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.