Zambian Finance and National Planning Minister Dr. Situmbeko Musokotwane had a productive meeting with outgoing World Bank Group President David Malpas at the World Bank’s headquarters in Washington DC on Thursday. The meeting, which lasted over 45 minutes, saw Dr. Musokotwane appeal to Mr. Malpas to continue his push for resolving Zambia’s debt crisis and urged him to maintain his advocacy for a balance of development opportunities between better-off countries and emerging economies like Zambia.
During the meeting, Dr. Musokotwane expressed his optimism for the World Bank to continue providing resources for promoting private sector investments to accelerate Zambia’s development programs. He also reiterated the Zambian government’s commitment to providing a conducive business environment. In response, Mr. Malpas congratulated Zambia for the progress made in implementing reforms “under very difficult circumstances” and reiterated the government’s call for all creditors to work together in resolving the debt treatment deadlock.
The World Bank team, which included WBG Vice President for East and Southern Africa Victoria Kwakwa and WBG Vice President (Operations) Samuel Maimbo, requested Zambia’s input in reallocating resources from slow-moving and idle programs under its country portfolio to needy areas. The team also reiterated its commitment to supporting private sector initiatives under the digital economy, youth jobs, mining, agriculture, the green economy, and other eligible transformational ventures.
Dr. Musokotwane is leading a high-level team at the ongoing Spring Meetings of the International Monetary Fund and the World Bank Group, which began on Monday, April 10th, and will end on Sunday, April 16th, 2023. The meetings are focused on finding solutions to global economic challenges, including debt relief, climate change, and economic recovery in the wake of the COVID-19 pandemic.