By BENEDICT TEMBO

First National Bank (FNB) Zambia has announced that it is the platinum sponsor of the 2023 Ukusefya Pa Ng’wena Traditional Ceremony which will be held in Kasama, Northern Province from August, 17 to 19 2023.

Zambia has a rich history and a large diversity of traditional ceremonies performed in various parts of the country on an annual basis.

Ukusefya Pa Ng’wena is one of the many traditional Ceremonies celebrated by the Bemba tribe in Zambia.

Speaking on the sponsorship of the ceremony, FNB Zambia Chief Executive Officer, Bydon Longwe expressed delight at being part of this monumental ceremony.

Mr Longwe thanked the Ukusefya Pa Ng’wena representatives for the shared commitment to positively impact the Northern Province community where FNB is committed to foster financial inclusion by increasing awareness and use of its various banking services.

“At FNB, we see ourselves as part of the solution to bettering our country’s economy not only through the provision of banking and lifestyle solutions, but through the preservation and promotion of our cultural heritage as well. As the Platinum sponsors, we are playing our role in embracing culture and ensuring that real help is reaching our communities. We believe in celebrating our traditions as they form the structure and foundation of our families and society”, Mr. Longwe said.

“Through the Ministries of Sports, Youth and Arts and Tourism, the government, has shown a commitment to the continued sustenance of traditional ceremonies because they unite the people of Zambia, and bring added benefits that are pivotal to the development of our country’s economy,” he said.

Mr Longwe said the bank shares the unifying vision of continued collaboration for the good of citizens.

“Traditional ceremonies and festivals can potentially bring numerous positive benefits such as boosting business through tourism and hospitality activities for the host community translating to socio-economic development benefits,” he added.

Mr Longwe said with 14 years of operating in Zambia, FNB continues to align itself as a responsible corporate citizen that provides innovative banking solutions whilst positively impacting the communities it operates in.

Stock markets could experience a rally this week as investors look for clues on the US Federal Reserve’s policy path on interest rates, but caution is still required, affirms the CEO and founder of deVere Group, one of the world’s largest independent financial advisory, asset management and fintech organizations.

Nigel Green’s bullish comments come ahead of the release of the minutes of the FOMC (Federal Open Market Committee) – the branch of the US central bank responsible for implementing monetary policy – meeting held in May.

He notes: “Investors around the world will be delving into the minutes of the meeting to look for hints about whether the world’s most influential central bank will hike interest rates for the 11th consecutive time in June.

“Despite inflation remaining high, and continuing tightness in the labor market, there’s a growing sense that the Fed is now likely to pause its rate-hiking agenda next month.

“Much of this optimism is down to Federal Reserve Chair Jerome Powell saying Friday that stresses in the banking sector could mean that interest rates won’t have to be as high to control inflation.

“If this consensus gains momentum on the back of the FOMC minutes on Wednesday, markets will rally as it will appear that the end of rate hikes is getting closer and closer.

“However, should this happen, investors must remember this would not yet be a pivot, it would remain a hawkish pause.”

A rally, though, is “going to be tempered somewhat by worries about delays to finding a deal on the US debt ceiling crisis, which looks like it’s going to go down to the wire,” says Nigel Green.

Last week, the deVere boss in a media note warned of the need to avoid complacency.

“While stock markets are enjoying a wave of buoyancy, with investors appearing to be looking beyond the current interest rate cycle and ahead to the next upswing in the economic cycle, core major bond markets continue to be marked by inverted yield curves, which suggest a recession is looming.

“The inverted yield curve indicates a recession is ahead because it’s a sign of a tight credit market and weak economic growth. The inversion has preceded most US recessions – which, of course, have a huge drag on the global economy – since 1950.

“With this disconnect between stocks and bonds, investors should brace themselves for significant volatility in global financial markets over the next few weeks. We could see a 10% correction.”

Nigel Green stresses that this heightened volatility underscores the need for professional advice. “Volatility always brings opportunity for investors as it creates definite winners and losers. Those who are serious about using the market turbulence to build and grow their wealth for the long term should work with an adviser to identify the winners and to rebalance their portfolios accordingly.”

A potential Federal Reserve pause of rate hikes this week will have a positive impact on US stock markets, which will then likely boost global indexes for four primary reasons.

First, the slowdown in the increase of borrowing costs for businesses and individuals. Stable borrowing costs stimulate economic growth, increase consumer spending, and boost corporate profitability. As a result, companies’ earnings typically improve, which generally has a positive effect on stock prices.

