Wednesday, June 19, 2024

Musokotwane attends the 2022 IMF/World Bank Group Annual meeting

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Minister of Finance and National Planning Situmbeko Musokotwane is leading a Zambian delegation to attend the 2022 IMF/World Bank Group Annual meetings in the United States of America.

The annual event brings together Ministers of Finance, Central Bank Governors, Investors, and several other stakeholders to a common space to discuss and agree on solutions to the various challenges facing the global economy.

Among these challenges includes low commodity prices, unstable macro-economic environment and low investments.

In a statement from the Ministry of Finance on Tuesday, Secretary to the Treasury Felix Nkulukusa, Permanent Secretary (Budget & Economic Affairs) Mukuli Chikuba, Bank of Zambia Governor Denny Kalyalya and the Bank of Zambia Deputy Governor, Francis Chipimo, among others have accompanied the minister.

“Minister of Finance and National Planning Dr Situmbeko Musokotwane, MP, is leading Zambia’s delegation to annual event which brings 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,” the statement read in part.

During the week-long annual meetings, the Zambian delegation will participate in a series of IMF and World Bank Organised Meetings, engage investors and hold bilateral talks with Zambia’s other development partners on a bilateral basis.

Later, during the IMF Africa Group One Constituency Meeting, Dr Musokotwane on Tuesday will participate in the policy dialogue on managing crises, inflationary pressures, debt and food security.

The Minister is also scheduled to make an intervention statement at another event at which he will speak about rising vulnerabilities to debt distress and lessons from the common framework.

And Zambia’s Ambassador to the United States, Lazarous Kapambwe received Dr. Musokotwane and his entourage on arrival in Washington DC, late on Monday.

Ambassador Kapambwe has described Zambia’s participation is crucial in strengthening development cooperation and sustaining investor interest in the country’s various aspects of development.

And speaking during the group annual meetings, Dr Musokotwane said the event is important for Zambia’s debt restructuring journey.

He added that the meeting is ideal for marketing the country as one of the best investment destinations as well as a good platform for learning best practice from countries.

“This event is important in our debt restructuring journey, good for consolidating our attractiveness as one of Africa’s best investment destinations, and a platform for learning the best-practices from others,” He said.

“Following the steady strides undertaken by the Government to transform the economy through a stable, predictable and facilitative policy atmosphere, Zambia has become an example of a positive bench-mark among emerging markets and low-income states, “ said the minister.

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