President Edgar Lungu has sworn in Christopher Mvunga as the new Bank of Zambia (BOZ) Governor following his ratification by parliament last week.
ZANIS reports that Mr Mvunga, the former Deputy Secretary to the Cabinet for Economic and Finance Affairs, was appointed by President Lungu on August 22, 2020, after the dismissal of Dr Denny Kalyalya.
President Lungu has since urged Mr Mvunga to review and formulate policy-driven solutions to address the macroeconomic challenges that the economy is currently facing.
The Head of State stated that the economy is facing numerous challenges, particularly, this year when the country has not been spared from the impact of the COVID-19 pandemic.
“The COVID-19 pandemic has had a huge impact on the economy, including significant contraction in economic growth, high fiscal deficits, high inflation and a weakening exchange rate. Additionally, these developments also pose a threat to financial system stability,” president lungu lamented.
“I am aware that your appointment generated a lot of interest from various sections of society. However, this should not detract you from focusing on the huge task and responsibility that has come with your new position,” president lungu challenged Mr Mvunga.
President Lungu urged Mr Mvunga to prove the critics wrong by putting in the best of his ability
“The subsequent ratification of your appointment by parliament is a clear indication that you are qualified for the job. It is also an indication that the people of Zambia have placed their confidence in you to turn around the fortunes of the financial sector of the country. Do not let them down,” president lungu added.
President Lungu emphasised that as governor of the central bank, Mr Mvunga has an enormous task ahead of him.
“You will oversee the operations of the entire financial sector as well as the performance of the country’s economy. I am confident that with over 30 years of experience in the private and public financial management sector, “he added.
President Lungu has, however, noted that the central bank has taken measures to mitigate the financial challenges the country is facing.
“Your immediate task, as you take up this new position, is to ensure that there is closer coordination between fiscal and monetary policy to consolidate the existing measures,” president lungu.
“We must create a win-win situation for all the players in the financial sector and the economy, at large, particularly, finding more efficient ways of financing agricultural inputs and managing the oil procurement sector.
He said the current efforts to address debt sustainability and reduce the country’s debt service burden need to be sustained and a successful outcome achieved.
President Lungu stressed the need for the Bank of Zambia to redouble efforts to achieve and maintain stability in the foreign exchange market by closely working with the ministry of finance.
“At the same time, the Bank of Zambia must continue to review and strengthen policies, where appropriate, to improve performance and ensure that the financial sector remains stable while inflation is brought back to the single digit range over the medium term,” he said.
President lungu also sworn in Emily Sikazwe as vice-chairperson of the Electoral Commission of Zambia (ECZ0.
And president Lungu said the appointment of Dr Sikazwe is a clear demonstration of the government’s commitment to promote women to positions of authority.
“I am happy that parliament ratified your appointment in accordance with section 5 of the electoral commission of Zambia act no. 25 of 2016 and the submission by the government.
He noted that women are capable of delivering to the expectation of society.
“I am confident that being a long serving member of the commission, you will provide the necessary policy guidance and direction to the commission’s administration, which is critical in the management of the electoral process,” he said.