Second, a boost to investor confidence. Investors will perceive a pause in rate hikes as a sign that the economy is on a more stable path which, in turn, will lead to increased demand for stocks, driving up stock prices.

Third, the capital draw. Stable interest rates may encourage investors to seek higher returns in other investment options, such as stocks. This increased demand for stocks can push prices higher.

The deVere CEO concludes: “If the Fed minutes suggest a pause next month of rate rises, markets are likely to rally, but I would urge investors to remain vigilant to other issues that might impact a sustained upward movement at this time.”

The year 2020 came with overpowering economic problems, as countries around the world had to deal with the covid pandemic. Lockdowns were introduced, as consumption expenditure tumbled, and the global economy contracted by a record 8.8%. In efforts to revive the dearth of activity in economies, governments created stimulus packages, whilst central banks cut interest rates, to impact money supply and revive growth. The intervention by authorities worked, as the contraction could have been worse and recovery prolonged, without them. Most economies rebounded by the next year, and global growth in 2021, was an impressive 8.5%. However, there has been a persistent inflation problem, which emerged, as economies heated on account of the growth. The table below, shows the general price trends, for three years, from 2020, to 2022, in order to provide clarity on this:

The reasons for the prolonged global inflation, are mostly pandemic-related. These include supply chain constrains, fiscal and monetary responses to the pandemic, profiteering and also the ongoing war between Russia and Ukraine. Explaining them in more detail should provide essential lucidity.

The world has had a quicker and firmer recovery from the pandemic, than expected. In most economies, demand for goods and services (especially goods), went up faster than the supply chains could possibly meet. The lockdowns and requirement for workers to be vaccinated in most states, led to production backlogs or deficits, running into several weeks, sometimes, months. With a proportion of workers resisting vaccinations, there was shortage of labour on factory floors, warehouses and in freight, etc. There has also been also a shortage of capacity, drivers, and space at commercial ports, in the distribution value chain. As a result, inventories were low and freight costs much higher, especially from early 2021. This also added to reduced competition, as less goods were made available, resulting in constant price hikes for the market. A look at the shoe manufacturer, Nike, for example, shows that much of their production is done in Vietnam. Lockdowns in the Asian state, set the company’s production backwards, by about 2 months. Additionally, it was taking an average of 80 days, to get the shoes from Asia, to retailers in North America, throughout 2021, which is twice as long, as before the pandemic. Resultantly, shoe prices were soaring, just as, almost everything else, around the world. Such supply chain dislocations, fed into higher prices.

On the electronics side, there was a massive global shortage of semiconductors and chips since 2020, which remains to date, although now, moderate. The chips are used in the manufacturing of vehicles, smartphones, personal computers, and household appliances. To arrive at this level of scarcity, it was as a result of various issues, including accidents and damage caused by extreme weather conditions, in some parts of the world. For example, in Taiwan, the global leader of the semiconductor industry, there was a severe drought, in 2021, which led to a shortage of ultra pure water to clean factories and for running the production process. The drought was the worst in 50 years. In Texas, United States, three major manufacturers, including Samsung, halted production, owing to a severe winter storm, which set back production, from these plants, by several months. There were also acute fire outbreaks, affecting key Japanese and German manufacturers, from the latter half of 2021, to early 2022. The war between Russia and Ukraine has also led to a shortage of neon gas which is vital in the production of chips. Ukraine is a supplier of almost 50% of the world’s neon requirement. Additionally, since the emergence of covid, there has been a massive rise in demand for both desktop and personal computers, as more companies began to emphasize the importance of working and learning from home, etc. Such supply chain issues, have made a considerable impact towards persistent global inflation.

The fiscal and monetary responses by governments, with the aim of curtailing the impact of lockdowns, created inflationary effects, in most economies. In the U.S., the CARES Act and the American Rescue Plan, Act, for instance, provided almost $5 trillion in stimulus spending, which was targeted households, businesses, education, healthcare, etc. The injection resulted in strong demand for goods and services. To add to government responses, central banks across the world began to cut interest rates in order to stimulate credit creation, with the ultimate goal of increasing consumer spending and investment. Most developed economies, maintained their rates below 1%. Such policies, invariably increase money supply. As there is a positive relationship between money supply and inflation, prices ultimately shot up.

