Wednesday, June 19, 2024

Zambian Delegation Led by Finance Minister Arrives for IMF and World Bank Spring Meetings in Washington DC

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A high-level Zambian delegation led by Finance and National Planning Minister Dr Situmbeko Musokotwane has arrived in Washington DC, United States of America, for the 2023 Spring Meetings of the International Monetary Fund and the World Bank Group, which commence on Monday, 10th April and end on Sunday, 16th April, 2023.

The Zambian delegation comprises Secretary to the Treasury Felix Nkulukusa, Bank of Zambia Governor Dr Denny Kalyalya, Acting Permanent Secretary (Budget & Economic Affairs) Mwaka Mukubesa, and Bank of Zambia Deputy Governor (Operations) Dr Francis Chipimo.

On arrival in Washington DC, the Minister and his delegation were met by Zambia’s Deputy Ambassador to the United States of America, Margaret Kaphiya. Mrs Kaphiya welcomed the Minister and his delegation and described Zambia’s participation in the meetings as a crucial step in strengthening development cooperation with the Bretton Woods Institutions (IMF and World Bank Group) and sustaining global interest in the country’s various development aspects.

During the week-long Annual Meetings, the delegation will participate in a series of IMF and World Bank organised events, hold bilateral talks with other development partners, and engage investors.

The Zambian delegation will attend the 2023 African Consultative Group Meeting of the African Caucus with the IMF Managing Director, Kristalina Georgieva. As representatives of an IMF member country, they will also ensure that Zambia is represented during the session of the International Monetary and Finance Committee Plenary, which is the highest organ of the IMF. The delegation will also hold discussions with the IMF African Department, Fiscal Affairs Department, the IMF Africa Group 1 Constituency and hold a liaison session with the IMF Mission Chief for Zambia, Ms Allison Holland and her staff team on various aspects of cooperation between the IMF and Zambia.

A few days ago, in Lusaka, Zambia and the IMF staff reached an agreement on various economic and financial policies that are expected to anchor the implementation of the Enhanced Credit Facility (ECF)/IMF Programme for the next 12 months. Zambia’s agreement with the IMF staff is subject to approval by IMF Management and the Executive Board, whose approval will trigger a second disbursement (the first one having been delivered by the Fund in September 2022).

Concerning the World Bank Group, the Zambian delegation will participate in the African Consultative Group Meeting (Debt, Climate Change, MSME, Digital, Energy) with World Bank Group President David Malpas, hold separate consultative meetings with the World Bank Vice President for Eastern and Southern Africa, Victoria Kwaku, the African Group I Constituency, and the Multilateral Institute Guarantee Agency (MIGA) of the World Bank.

The delegation will also meet the leadership and representatives of the Official Creditor Committee (OCC) for Zambia’s debt restructuring process. Other bilateral meetings will be with Honourable Andrew Mitchell, UK Minister of State (Development and Africa), the US Treasury, China, Germany, Belgium, Netherlands, Japan, Italy, and India, among others. Through these engagements, the Zambian delegation looks forward to breaking the debt deadlock, to help the country to widen the fiscal space and open more avenues for elevated productivity, growth, and job and wealth creation. The delegation will also take the opportunity of being in Washington DC, to meet representatives of the Millennium Challenge Corporation and numerous investors.

The delegation will participate in several major engagements, including the High-Level Roundtable on Challenges and Opportunities for the Rollout of the African Continental Free Trade Area.

18 COMMENTS

  1. You have more times to Washington than you have been to Beijing…you are insulting your biggest creditors

    • When presidents of EU and France last week visited China to court support for economic recovery, they were vilified, comdemned and reprimanded by the USA.
      This is one major reason governments with strong links to the West are deliberately avoiding East. It will take someone with a strong own back bone to defy this USA order.

  2. Total rubbish.
    pf tried to get a loan from IMF but they failed. Why didn’t they go back to Beijing? Because they had over borrowed.
    Everything the New Deal Government is trying to do is to settle the billion-dollar debts.
    Do you think Beijing will write off the debt just like that? Beijing is more capitalist than the capitalists.
    The Chinese economy is slowing down and you expect them to easily write off the debts?

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    • That is the point………..

      People think China is a fountain of money……..just turn up and get money.

      China will not lend zambia anymore without handing over strategic assets.

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    • The idea of getting the IMF loan was to work out a possible debt restructuring at Paris Club where China with the largest Zambian bill has no membership. Our Zambian govt needed to engage Beijing bilaterally to quicken the pace.

  3. Better to go to China than Washington all the time and I don’t see the results myself,I agree PF criminals landed us into big problems however we can not keep singing on this issue let us find the solution , meetings after meetings no yield.

  4. You people who think HH can visit China tomorrow and get the debt written off are mistaken. Zambia by itself can not force China to write-Off the debts.
    Mind you, China is using this as leverage against the USA in its fight for global dominance. It’s not just Zambia suffering, you have Zambia, Pakistan, Sri Lanka, Chad, and Ethiopia. The problem is that most of the Western debts are private, therefore, the USA or IMF can NOT write-off. While China’s debts are state-owned. However, China refuses to write off, as it wants the USA to write off those privately owned debts. That is the issue here. All your calls for HH to visit China in hope of getting debts written off are just a result of not understanding the core issue.

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    • FutureZed – No one is asking China to write off US debts, the IMF is asking China to write off its debts to Zambia and other countries like Pakistan, Sri Lanka, Chad, and Ethiopia.
      Instead, China refuses to write off unless the USA through IMF does so. But the USA refuses to because it considers those debts as coming from private investors.
      The point I am putting across here is for those who have been putting up false narratives suggesting HH go to China, he can go, but that will NOT resolve the issue. Isn’t it better to persuade the USA to meet China`s conditions?

  5. The West is NOT interested in talking about Zambia’s local debt ($14bn), preferring the external bill of $17bn only.

    The other complication is that China wants total liabilities of (17+14) $31billion to be restructured together, while US chooses one against the other.

    Third hurdle: China is seen as the rogue creditor. Besides, two thirds of the amount owed (11bn) is from the West. Why are other creditors not mentioned? China feels unfairly treated.

    • FutureZed – Yes, China has mentioned this from last year and this has made headlines in reputable international media, and I recall even LT, published that. That article never received any comments. And when it comes to misleading articles from the like of Mmbee, you see people rushing to comment.
      Personally, I no longer on LT comment on vibes coming from the opposition leaders who are pouring pressure on HH to go to China, thinking that if he visits China, then China will resolve the debt issue because that talk from the opposition is based on a lack of understanding of the issue at hand.

  6. Being in leadership dosent mean you own the country learn to consult the citizens before you make any decisions, you foolish people you are selling our souls to the crocks.

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