IMF Chief Tips Zambia on Climate Change

The International Monetary Fund -IMF- Managing Director KRISTALINA GEORGIEVA has encouraged Zambia to remain on the path of economic transformation despite the challenges posed by climate change and other shocks.

Ms GEORGIEVA observed that Zambia will do great with the many reforms in place and is heading in the right direction.

She said this during the meeting with Finance Minister SITUMBEKO MUSOKOTWANE in the Washington DC on the sidelines of the Spring Meetings of the IMF and World Bank Group.

And, Ms GEORGIEVA congratulated Zambia for reaching an agreement with bondholders, further indicating that the progress was a major milestone under the G20 common framework.

Meanwhile, Dr MUSOKOTWANE said President HAKAINDE HICHILEMA has thanked the leadership of the IMF for massively supporting the country during difficult and challenging times as the Government strove to attain debt restructuring.

He paid tribute to the IMF for the role played together with other stakeholders and partners.

Dr MUSOKOTWANE also took the opportunity to congratulate Ms Georgieva for her renewed term office as Managing Director of the IMF.

The Minister appealed to the IMF to continue helping Zambia in positively marketing the unfolding economic transformation landscape – attested by the strong growth registered in the fourth quarter of 2023, which resulted in a 5 percent annual GDP growth.

Meanwhile, during the US Chamber of Commerce roundtable discussion on the economic and fiscal outlook for Zambia held on the side-lines of the ongoing Spring Meetings of the IMF and World Bank Group, US Chamber of Commerce President for the US-Africa Busine
s Centre KENDRA GEITHER specified the importance of good leadership in establishing partnerships and conditions that are attractive to investment.

She congratulated Zambia for the progress made in debt restructuring through the strong and focused leadership of President HICHILEMA.

Ms GEITHER observed that although not many countries are currently recording strong performance, the Zambian economy had shown signs of resilience, adding that, the debt restructuring process had now put the country on strong footing.

And, Dr MUSOKOTWANE also took the opportunity to brief the high-level industry delegates on the performance of the Zambian economy, recent developments, and measures put in place to facilitate trade and investment through legislative realignment, and steps
taken to facilitate the ease of doing business and good economic governance.

This is according to a statement issued to ZNBC News by Ministry of Finance and National Planning, Office of the Secretary to Treasury.

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