Price gouging, can be described as a phenomenon were businesses raise prices to unfair levels, as a result of pure greed, in the quest to raise profits. In this case, some companies began to take advantage of the supply chain disruptions, the war in Ukraine, and post-covid demand recovery, as a basis for raising prices fiercely. Consumers have largely maintained demand since then, thus the prices have been sustained at those inflationary levels. This corporate habit, is now referred to by some, as “greedflation”. The European Central Bank reported that, despite attempts by regulators across the world, to tame prices, several businesses have been using the post-covid increase in demand, as a rare opportunity to raise prices. As a result of the “greedflation” phenomenon, corporate profits hit a record high in 2021, with pre-tax profits at a sizeable, 25%, in the U.S., according to the Commerce Department, outpacing 7% CPI, for the same period.

The Russia and Ukraine war, has had a great impact on raising prices, globally. Since Russia is a top exporter of both natural gas (world’s largest) and oil, the disruption led to higher prices. The increases were more sharply felt within the EU, as the bloc imposed sanctions on Russian oil and gas, as a protest to the invasion of Ukraine. They had to find new suppliers, such as India, who are, ironically, selling the same Russian oil. This led to even higher costs for the EU. Energy prices then skyrocketed, as, gas prices increased by more than 450% and electricity, by 230%, in less than a year, since the invasion. Additionally, Russia is the world’s largest supplier of fertilizer, accounting for 23% of global ammonia exports and 14% of urea exports, as of 2022. There was therefore, a rise in global fertilizer prices between 31% and 148%, between 2021 and 2022, as the war commenced, and this fed into higher global food prices.

With the war, also came production and trade disruptions in global corn and wheat exports. Ukraine traditionally produces 11.5% of the world’s wheat market, whereas Russia’s share is 16.8%. With regards to corn, Ukraine typically supplies 17% of the world’s export market. Barley, rapeseed and sunflower oil, are also grown in considerable proportions in the two countries.

Having described the sources of the lingering inflation, it should suffice to have a brief outline of what some key economies have been adopting, as means to contain the price hikes.

In the Eurozone, inflationary pressures were non-existent as they were a negative -0.2%, in August 2020. There has since been a record increase in inflation, to 10.7%, in October 2022, the highest since records for the Eurozone began, in 1997. Energy and food prices were notably much higher than before the pandemic. The European Central Bank, began hiking interest rates, with the goal to reduce money supply and cool the economy. Governments in the zone have also introduced energy subsidies, in order to address welfare concerns, as a result of the rampage of energy and fuel prices. Some countries in the zone, have placed price caps on fuel and energy. Trade profits have been limited by policy, in other areas. After several months of central bank and government intervention, inflation is softening, from a peak of 10.7% in October 2022, to 7% in April 2023.

In Argentina, galloping prices were worsened by a severe drought in 2022. Food has become more expensive as farmers have lost harvests of crops and livestock. In response, the government has introduced political measures such as price caps for certain commodities. If applied with ample discretion, there may be desirable results, as profiteering is addressed, for basic commodities. However, a lack of proper application and discretion may cause food shortages. The central bank of Argentina has also been relentlessly lifting interest rates, which are currently at 97%. With inflation at its highest (109%) since 1991, such measures may be notable efforts towards reclaiming the value of the local currency, the Argentine Peso.

In China, inflation has not been an issue of concern to authorities. Unlike all other major economies, Chinese consumer price and producer price indices have largely been stable in the last three years, with marginal negative figures for the latter. Instead, there have been reports of possible deflation in the future, for the Asian nation, although senior bureaucrats insist that low and benign inflation will be the reality. In 2020, the overall inflation rate in China was 2.4%, exactly two years later, it was slightly less, at 2.0 %, in 2022. In March 2023 the rate saw a marginal annual growth of only 0.7% for CPI, and a negative -2.5% for PPI (Producer Price Index).

In the U.S., the Federal Reserve has been persistently raising interest rates, which now sit at between 5%- 5.25%, the highest in 16 years. With the labour market still registering growth, policy makers still have some space to further raise the rates, if price pressures linger. As of April, CPI is now showing signs of stabilizing, at 4.9%, a huge difference from the peak of 6%, in February. Congress has also enacted a new law, the Inflation Reduction Act (IRA), which targets to control spiking prices and reduce government budget deficits.

The IMF has predicted that world inflation will continue into next year, and probably beyond. However, it should cool down from 8.8% in 2022, to 6.6% in 2023, and then, approximately 4.3%, in 2024. As the price hikes continue, the goal of governments and apex banks around the world, is to manage the increases and also provide a soft landing for their economies. This implies that, interventions by regulators will strive to limit the unwanted effects of reduced employment, credit repayment default, and recessions, as they invoke their various policy tools and mechanisms. Extreme interventions will more likely lead to undesirable results, the worst being the collapse of financial markets and economic depression.

