World Bank Country Manager Ina Ruthenberg with Finance Minister Magarate Mwanakatwe
World Bank Country Manager Ina Ruthenberg with Finance Minister Magarate Mwanakatwe

Minister of Finance Margaret Mwanakatwe has described as successful the 2018 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group, which were held in Bali, Indonesia.

In a statement to ZANIS in Lusaka today Mrs. Mwanakatwe said during the Bali Annual Meetings, she led a delegation from Zambia in various meetings, sessions and events of both the International Monetary Fund [IMF] and the World Bank Group (WBG).

She said the successful bilateral meetings with development partners, cordial business meetings and the investor forums which they had in Bali are signals that Zambia’s economic reform policies and programmes are of international market standard and will continue to attract quality stakeholder interest, both locally and in the international community.

Mrs. Mwanakatwe said their views resonate with the thoughts of their development partners that debt vulnerabilities over the last few years pose the risk of reversing the benefits of earlier debt relief initiatives.

She said this is why within the current session of Parliament, she will be presenting specific details on the implementation of austerity measures related to debt.

Mrs. Mwanakatwe said the effort is already being complimented by solid policy frameworks, plans for adequate fiscal and external buffers as stated in the 2019 Budget Address, and sustainable and transparent lending practices as espoused in the Medium Term Debt Strategy.

She pointed out that this year, over US$ 800 million has so far been paid in debt service and that they have also not registered any default.

Mrs. Mwanakatwe stressed that otherwise, the investors in their Eurobonds and other financing facilities would have activated cross-default provisions in accordance with international debt market regulations.

And the Minister said her team took the opportunity of being in Bali to address two business forums separately organized by Standard Chartered Bank and Standard Bank for investors from Asia, Mainland Europe, the United Kingdom, and the United States.

Mrs. Mwanakatwe stated that members of her delegation to Bali included her counterpart the Minister of National Development Planning Alexander Chiteme, the Secretary to the Treasury Fredson Yamba, Deputy Secretary to the Cabinet Christopher Mvunga, Bank of Zambia Governor Denny Kalyalya, Ministry of Development Planning Permanent Secretary Chola Chabala, and Ministry of Finance Permanent Secretary for Economic Management and Finance – Mukuli Chikuba.

She said they have since requested the WBG and IMF, based on their respective mandates, to help Zambia in further strengthening the fiscal position by improving debt management capacity, increasing domestic resource mobilization and deepening local capital markets.

Mrs. Mwanakatwe said government stands on firm grounds in implementing the Public Financial Management Act through quarterly reports.

She added that they have also embarked on a progress tracking system that will help to strengthen monitoring and demonstrate that tax-payers money is being used prudently.

“ There is need for a clear picture on the size of the Zambian economy due to its changed structure from 2010 to date, therefore, we have set aside funds in the 2019 budget for rebasing the Gross Domestic Product in order to better measure our economy,” she said.

This is according to a statement availed to ZANIS in Lusaka today.

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21 COMMENTS

  1. VERY CLEAR MESSAGE FROM THE MINISTER.
    NO WAFFLE
    ZAMBIA IS ADDRESSING THE FINANCIAL AND FISCAL CHALLENGES INSPITE OF THE DOOM SAYERS

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    • She is not supposed to be MP, court nullified her seat.
      PF secretariat nullified Kambwili’s parliamentary seat.
      Court system nullified Margaret’s parliamentary seat.
      who is more legitimate?
      But I like Margaret even though she illegally working as minister.

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    • Austerity measures started by increasing salaries for the President, Cabinet and Senior Govt officials?

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    • Let’s roll … I have always said that our GDP has not been measured properly due to huge transfer pricing mechanisms of our commodities and other vices.

      Glad to know Margaret’s team is looking at methodologies that would help rebase our GDP. As I have always advocated, the first place to start is issuing an SI mandating all commodity sales are recorded FOB Lusaka at market rates.

      Great job to you and your capable team; this breed of Africans called Zambians are simply the best!!!

      Let’s run this country the best way we know how … Zambia Is Greater Than Any Single One Of Us!!!

