Zambia to represent Africa on World Bank Board

More Good News to read!...

---

Zambia to represent Africa on World Bank Board: "

Finance Minister - Dr. Situmbeko Musokotwane

ZAMBIA is among three African countries expected to represent the continent at the World Bank board of 24 executive directors whose responsibility is to conduct the general operations of the bank.

The World Bank Group has a board of 24 executive directors that decide general operations of the bank such as grants, investments, guarantees and credit proposals made by the bank’s president, and decide on strategic, policy and budgetary issues that guide the institution.

Minister of Finance and National Planning Situmbeko Musokotwane said when Zambia assumes office in October, it will be expected to represent the interests of not only the nation but also those of other African states.

Dr Musokotwane said this in Lusaka when outgoing World Bank executive director Toga McIntosh bid farewell yesterday.

He described the outgoing director as a hard working man, who represented the continent very well during the financial crisis.

His efforts resulted in increased financial support to the continent Dr Musokotwane said.

“The office of executive director is very important as decision-making is by the board. It’s therefore important that the interests of member countries are represented. We have been lucky that during his tenure of office a number of positive decisions were made. For example, Africa is now represented by three directors from two,” he said.

Dr Musokotwane said that during his meeting with Mr McIntosh, a number of issues were discussed centering on Zambia’s economic situation.

He said Government has revised the projected national growth to 6.6 percent this year due to expected increase in copper output and tourism.

He said national growth will result in more goods and services produced, job creation and expansion of other sectors in the economy.

“On average everybody becomes richer. The root to poverty reduction is constant growth in the economy which was not there before. If we did not embark on privatisation, the growth Zambia we are seeing would not have been there,” he said.

Dr Musokotwane said prudent management by Government has encouraged investment which has in turn resulted in economic growth.

And Mr McIntosh said the bank’s policy and action are based on growth and poverty reduction.

“The 6.6 percent growth targeted for this year is good news in achieving growth and reducing poverty. Zambia as a member of the World Bank is entitled to funding under the International Development Agency (IDA) and the formula for disbursing funds is based on growth figures,” he said.

He said the current IDA number 15 comes to an end this December and discussions are underway to mobilise resources for IDA 16.

He said with the economic progress that Zambia is making, the country could increase its resource envelope under IDA 16 for infrastructure development.

"