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
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- EP ID EP707300
- DOI 10.47191/jefms/v5-i6-06
- Views 78
- Downloads 0
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