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    • Grovelling?…. Ati “Let’s roll”. The economy is already on a roller coaster!!
      Margarita is too drunk to roll. Surely you can do better than post drivel, don’t sell your soul for a bowl of soup. Zambia is as hopeless as it can get because of “this breed of Africans” it’s time to put your education to good use.

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  2. I like the composition of the delegates. All professionals. That shows you are serious with what you are doing.On this one I give you my credit. Keep it up my sister with Scottish accent.

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  3. Waste of airfares of these empty tins…the real work is at home you can attend as many tea parties and talk shops but its numbers that talk not your lies Maggie!!

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  4. Maggie should have been President Sata’s Finance minister from the beginning. That Nkongole she had held her back for a while kikikiki. She is kilometers Sampa ahead of Mutati.

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    • Maggie and Mutati are both mere accountants (not Economists) and MMD to the core…one thing you dont know about her is that she had finished serving or got sacked from United Bank for Africa Uganda Limited in May 2011. You really think after Sata booted MMD out of power would then nominate an MMD cadre as Finance Minister? You have forgotten how Sata was frustrated by MMD…Lazy Lungu has no respect for the party’s roots hence his callous reckless appointments.
      Next you will state that Dora should have been Sata’s Information Minister from the word go as you have memories of fish….really laughable..you forgotten how MMD hardcore detested Old man Sata.

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    • Jay Jay, you and I know that Dora should not even be Permanent Secretary, let alone a Cabinet member. She was only appointed to fill out the “we need women in power” circles kikikiki.

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  5. Good Maggie, even trib.al Hacks would not appoint anyone else in that position, certainly not from his region. So what is trib.al Jay Gay ran4ing about? Silence is golden

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  6. Quote: Mrs. Mwanakatwe said their views resonate with the thoughts of their development partners that debt vulnerabilities over the last few years pose the risk of reversing the benefits of earlier debt relief initiatives. End of Quote. Since when have the views of PF government resonated with those of IMF over our current debt accumulation? The opposition has belabored the unreasonableness of borrowings under PF government but PF fans have scoffed at them, even calling them names like unpatriotic, against development, etc.

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  7. Strangely every thing to this government is successful. Trickle down effect to the masses, nil nil nil. People are still going hungry meanwhile the word successful is permanently etched on their lips.

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  8. Let me guess. The first austerity measure will be wage and recruitment freeze in the civil service.

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  9. #4.1 Jay Gay, so today Sata is the correct man? What happened to morality and conscience in you and your trib.al upnd cohorts? Totally directionless party indeed this upnd. Lelo ba Sata bawama kuli ba Jay Gay? Dogs are growing horns and that can only happen in trib.al upnd!!

    Tell you what, my opinion of Mr Sata is that he was a man of action but I don’t think he had what it takes to run a country from the economic and strategic point of view. To me he should have been more useful as party Secretary General and Chairman of the PF and its Central Committee, and leave the job of governing the country to a purely executive President and a competent cabinet. Unfortunately for Zambia Mr Sata has been blown disportionately by both PF and the opposition to the extent that he is now the…

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  10. Contd…….Unfortunately for Zambia Mr Sata has been blown disportionately by both PF and the opposition to the extent that he is now the yardstick of governance, democracy and economic development. Now everybody has to quote Mr Sata’s vision, whatever that is, my foot!!! That would be a disaster for this country if the praises that we hear about him are followed to the letter and blindly at that.
    So Jay Gay, let Maggie do her work, and she is splendid so far. We know upnd is frustrated that people are not rising against their government as the upnd expected.

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  11. @B R Mumba, Sr

    There is need for a clear picture on the size of the Zambian economy due to its changed structure from 2010 to date, therefore, we have set aside funds in the 2019 budget for rebasing the Gross Domestic Product in order to better measure our economy,” she said.

    This statement is hollow and does not mean anything. Rebasing the GDP is just a PR spin and does not mean anything and will not make the debt disappear. What is going to reduce the debt at least ,would be massive cut in spending and an end to misappropriation of public funds, period.

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