Dr Minister Attends 2023 IMF and World Bank Africa Caucus in Cape Verde

Situmbeko Musokotwane, the Finance and National Planning Minister of Zambia, has arrived in Sal Island, Cape Verde, to participate in the 2023 IMF and World Bank Africa Caucus. The conference aims to explore new modalities and mechanisms for financing economic development in Africa, with a specific focus on public debt as a financing instrument for growth, climate finance, energy, and private sector development.

Upon their arrival, Minister Musokotwane and his delegation were warmly received by members of the Local Organizing Committee. Joining him at the caucus are Mulele Maketo Mulele, the Director of Economic Management at the Ministry of Finance and National Planning, and Isaac Muhanga, the Director of Financial Markets at the Bank of Zambia. This two-day event, scheduled from July 6th to 8th, 2023, has attracted delegates, speakers, and experts from across Africa, as well as representatives from the International Monetary Fund (IMF) and the World Bank Group (WBG).

Apart from the customary occasions such as the official opening ceremony, some key events on the agenda for Minister Musokotwane and his delegation include the International Finance Corporation (IFC) roundtable on developing green and sustainable bond markets in Africa, a dialogue on Africa’s funding challenges featuring a presentation by Abebe Selassie, the Director of the African Department at the IMF, and a discussion on public debt as a financing instrument for growth in Africa within the new global financial architecture.

Delegates will also participate in sessions focused on themes such as formalizing the informal economy, unlocking climate finance for Africa, fostering energy financing for Africa, private sector development in Africa, and a presentation on the evolution of the World Bank Group.

The outcome of the caucus will be the proclamation of the Sal declaration. Minister Musokotwane plans to take advantage of the presence of numerous international organizations and high-level personalities to engage in bilateral meetings. One such meeting is scheduled with Pedro Antonio, the Executive Director of the Economic Commission for Africa, where they will discuss various areas of cooperation.

Reflecting on the significance of the 2023 IMF and World Bank Africa Caucus, Dr. Musokotwane emphasized that Zambia has undergone rigorous assessments during its ongoing economic transformation and debt restructuring processes. He expressed Zambia’s readiness to share its experiences with other countries.

“We have undergone stringent assessments during the ongoing debt restructuring process. This has made us more determined to stay on course with our economic transformation program, more focused in our planning and implementation of development projects, and more committed to fulfilling our obligations under the debt restructuring process, the IMF-supported program, and meeting the expectations of our citizens. We are here to learn from others, but we are also here to share our experiences,” Minister Musokotwane acknowledged.