Finance Minister Dr BWALYA NG’ANDU says observations raised by the public on the 2020 Budget have helped to structure and sharpen Zambia’s resolve to address public concerns ahead of the planned engagements with bilateral and multilateral cooperating partners at the ongoing 2019 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) in Washington DC, United States of America.
The Minister has stated that Zambia’s wish to strengthen cooperation with local and international development partners is a key factor in ensuring the achievement of sustained economic stability and growth.
He was speaking during a brainstorming session with the Zambian delegation to the 2019 Annual Meetings of the IMF and WBG.
Dr Ng’andu is leading a delegation that includes Minister of National Development Planning ALEXANDER CHITEME, Deputy Secretary to the Cabinet (Finance and Economic Development) CHRISTOPHER MVUNGA, and Secretary to the Treasury FREDSON YAMBA.
Others representing the country at the IMF/WBG Annual Meetings are Bank of Zambia Governor Dr DENNY KALYALYA, Ministry of National Development Planning Permanent Secretary (Monitoring and Evaluation) DANIES CHISENDA, Ministry of Finance Permanent Secretary (Economic Management & Finance) MUKULI CHIKUBA, and Zambia’s Ambassador to the United States, Dr SIMBYAKULA, SC, respectively.
The Minister of Finance emphasised that highlights of the vision and aspirations of the Government stated in the President’s State of the Nation Address and the 2020 Budget, should anchor policy discussion points during the delegations engagements at the annual meetings.
Dr Ng’andu also took the opportunity to reiterate that for the avoidance of doubt, the stabilisation measures listed in the 2020 Budget such as restoring debt to sustainable levels; dismantling of domestic arrears; enhancing domestic resource mobilisation; effectively managing public expenditure; increasing the efficiency of government; and reducing resource wastage in the public sector, should clearly be explained to stakeholders in the international financial market and in Zambia.
“The measures are expected to activate the necessary socio-economic adjustments and put the country on a sustained growth trajectory.
“This is the assurance our people and the international market need from us,” said Dr. Ng’andu, adding that, “our plans for the near term as stated in the 2020 Budget are realistic and so should not raise false expectations or unwarranted doubt.”
He stated further that Zambia must not be shy to learn from others and benchmark her performances against best practice.
The Minister said this has to be done within the context of the country’s policy framework for next year and the medium term.
The delegation acknowledged in unison that one of Zambia’s main objective at the 2019 Annual Meetings is to strengthen cooperation with development partners and investors.
Citizens should begin to see consistent policy implementation and positive outcomes from the outlined measures in the 2020 Budget, the delegation agreed.
Next year’s budget targets fiscal health and consolidation, economic stabilisation, and growth of local enterprises.
“I am confident that working together as a people, but of course with support from our development partners, we can achieve the targets we have set for ourselves,” Dr. Ng’andu reiterated.
In 2020, the following will be Zambia’s macroeconomic targets:
1. Achieving a real Gross Domestic Product (GDP) growth rate of at least 3%;
2. Achieving and maintaining inflation within the target range of 6 to 8 percent;
3. Increasing International reserves to at least 2.5 months of import cover;
4. Reducing the fiscal deficit to at least 5.5% of GDP; and,
5. Increasing domestic revenue mobilisation to at least 22 percent of GDP.
“This is why we need to optimise the networking dividend that these Annual Meetings provide ,” Dr. Ng’andu told his delegation.
The Minister of Finance arrived in Washington DC, United States of America, last night and was met on arrival at Washington’s Dulles International Airport by Zambia’s Ambassador to the United States, Dr. NGOSA SIMBYAKULA, SC and other Embassy officials.
Dr Ng’andu assured the receiving party that the Zambian Government stands on firm ground in its resolve to focus national priorities towards stimulating, stabilising and growing the domestic economy.
He called on Zambia’s diplomatic staff, not only in Washington DC, but in all other missions abroad, to consistently sell the country’s good stories so that tourists and investors could sustain their positive interest in Zambia.
The Zambian delegation is today scheduled to attend the International Monetary and Finance Committee (IMFC) Plenary. The IMFC is the highest organ of the IMF and consists the Board of Governors (Minister’s of Finance and Central Bank Governors of Member States) and the IMF Executive Board.
Dr Ng’andu is Zambia’s Governor in the IMF Board of Governors and his alternate is Dr Kalyalya.
Apart from attending the IMFC Plenary, Dr Ng’andu and his delegation will attend the IMF African Caucus Meeting with the new IMF Managing Director KRISTALINA GEORGEVA; attend the IMF Africa Group 1 Constituency Meeting; and, hold bilateral talks with the IMF (African Department).
They are also scheduled to attend the WBG Development Committee (WBG-DC) Meeting; the highest organ of the WBG which consists the Board of Governors (Minister’s of Finance, Planning, Economy, Development, Heads of Treasury, and Central Bank Governors of Member States) and the WBG Executive Board.
