Export ProceedsTracking Framework Facing Challanges at Kasumbalesa – ZAM
Zambia Association of Manufacturers (ZAM) has observed that the recently implemented Export Proceeds Tracking Framework has faced challenges at Kasumbalesa, the country’s busiest border.
Association President Ashu Sagar, recently said the level of informality at this border creates serious complications in adherence to this policy, by Zambian exporters to the Democratic Republic of Congo (DRC).
He noted that the framework which was implemented by Bank of Zambia in January this year, is intended to limit the externalization of revenue to ensure stabilization in the value of the Kwacha.
Recently, Bank of Zambia revealed that as at September 27, 2024, about US$7.9 billion had been recorded through the Export Proceeds Tracking Framework.
The Export Proceeds Tracking Framework was implemented on 1st January, 2024, to strengthen foreign exchange management, combat money laundering and enhance the compilation of balance of payments statistics by expanding the coverage of external sector statistics.
Meanwhile, Mr. Sagar urged government to continue encouraging investments in the mining sector, with a call for increased value addition.
He also stressed the need for government to continue adherence to International Monetary Fund (IMF) program parameters in the final year of the Extended Credit Facility.