Although not favourable, inflation may be preferable, in comparison to deflation, as several experts may argue that the latter is more difficult to address. In the case of deflation, spending in the economy may grind to a near-halt, as economic participants delay or even freeze expenditure, with the aim to maximize on the best possible price decrease, which the market can offer.

Kevin Tutani is a political economy analyst. He can be reached at tutanikevinATgmailDOTcom

Heavy duty noisy equipment have moved in Lower Zambezi protected national park area to clear forests and chase away animals and birds as they pave way for a planned copper mine due to open.

Excavation for the vast open cast copper mine in the heart of the Lower Zambezi National Park has begun. The bulldozers’ move into Zambia’s pristine wildlife sanctuary and famous tourist attraction follows a decade-long fight by activists trying to stop the mining.

The move follows an about-turn by Zambia’s government environmental agency and by President Hakainda Hichilema, who had been outspoken about being opposed to the mine. The green light given to the mining company to start clearing work has raised questions about what political leverage mine owners may have had.

Mwembeshi Resources Limited first applied for mining rights in the park in 2011 and submitted an Environmental Impact Statement (EIS). The Zambia Environmental Management Agency (ZEMA) rejected the EIS. The mining company appealed and in 2014 the Zambian government approved the application for the Kangaluwi copper mine in south-eastern Zambia on the national park land.

Lower Zambezi is a vital part of the wider Zambezi basin, a significant shared resource that contributes to the economic, environmental and social development of southern Africa.

In 2014 the Lower Zambezi Tourism Association (LZTA) warned that the proposed mine would cost the Zambian economy billions of dollars a year in foreign investment and livelihoods. The tourism association said it would also destroy an ecosystem that is home to 124 species of animal, 403 species of birds and 54 aquatic animals. The association’s models also concluded that the mine was not viable.

“Modeling figures suggest that the project is not economically viable, will result in a net loss of jobs for local communities, and will generate a financial loss over the first seven years of operation of a minimum of US$13 million”, the report found.

“Locally, the project would risk a minimum of US$5 million of NGO investment in community development programmes that align with protected area management.

“In broader terms, there is great potential for mining inside protected areas to have a negative effect on international aid investment, upon which Zambia is heavily reliant and receives over $1 billion annually.”

This report coupled with objections and reports by a coalition of activists helped secure a court injunction to stop the mine. However, eight years later, the mine has successfully secured the right to mine.

The company has dismissed these concerns, saying that the mine is a mark of progress and job creation of which communities are in favour.

Mwembeshi Resources would not confirm or deny whether work on the mine has started.

“Your questions are so specific and you seem not to be interest(ed) in more important things about the mine, like value, jobs, benefits or the big support the mine has from the local community,” said Oliver Shalala, communications and corporate affairs manager. He added that the mine enjoys a lot of support among “black Zambians”.

“It is the white lodge owners, who have been known to be involved in illegal mining and poaching in the Lower Zambezi, who are fighting the mine based on untruths, half-truths and indeed wrong assumptions,” he charged.

Shalala is adamant that anyone opposed to the project or writing about it is just wasting their time “because Zambia needs development and not politicking”.

Stephen Malenga, the council secretary for Luangwa district where the mine is located, confirmed to MakanDay that work, including on the roads, has started.

“In April, I sent a team responsible for revenue collection (at the council) to Lower Zambezi to establish facts about the mine after hearing reports that it was operational,” he said.

“What they found was that the roads are being worked on and office blocks were being constructed but they were not completed, an airstrip has also been constructed at the mine.”

A decade-long fight turns into a sinkhole

The proposed mine is an open-pit mine which involves the excavation of a large open hole or a series of pits. These are gradually deepened and expanded to extract the desired mineral – in this case, copper.

Open-pit mining typically involves the use of heavy equipment, such as bulldozers, excavators and trucks to remove overlying material and expose the mineral deposit. Storage facilities are used to store the waste materials generated from mining operations, called tailings. These waste materials, including dangerous chemicals, are stored in dams constructed near mining sites. Any leaks or faults would threaten the entire ecosystem.

In 2011, when the mine first applied for a licence to operate in the area, activists warned about the threat of permanently damaging a significant portion of the park. Although it is not clear how big the mine area will be, the Environmental Impact Assessment explains how the main construction phase activities include road construction, site clearance, earthworks, open pit excavation and construction of the concentrator plant. Other work includes building a tailings storage facility, water storage tanks and fencing.