The Zambian delegation will also hold high level talks with the WBG Vice President (Africa Region) HAFEZ GHANEM and his team.
Dr Ng’andu is Zambia’s Governor in the WBG Board of Governors and his alternate is Mr Chiteme.
Yesterday, the delegation, led by Minister Chiteme, attended the WBG Africa Group 1 Constituency Meeting and held bilateral talks with the World Bank Executive Director for the Africa Group 1 Constituency.
On the sidelines of the IMF/WBG Annual Meetings, the delegation will also address Investors Forums, heads of financial institutions, and hold bilateral discussions with the President of the African Development Bank (AfDB) Dr. AKINWUMI ADESINA and with several other bilateral and multilateral delegations.
High-level meetings already attended by the delegation include the Commonwealth Ministers of Finance Meeting, and the SADC Ministers of Finance Meeting at which Mr. Chiteme, who arrived in Washington on Wednesday, led the Zambian team.
This is contained in a statement availed to Smart Eagles by Ministry of Finance Spokesperson Chileshe Kandeta.
Good you left presido behind he might ask for a snake for dinner. To many Chinese is z they have confused him with loans. Next will be a dog…
What a joke of a leader
They should have invited HH to accompany Bwlaya Ng’andu, he is in DC as well. That would give IMF a lot more confidence
Osa geta IMF loans please!
They are just there to shop and eat allowances paid by us. A country that has been independent since the 60s is still failing to manage its finances without begging uncontrollably due to pilfering by pf officials. Useless clowns. Hh was in the states and advertised Zambia really well to investors meanwhile pf are begging. **
When are our politicians going to learn? IMF and world bank’s core business is to serve their own interest in securing debts on a global scale and using that trap to penetrate more lucrative resources. We are far better off to re-Finance our debt directly with China than deal with these lot. These institutions were created to redevelop Europe after the war and now the mandate is to keep Europe above the rest. The minister can go to wine and dine with them but don’t sell your soul to them. They know when you are vulnerable and when to pounce on you. If you want real development, strengthen the cooperation between your fellow Africans and work together to get yourselves out of your mess.
They are just attending routine Annual General Meetings, I dont think anything tangible for Zambia can come out of the meetings. You see we are in a such a self inflicted mess, and to be honest, neither IMF experts nor Zambia’s delegation have an idea right now how to solve the mess. What they all know is that an immediate solution is not possible, and therefore the Zambian mess will continue growing until a solution is found, likely after 2021.
However if the corrupt culprits took it upon themselves to RESIGN or RETIRE from politics a solution could materialise sooner than later. Remember it took a change of government in 1991 to resolve the economic mess from the previous government. In general a government which has messed up cannot clean it’s own mess.
And for example what is…
…..And for example what is Fredson Yamba still doing in the ministry of finance, he is part of Eurobond mess, ALL THREE. And Christopher Mvunga, what value does he add?
…and ultimately the whole economic delegation consisting of some expert economists has to obey the instructions and DIRECTIVES from their boss the CHIEF ECONOMIST & POLITICIAN himself back home.
Meantime the only objective of our rulers is re-election in 2021 which the IMF wouldn’t care less about. Cry my beloved Zambia!
@Junior jj, good thinking.
Maybe they are still begging for the $1.3bn bail out package.But that big delegation in the midst of austerity measures my foot? Some people in that delegation are not even relevant.Ordinary citizens are the ones to pay the price whenever sacrifices have to be made.I miss the MMD bigtime
What a waste of time, no one in their right frame of mind wants to lend money to stinking thieves, forsake!
Mutati was fired after he got frustrated of worsening economy and started campaigning, Margret was also fired after she got frustrated and started drinking. Will the new minister also get frustrated? What will he do for consolation? Will be very interesting to observe.
@9, HH will be fired in 2021 after failing the test for the sixth time. He will fire himself and MUTINTA will be inaugurated as the new UPND Tribal Union leader.
PAY RETIREES
That is Zambia eating humble pie after thinking they could do it alone with China. Too late though, now we have to take a rough road to recovery. While other nations like Rwanda are developing, Zambia will be recovering. As things are in DR Congo they look set to be the biggest copper producers in Africa. Zambia has had a window to develop when the DR Congo has been going through hardships but alas we never took that opportunity because of mismanagement of our scarce resources. With the way things stand in Zambia with failure to improve agriculture sector as well entrepreneurship I fear what awaits us when competitors in copper production which has always been Zambia’s major income earner up their game. Remember too that over reliance on a non renewable resource is dangerous because when…
Continued: when copper deposits dry up and the economy isn’t sufficiently diversified what will become of this nation. 55 years of independence but yet never truly independent what a shame for Zambia. Other countries who more recently gained independence are doing far much better than us.
I hope Dr Bwalya Ngandu clarifies Zambia’s true foreign debt position.
Mwanakatwe said $10 billion as at 2018 but the UN stated $19 billion.
Who is telling the truth and who is lying?