IMF hail constructive talks

WE are grateful to the Zambian authorities and the various stakeholders for the constructive spirit in which all discussions were held on economic developments and prospects, International Monetary Fund (IMF) has said. An IMF staff team led by Dhaneshwar Ghura visited Lusaka from November 5th to 9th, 2018 to discuss recent economic developments and prospect at the conclusion of the visit, Mr. Ghura said he was impressed with the engagement. “The mission discussed recent economic developments and economic prospects with the Zambian authorities. Discussions also covered the main elements of the draft 2019 budget being currently debated in Parliament and the authorities’ policies and strategies for restoring fiscal and debt sustainability while maintaining growth. “These technical discussions are a key input in the preparations for the next Article IV consultation mission tentatively scheduled for early 2019,” Mr. Ghura said. He said the IMF staff met with Minister of Finance Margaret Mwanakatwe, Bank of Zambia Governor Denny Kalyalya, other senior government and BoZ officials, members of Parliament, and representatives of the private sector, civil society organisations, and Zambia’s development partners and that its discussions were fruitful. “The staff wishes to express its gratitude to the Zambian authorities and the various stakeholders for the constructive spirit in which all discussions were held,” he said. Meanwhile, the World Bank says it has put in place measures to ensure there is minimal abuse of funds earmarked for development projects in Africa. World Bank Vice President for Development and Finance Axel Van Trotsenburg said the lending institution put water tight measures to avoid corruption and fraud which could adversely affect the implementation of the bank’s development projects in Africa. Mr Trotsenburg, who was speaking in Livingstone where the International Development Association (IDA) World Bank Group are holding a mid-term review meeting, said the Bank had put up such tight control measures to safeguard its huge investment portfolio in Africa. The World Bank has pledged its commitment to reduce poverty and enhance broad base economic development in sub-Sahara Africa in particular and Africa in general.