When the Zambia Environmental Management Agency (ZEMA) rejected the EIS in 2012, the environmental agency’s technical experts flagged degradation of the escarpment habitat, wilderness values and river pollution as key concerns on along list of potential adverse impacts.

ZEMA stated that the the mine would “destroy the landscape of the park”. It also warned that the proposed tailings storage facilities were “risky” and the “chances of failure are high”.

Two years after ZEMA rejected the mine’s EIS, Zambia’s then minister of lands, Harry Kalaba, approved the project. It was stopped by the court injunction, and Hichilema, who was in the opposition at the time, made his objection to mining in the national park clear on social media, in 2014 and again in 2019.

In 2021, ZEMA changed its mind and approved the mining company’s EIS it had rejected in 2012. The EIS expired in 2021. A coalition of environmental activists, the Conservation Advocates Zambia (CAZ), approached the courts to reverse ZEMA’s approval but Zambia’s Court of Appeal dismissed the case in February 2021. In addition to the Kangaluwi open-pit site, the EIS outlines how operations are likely to be undertaken at three satellite sites – Kalulu, Chisawa and Imboo.

CAZ also asked ZEMA to review its decision and, after getting no response they applied to the High Court asking for a judicial review of ZEMA’s decision to approve the expired EIS which it had initially rejected. This hearing has was adjourned twice before grinding to a halt on 30 March this year when ZEMA said it had “no authority” to review its own decision.

On 27 April, CAZ sent a plea to Minister of Green Economy and Environment, Collins Nzovu, to stop all activities related to the mining operation. He has not yet responded.

Aside from unanswered questions about whether there was any political influence exerted to approve the project, the events have also raised questions about President Hichilema’s “new deal” commitment to protect and conserve the country’s treasured forests and national parks.

Mine ownership

The mine is owned by a Zambian registered Mwembeshi Resources Limited. Mwembeshi Resources (Bermuda) is the largest shareholder and the company is owned by a Chinese conglomerate (the majority owned by Hu Kaijun and Chinese government stakeholders). Other companies that hold shares include Metex Resources Limited and Amazon Associates Limited.

There are also Individual shareholders in Mwembeshi Resources, and they include Stephen Mulenga, Willie Rutherlain Sweta, Hyden Hara, Pengani Yangailo, and an Austrian – Marinko Vidovic, according to the Patents and Companies Registration Agency records.

Weak legal framework

While the Mines and Minerals Development Act (2008) and the Zambia Wildlife Act (1998) allow for mining inside national parks, there is no policy or legal framework to guide implementation, monitoring and mitigation of impacts such as ensuring full site rehabilitation as is outlined by the Mines and Mineral Resources Development Act.

Section 80 of this Act prescribes “the rehabilitation, levelling, re-grassing, reforesting or contouring of such part of the land over which the right or licence has effect as may have been damaged or adversely affected by exploration operations, mining operations or mineral processing operations; and(d) the filling in, sealing or fencing of excavations, shafts and tunnels”.

Source: Makanday Centre for Investigative Journalism

The Civil Society for Poverty Reduction (CSPR) has expressed its concerns over the exclusion of soya beans as a cash crop in the 2023 Crop Marketing Arrangements by the Food Reserve Agency (FRA). The organization commends the Zambian government for increasing the price of white maize, which will benefit farmers facing hardships and low supply due to climate change impacts. However, CSPR believes that the exclusion of soya beans contradicts the government’s efforts to promote the crop and diversify the agricultural sector.

Soya beans are a significant cash crop in Zambia, with demand driven by the fast-growing poultry sector. The government has been actively promoting soya beans among small-scale farmers, even including it in the Farmer Input Support Program (FISP), which aims to improve livelihoods and enhance food security. The crop’s importance is reflected in its provision of one 25-kilogram bag in the FISP, highlighting its role in supporting vulnerable populations.

The government’s commitment to diversifying the economy through increased participation in various sectors, including agriculture, is outlined in the Eighth National Development Plan. Cash crops such as cotton, cashew nuts, soya beans, cassava, sunflower, and rice have received attention and support. Studies have shown that soya beans production contributed 4.8 percent of the country’s Gross Domestic Product (GDP) in 2017.

The CSPR emphasizes that the exclusion of soya beans in the FRA’s purchasing plans has caught farmers off guard, as many had planted the crop in anticipation of selling it to the agency. Ideally, the government should have provided prior notice to allow farmers to make informed choices for the farming season. Moreover, the memorandum of understanding signed with the Republic of China on stevia exports does not favor small-scale farmers, as most of them do not grow stevia, benefiting only commercial farmers.

