Economy

World Bank Positive About Zambia’s Economy

World Bank Executive Director for the Africa Group 1 Constituency Anne Kabagambe is positive that the actions being taken by the Zambian government to restore fiscal health and stabilise the economy will bear fruit.

The World Bank is also looking forward to the completion of the government-led exercise on project re-scoping, public debt restructuring, and other asset and liability management initiatives, she said on Thursday when she paid a courtesy call on Finance Minister Dr. Bwalya Ng’andu in Lusaka.

The key issues discussed during the meeting include the programme of work during the 2020 Spring Meetings of the IMF and the World Bank, the prospect of enhanced technical assistance from the World Bank, Zambia’s public debt management approach, budget support, energy sector reforms and social sector investments.

Kabagambe announced during the courtesy call the availability of a grant window for refugee programmes.

She applauded Zambia’s credential as a nation which openly welcomes refugees from troubled spots in the regions, saying that is admirable and needs support.

Kabagambe took the opportunity to encourage the Minister to continue ensuring that the positive developments in the economy are communicated to all stakeholders including the international community.

She also delivered an invitation from the Washington DC based Center for Global Development for Dr. Ng’andu to deliver a keynote speech at an event to be held on the side-lines of the 2020 Spring Meetings of the IMF and World Bank.

The World Bank Executive Director for the Africa Group 1 Constituency is in the country for a four day visit.

During her tour of duty, Kabagambe and her delegation will explore areas in which Zambia’s development cooperation with the World Bank Group could be deepened.

The delegation will also pay a courtesy call on Vice-President Inonge Wina and hold liaison meetings with Cabinet Office, the Ministry of National Development Planning, the Ministry of Energy and the Bank of Zambia.

The delegation will also visit Siavonga to monitor and evaluate the Kariba Dam rehabilitation works.

Speaking at the same meeting, Dr. Ng’andu reiterated the Zambian government’s commitment to stick to policy pronouncements and take decisive action targeted at fiscal consolidation and improved debt sustainability while protecting social sector expenditure.

The Minister affirmed that the strict
scrutiny of the country’s fiscal health by development partners had helped the authorities to choose a path whose target is to,once again, register positive macro economic indicators and progress.

The World Bank Africa Group 1 Constituency comprises Botswana, Burundi, Eritrea, Eswatini, Ethiopia, Gambia, Kenya, Lesotho, Liberia, Malawi, Mozambique, Namibia, Rwanda, Seychelles, Sierra Leone, Somalia, South Sudan, Sudan, Tanzania, Uganda, Zambia and Zimbabwe.

Zambia is currently implementing over twenty-five (25) projects financed by the World Bank Group through grants and loans valued at
USD1.1 billion.

The projects are in agriculture, energy, infrastructure, trade development, and water and sanitation sectors. Others are in health, education and climate resilience.

This is contained in a statement issued by the Ministry of Finance public relations officer Chileshe Kandeta.

Copyright © 2020 ZR.

14 Comments

  1. Fonko Fonko

    Mr Ngandu was advised by some chap (I can’t mention) to resign, yet the world bank is optimistic about Zambia’s economy. You just wonder whether that advice was in good faith?

  2. Winnipeg Nyirongo

    World Bank!!! World Bank!!! Even if you are helping us( Zambia) to improve our economy but it is very sad and disheartening to tell Zambia that our economy will be stable while you see with your naked eyes that thousands of people in Zambia are wallowing in abject poverty!!!!! Thanks!

  3. Chendabusiku

    Negative energy affects mostly those who posess it. They do not see anything good it is a disease.

  4. l.c

    Why do Africans feel good when praised by whites? This is one thing I fail to understand. Even amid abject poverty. Africans , it’s high
    time we stop listening to western’s

    fake flaterries and improve our Owen economies. Tthe world have been , for a long time ,visiting africa. What benefits have this brought to Africa and Zambia in particular?

    • Fonko Fonko

      ‘Blowing off your friends candle cannot make your candle light brighter’. Let’s give credit where it is due.
      Stating that sentiments from organisation such as World bank and IMF, negative or positive mean nothing, is the worst kind of ignorance one can ever expose.

      • Àbraham

        You are very right ba fonko fonko,some people……kaya mwe

  5. Mummy

    Don’t just end up there. Get down and see the deteriorating economy and poverty levels in the country. You may be pumping in money that end up being channelled to non priority areas eg allowances to those championing constitution redrafting for selfish motives. Always mentioning huge amounts of money but with little benefit to those in lower brackets. Economic growth in zambia is at a snails pace.

  6. Jms

    No one will ever improve our economy, if you are misusing your given billions, thats your own business while other countries who reason are progressing in their countries. Those have just come to inspect thsts so. Mind you in the Bible we have three guys where by two invested but one guy did the unthinkable by returning the same amount given.

  7. One youth

    I think all African leaders should start taking lessons from Kagame about development.

    And as for the world bank, please teach Zambia how to fish not giving it fish.

  8. Chona

    Zambia for us, nothing tangible to point at…everything is a.mere talk

  9. Chona

    Zambia for us, nothing tangible to point at…everything is just amere talk

  10. James

    This is a good example to all African presidents, better learn

  11. Kelvin Chifulumo

    The development mentioned by WB should be long term visualised, but currently things aren’t well and give us doubts about the reliability and validity of such pronouncements and the officials pronouncing them. We are tired of these nonsense things as they flagrantly betray us! Terribly tired

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