Zambia Champions Remittances as Key Development Tool Ahead of Global Financing Summit
Zambia is calling for a radical rethink of the global financial system, placing remittances and diaspora contributions at the heart of inclusive development strategies.
The call was made by Ms. Etambuyu Anamela Gundersen, Permanent Secretary for International Relations and Cooperation at the Ministry of Foreign Affairs and International Cooperation, during a high-level virtual event ahead of the 4th International Conference on Financing for Development (FfD4) set for June 30 to July 3, 2025, in Seville, Spain.
Ms. Gundersen emphasized that while Africa is not short on solutions, its growth remains stifled by an inequitable global financial architecture. With Sub-Saharan Africa receiving over $50 billion in remittances in 2023, she noted that such financial flows are essential to family livelihoods, education, entrepreneurship, and informal safety nets—especially in countries like Zambia.
“Remittances must no longer be viewed merely as private transfers but as strategic levers for investment and economic resilience,” she stated, citing high transaction fees and weak regulatory environments as major barriers.
As a co-facilitator of the upcoming global summit, Zambia is pushing for transformative reforms. These include fair taxation rights, diaspora bonds, and enhanced public-private partnerships that engage diaspora communities as partners in nation-building.
Ms. Gundersen also highlighted Zambia’s domestic efforts involving the Ministry of Finance, the Bank of Zambia, and revenue authorities to transform diaspora engagement from remitting to investing.
With a unified African voice, Zambia is positioning itself to champion bold, people-centered financing solutions at FfD4.
