ZAMBIA WILL RISE FROM THE ASHES & BECOME A TRUSTED INVESTMENT PARTNER AGAIN
Finance and National Planning Minister Dr. Situmbeko Musokotwane, MP, says Zambia is on course in her quest to resolve the crippling debt crisis so as to create conditions required for enhanced local and foreign investments, faster economic growth, jobs for the youths, and the needed sustained wealth creation to enhance the country’s capacity to repay creditors.
Dr. Musokotwane has re-affirmed the common framework for debt treatment as the most practical solution available under the country’s circumstances in resolving the crisis and facilitate conditions required for enhanced local and foreign investments, faster economic growth, jobs for the youths, and the needed sustained wealth creation to enhance the country’s capacity to repay creditors.
“For us, it is important that we pay what we owe,” said the Minister who was speaking at an investor seminar dubbed, ‘Zambia: delivering medium-term fiscal and debt sustainability.’
The seminar was organised by JP Morgan (a global leader in financial services offering solutions to the world's most important corporations, governments and institutions) on the sidelines of the ongoing ANNUAL MEETINGS OF THE INTERNATIONAL MONETARY FUND AND THE WORLD BANK GROUP, in Washington DC, United States of America.
The Minister told the gathering, whose count was over a hundred (100) persons, that having acquired assurances from official creditors, a follow-up meeting will soon be convened to explore the signing of a memorandum of understanding on debt restructuring - which anticipated outcome he described as an opportunity for Zambia “to rise from the ashes” and become a trusted global investment partner, again.
Dr. Musokotwane says the support from the World Bank targeted at Zambia’s agriculture development initiatives creates an enabling environment for local and foreign investors to venture into export agriculture and make the country part of the solution to world hunger.
During the question and answer session, the Minister took the opportunity to explain that the mine tax related proposals in the 2023 National Budget Speech aim at aligning the country’s mine-tax regime to the global standard - especially mine tax regimes of other competing jurisdictions, adding that, the measures will encourage mine-exploration activities, growth of the industry and value addition.
Among the meetings that the Minister’s delegation will attend on Thursday, 13th October, 2022, at the ongoing annual meetings of the IMF and World Bank Group, are the following:
1) IMF Monetary and Capital Markets Department bilateral meeting;
2) Multilateral Investment Guarantee Agency (World Bank) bilateral meeting;
3) Seminar on Enhancing Domestic Resource Mobilisation Through Meaningful Citizen Participation Under The African Continental Free Trade Area (AfCTA) And Equitable Resource Allocation;
4) The Introductory Session of the International Monetary and Finance Committee (IMFC) – the highest organ of the IMF;
5) US Department of Treasury bilateral meeting; and,
6) World Bank Africa Group 1 Constituency Meeting.
The Annual Meetings of the International Monetary Fund and the World Bank Group bring together Ministers of Finance, Central Bank Governors, Investors, and several other stakeholders to a common space to discuss and agree on solutions to the challenges facing the global economy such as low commodity prices, unstable macro-economic environment’s, low investments, and debt.
Dr MUSOKOTWANE is accompanied to the meetings by Secretary to the Treasury FELIX NKULUKUSA, Permanent Secretary (Budget & Economic Affairs) MUKULI CHIKUBA, Bank of Zambia Governor Dr DENNY KALYALYA and the Bank of Zambia Deputy Governor, Dr FRANCIS CHIPIMO.