Zambia is set for this year’s International Monetary Fund (IMF) and World Bank Annual October Meetings, which start today 9th to 15th October, in Washington D.C.
Ministry of Finance Permanent Secretary Mr. Mukuli Chikuba says the World Bank has set aside US$150 million as agriculture sector budget support to Zambia to be provided over a period of three years. The IMF has also pledged US$ 1.3 billion balance of payment support to Zambia. Mr. Chikuba says Government has requested the World Bank to front-load the funding of the budget support in order to address immediate challenges the country is facing.
He this said when he arrived in Washington on Sunday night ahead of the meetings. Finance Minister Felix Mutati is also expected to attend high-level meetings. A number of high-level meetings are lined up, with key stakeholders such as World Bank Vice President for The African Region, Makhtar Diop who recently visited Zambia. Other engagements will be with the IMF on Zambia’s economic programme. There will also be sideline meetings with the Commonwealth Finance ministers and Macro Economic and Financial Management Institute for Eastern and Southern Africa based in Zimbabwe.
The Permanent Secretary said the annual meeting will seek to assess the international economy, progress on development issues such as poverty reductions among member countries, adding that following the recent launch of the Seventh National Development Plan by His Excellency President Edgar Lungu, Zambia, is well positioned to chart the economic recovery programme for the country.
He noted that Government has a new country partnership with the World Bank and will seek to have discussions on areas of cooperation especially in the agriculture sector where funding is next year anticipated.
Mr. Chikuba said government is also expected to hold discussions with the World Bank regarding the energy sector to find ways of addressing the country’s power deficit. This follows the World Bank’s support to the Batoka Gorge Hydro Power project which Zambia is developing with Zimbabwe. The Hydro-Electric Power Scheme which is estimated to cost US$ 6 Billion is expected to produce 2,400 Mega Watts of electricity for Zambia and Zimbabwe.
The Annual Meetings of the Boards of Governors of the World Bank Group (WBG) and the International Monetary Fund (IMF) bring together central bankers, ministers of finance and development, parliamentarians, private sector executives, representatives from civil society organizations and academicians to discuss issues of global concern, including the world economic outlook, poverty eradication, economic development, and aid effectiveness. Also featured are seminars, regional briefings, press conferences, and many other events focused on the global economy, international development, and the world’s financial system.
Mr. Chikuba said Zambia’s economy is performing well and as such meetings with the investor community in the USA to explain how they can support the country development process are expected to take place during the week.
The Permanent Secretary said it’s important for the country to start engaging the investor community in order to find instruments to refinance the euro-bonds as the first one matures in 2022.
This is contained in a statement released to the media by Cosmas Chileshe, the First Secretary for Press and Public Relations at Embassy of the Republic of Zambia in Washington DC
They had to release him from detention knowing that this meeting was coming up. Bana ziba