Finance minister Kenneth Matambo said the plans would help the country mitigate both internal and external looming threats, such as domestic fiscal collapse and global economic recession.

He said: “Inability to save for tough economic times is a window for various problems such as reduced availability of fiscal buffers needed to stimulate the economy in rough times.

“This also reduces the average portion of public finances available for long-term investments in infrastructure, health or education in turn disrupting countries’ long-term development outlook.”

The six-year strategy has eight key priorities.

These are public financial management reforms, re-engineering and automating systems and processes and improving the process by which the ministry gets statistics.

It also includes implementing measures to improve the revenue base, improve project management and enhancing the transitioning to new fiscal rules.

These are put under three main “strategic themes” – excellence, macroeconomics and financial management and strategic partnerships.

Matambo said: “These are expected to steer the focus towards out vision of becoming leaders and a model of excellence in financial and economic management for the prosperity of this country.”