Dr MUSOKOTWANE CALLS FOR PRIVATE SECTOR FINANCE
Finance Minister SITUMBEKO MUSOKOTWANE has called for the promotion of private sector financing and investments in member countries.
Dr MUSOKOTWANE says this can be achieved through enhanced collaboration on natural resource endowments like Zambia and the Democratic Republic of Congo done in the copper and cobalt value-chain initiative for the manufacture of electric car batteries.
He has appealed to investors to consider the profitable option of producing electric engine motors for car assembly plants in the sub-Saharan region.
Dr MUSOKOTWANE also called on the African Development Bank to promote private sector collaboration in driving development – citing the inadequacy of development cooperation in meeting the growth needs of low income and developing countries.
Dr MUSOKOTWANE was contributing to a key note address by African Development Bank Group President Dr. AKINWUMI ADESINA during the Governors dialogue on the Bank’s strategic outlook for the next ten years in Accra GHANA.
And, Dr. MUSOKOTWANE told the assembly that for Zambia to attain this transformational agenda, the country needs to return to sustainable debt-levels by continually engaging creditors on debt restructuring and seeking support from the international community.
He said that Africa needed to mirror the Asian tigers growth paradigm by embarking on a transformation agenda that will ensure that recovery from the effects of the current food crisis emanating from the Ukraine crisis, COVID-19 pandemic and climate change, is speedy, steady and sustainable.
The Minister is accompanied by Permanent Secretary for Budget and Economic Affairs MUKULI CHIKUBA and Director for Economic Management MULELE MULELE.
Meanwhile, Britain and Japan have reiterated calls on other G-20 countries to help resolve the debt crisis in Africa by supporting the common framework.
Representatives of the two countries said this at the on-going Annual Meetings of the African Development Bank Group.
During the Governors Dialogue, China also reiterated its commitment to participate in the Debt Service Sustainability Initiative common framework, on a case by case basis.
CHINA earlier indicated the will to join the creditor committee for Zambia at the 2022 Spring Meetings of the IMF and the World Bank Group, last month in Washington DC, United States of America.
And commenting during dialogue, a representative of the United States of America said Zambia’s call for private sector participation in the development agenda is well-founded and needs to be followed through by the African Development Bank Group, using rele
ant instruments of growth support.
This is according to a statement released to ZNBC News by the Ministry of Finance and National Planning.
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