The Zambian economy started the year on the back foot, clipped by elevated drought-related import needs, a weak kwacha exchange rate, and escalating inflation. Yet, a precipitation-induced economic recovery is possible. Despite a delayed start to the rainy season, water levels are rising, strengthening prospects for improved hydropower generation, a favourable agricultural season, and a reversal of drought-related cost adjustments. In January, the energy regulator opted to extend the emergency power tariff by another three months, citing the high cost of power imports. However, a strong rainy season – which extends to the end of April – increases the odds that the emergency power tariff will be scrapped by June.
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