public agencies, and everything that affects the public interest. Information disclosure is necessary to c...
The Effect of Marketing Mix and Health Consciousness on Purchase Decisions of Sanitary Products
The COVID-19 pandemic has raised public awareness of the link between health and sanitation, which has resulted in a rise in the demand for sanitation supplies like hand sanitizer and hand soap. Consumer behavior towards...
The Influence of Financial Performance and Macroeconomic Factors on the Financial Distress of Textile and Garment Companies Listed on the Stock Exchange: Empirical Studies in Indonesia
This study aims to determine the influence of financial performance factors and macroeconomic factors on financial distress in textile and garment companies in Indonesia. In this study, quantitative methods were used wit...
The Impact of Good Corporate Governance as a Moderation of Company Performance on the Timeliness of Submitting Financial Statements
Timeliness in the submission of financial statements is an important factor in the relevant presentation information. This research is a proof of concept function analytically and experimentally. This study aims to deter...
The Influence of Content Marketing and E-WOM on Customer Satisfaction through Brand Image in Content Creation Companies (Content Booster) in Malang City
The type of research used in this research is quantitative research. In this study the results obtained from the assistance of the SmartPLS Version 4 2023 program show that of the 4 variables tested, the one with higher...