World Bank Positive About Zambia’s Economy

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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.