ZAMBIA, BACK IN CHAMPIONS LEAGUE
October 10, 2023
MOROCCO – Finance and National Planning Minister Dr. Situmbeko Musokotwane says Zambia has gotten back in the league of countries that are respected in the financial world and is open for business.
Dr. Musokotwane says when the UPND New Dawn Government came into office, there was pressure from mining companies exiting the country.
Speaking during the conversation with Atlantic Council at the IMF/WBG Annual Meetings in Morocco today, Dr Musokotwane said that the debt restructuring deal sealed by the government has made the country an attractive market for Foreign Direct Investment (FDI).
He said Zambia is one of the countries that has made significant progress in solving the debt issue after coming to the agreement with official creditors in June.
“Zambia is actively engaging with all its creditors to find a solution that will be acceptable to all. Discussions are positive, and we are making progress towards a resolution of Zambia’s debt overhang problem,” he said.
The Finance Minister disclosed that when the UPND New Dawn Government came in, there was pressure from companies exiting the country but because of sound reforms, they are expanding investments and looking at opportunities in exploration and expansion.
Dr. Musokotwane said the government is also looking at issues of how to protect the vulnerable hence introduced free education, started paying pensions on time and recruiting staff in both education and health sectors which has increased substantially.
On green energy, Dr. Musokotwane charged that everyone is talking about green energy transition and Zambia has an important role to play.
He further said that the country has critical minerals such as copper and cobalt and the country needs investment to help reach this potential.
Dr. Musokotwane is leading a high-level delegation for the 2023 annual meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG), which commenced on Monday 9th October and ends on Sunday, 15th October, 2023.
(C) THE FALCON