By focusing solely on maize and paddy rice, the FRA’s decision leaves farmers at the mercy of private entities, potentially leading to exploitation and increased poverty among small-holder farmers. This move may also encourage mono-cropping, reducing the diversity of crops and impacting nutritional value at both household and national levels. It contradicts the government’s promotion of environmental sustainability and sustainable agriculture, as outlined in the Eighth National Development Plan.

Soya beans offer several economic, social, and environmental benefits. Zambia’s geographical location allows for the export of soya beans and processed soya bean products to regional markets, contributing to economic growth. The government should create a conducive environment for small-scale farmers to export their soya beans, aligning with initiatives such as the Comprehensive Agricultural Transformative Support Programme (CATSP) introduced in the 2023 Budget speech. This program aims to promote diversification, value addition, and job creation in the agri-food sector, with a focus on exports.

CSPR warns that the government’s exclusive focus on maize purchasing may not lead to increased production and productivity in the agriculture sector. This decision could have dire consequences for both the economy and the environment. The organization calls on the government to reconsider its stance and include soya beans as a cash crop in the 2023 Crop Marketing Arrangements, in line with its commitment to diversification and sustainable agricultural practices.

The Finance and National Planning Minister of Zambia, Dr. Situmbeko Musokotwane, is leading a high-level delegation to the 2023 Annual Meetings of the African Development Bank (AfDB) Group, taking place in Sharm El Sheikh, Egypt, from May 22nd to May 26th, 2023. The delegation aims to strengthen development cooperation with the AfDB, Egypt, and other partners while leveraging the platform to highlight Zambia’s development priorities.

Accompanying Minister Musokotwane are Mr. Danies Chisenda, Permanent Secretary for Economic Management and Finance at the Ministry of Finance and National Planning, and Zambia’s Ambassador to Egypt, Major General Toppky Lubaya (Rtd). The team was welcomed on arrival in Cairo by Ambassador Lubaya, who emphasized the significance of Zambia’s participation in the meetings for enhancing development cooperation.

The 58th Annual Assembly of the African Development Bank and the 49th meeting of the African Development Fund are being held under the approved theme, “Mobilizing Private Sector Financing for Climate and Green Growth in Africa.” The meetings provide a valuable opportunity for knowledge sharing among high-level decision-makers, development agencies, academics, NGOs, civil society representatives, and the private sector.

During the course of the Annual Meetings, Dr. Musokotwane and his delegation will engage in various events organized by the AfDB, hold bilateral talks with development partners, and interact with investors. These engagements include discussions on the global financial architecture, reform ideas for the Special Drawing Rights System, and the mobilization of blended finance for green energy transition in emerging economies.

Several important meetings are scheduled for the Zambian delegation. Minister Musokotwane intends to meet with Dr. Akinwumi Adesina, the President of the AfDB, to request strengthened cooperation and support for Zambia, particularly concerning the conclusion of the debt restructuring process. Other key meetings include discussions with the Vice Presidents of Agriculture, Human and Social Development, Energy, Climate and Green Growth, and Private Sector, Infrastructure and Industrialization at the AfDB.

In addition, the delegation will engage with the AfDB Governor for China to discuss debt restructuring and mutual development interests. They will also participate in dialogues on energy access, climate adaptation, food security, and attend the high-level launch of the African Economic Outlook 2023. Zambia will share its policy measures for transforming natural capital into wealth, harnessing natural resources for green growth, and combating climate change.

The Zambian delegation is also set to participate in various host country and bilateral events during the Annual Meetings. These include forums on Fintech’s role in sustainable and green finance, discussions with German and U.S. officials, market promotion of Zambia’s agricultural development programs, exploration of cooperation opportunities with Egyptian ministries, and participation in the Africa Investment Forum.

Dr. Musokotwane highlighted the importance of Zambia’s participation in the 2023 Annual Meetings, stating that it serves as a crucial platform for economic diplomacy and consolidating the country’s attractiveness as an investment destination in Africa. He emphasized the need for global harmony and international consensus on issues such as debt, food security, and income generation for micro, small, and medium-scale enterprises.

The Ministry of Finance and National Planning reiterated the significance of these engagements in ensuring Zambia’s economic progress, fostering business partnerships, creating employment opportunities, and enhancing the country’s competitiveness in regional and international markets.