Livingstone to host ‘World Bank’ IDA review meeting
Zambia, this year will be expected to host the 18th International Development Association [IDA] High-Level mid-term review meeting in the tourist capital of its Southern Province, Livingstone, from 13th to 15th November, 2018. Selection of Zambia was announced April, 2018 by World Bank Vice President Axel Van Trotsenburg during an IDA 18 implementation update that was held on the sidelines of the IMF/World Bank annual meetings in Washington. This development was backed by the United Kingdom department for International Development Head of International Financial Institutions Richard Teuten. He expressed happiness that the country would become the first in the Southern African country to host the review meeting, and added that, the choice of Livingstone as the host city was a great one.
Zambia will be the first ever Southern African nation to host review meeting
The Zambian government and World Bank last week conferred to exchange notes on preparations for the review meeting which is 5 months away.
Finance Minister Margaret Mwanakatwe reiterated governments gratitude to the World Bank for the opportunity to host the high-level event, which will provide the nation with the prospect of showcasing the long history of IDA’s work in the country.
Meanwhile World Bank Country Manager Ina Marie Ruthenburg took the opportunity to commend the Zambian government for taking steps to consolidate fiscal prudence. This followed the austerity measures announced by the Zambian finance ministry last month, a few days after strengthening of the Public Finance Management Act.
An additional compliment was expressed by Jean Claude Tchatchouang, Africa Group 2 Constituency Alternate Executive Director at the World Bank Group who said, in April 2018, that Zambia deserved to host the High-Level event because of her good credentials in implementing World Bank programmes.
Fiscal prudence measures, engagement in programs puts Zambia is very good light with the World Bank especially at a time like this when the copper producer will be in discussions with the IMF for bailout package. Zambia could look to the World Bank to guarantee its dollar bond issues for refinance of the existing Eurobonds that are approaching maturity and could also require guarantees for capital raising programs for critical state owned entities. Good relations with the multilaterals in this light make the discussions far easier. Hosting the review meeting in Livingstone is good visibility for Zambia’s tourist capital from a commercial perspective through hotel accommodation, flights and tourist activities that will benefit the locals.