Mwanakatwe asks for increased donor funding

FINANCE Minister Margaret Mwanakatwe has asked cooperating partners to consider releasing more resources through the International Development Association (IDA) and enhance it’s support to poor countries.

FINANCE Minister Margaret Mwanakatwe has asked cooperating partners to consider releasing more resources through the International Development Association (IDA) to enhance it's support to poor countries. And Ms Mwanakatwe has assured the World Bank that Zambia as one of the recipient of financial resources from IDA, will do everything possible to ensure that resources are used for intended purposes. She said that IDA eligible countries face several interrelated challenges such as inadequate deeper and cheaper pools of financial resources to address infrastructure deficits that limit economic growth. Ms. Mwanakatwe added that poor human capital development that adversely impact on people's livelihoods and growth and reliance on commodity exploitation with limited value addition were some of the challenges. "These challenges call for an innovative approach to development in our developing economies. In this regard, I am glad to note that the IDA18 package responds well to calls by the international community for the Word Bank Group to innovate and assist in meeting the objectives of the 2030 Agenda as one at the most critical implementation agents," she said. "To quote what, His Excellency, Mr. Edgar Chagwa Lungu stated in his statement during the opening of the meeting, “we are grateful as a country with the invaluable role that IDA is playing in the global development process by availing financial resources to the world’s poorest nations". "As one of the recipients of these financial resources, I would like to reiterate that we will do everything possible to ensure that the resources are used for the intended purpose," observed Ms. Mwanakatwe. “As a country, we are humbled to host the IDAl8 high-level mid-term review meeting. This is a rare privilege which we intend to take advantage by showcasing the success of IDA funded projects through their impact on local communities and the economy at large. "Further, through the assessment of the progress made in the first half of IDA18, it is our hope that more resources will be availed under the IDA l9 not only for Zambia but also for all eligible countries," he pleaded. Ms. Mwanakatwe was speaking during the IDA18 mid-term review meeting cultural gala dinner held Avani Victoria Falls Resort in Livingstone on Wednesday night.