Finance and National Planning Minister Attends 2023 IMF and World Bank Caucus in Cape Verde

LUSAKA, ZAMBIA – Dr. Situmbekeo Musokotwane, the Minister of Finance and National Planning, along with his delegation, has arrived on Sal Island in Cape Verde to participate in the 2023 IMF and World Bank Caucus. The event, scheduled to take place from July 6th to 8th, aims to discuss new financing modalities and mechanisms for economic development in Africa, with a particular focus on public debt as a financing instrument for growth, climate finance, energy, and private sector development.

Dr. Musokotwane expressed Zambia’s readiness to share its experiences in the ongoing economic transformation and debt restructuring process during this year’s caucus. He emphasized that these experiences have strengthened Zambia’s determination to remain committed to its economic transformation program. He further highlighted the importance of careful planning and implementation of development programs to ensure the country stays on track with its obligations under the debt restructuring process.

While the ultimate outcome of the caucus is the proclamation of the Sal Declaration, Dr. Musokotwane also sees the event as an opportunity to engage in bilateral meetings with international organizations and high-level personalities attending the gathering. These discussions will cover various areas of cooperation and collaboration.

In addition to the official opening ceremony, Dr. Musokotwane and his delegation participated in several sessions, including the International Finance Corporation (IFC) roundtable on developing green and sustainable bond markets in Africa. They also took part in a dialogue on Africa’s funding challenges based on a presentation by Mr. Abebe Selassie, the Director of the African Department at the IMF. Furthermore, discussions were held on debt as a financing instrument for growth in Africa within the context of the new global financial architecture.

The remaining sessions of the caucus will focus on important themes such as formalizing the informal economy, fostering energy financing for Africa, private sector development, and unlocking climate finance for the continent.

Dr. Musokotwane’s delegation includes Mr. Mulele Maketo Mulele, Director of Economic Management at the Ministry of Finance and National Planning, and Mr. Issac Muhanga, Director for Financial Markets at the Bank of Zambia.