Finance and National Planning Minister Dr. SITUMBEKO MUSOKOTWANE says Zambia’s debt needs to be restructured because it is unsustainable. The Minister has affirmed the Zambian Government’s commitment to the debt restructuring process and economic transformation programme through the eighth national development plan and strong public-private sector business linkages. Dr. Musokotwane reiterated this in Accra, Ghana, during a bilateral meeting with Japanese Vice Minister of Finance MASATO KANDA.
Dr. MUSOKOTWANE took the opportunity to call for more Japanese investment in Zambia as a way of complimenting the efforts Government is making in attracting investors from all regions. This is part of the Government’s agenda to ensure greater economic sustainability, job creation and wealth formation.
Commenting on the presentation by Dr. MUSOKOTWANE, the Japanese Vice Minister of Finance stated that climate action related investment was currently very essential and should be pursued. He said the time for private investment to be channeled towards Africa is now – because the continent has an edge over other regions of the world due to it’s young and expanding population.
“Investments should come to Africa from this e savings made in places facing declining populations like Japan,” said Mr. KANDA. He confirmed that Japanese investors are looking for success stories from Africa that have a positive demonstration effect on prospective investors. Mr. KANDA announced that Japan will be holding the TICAD International Conference in August, 2022, at which event, the Japanese private sector will be exploring collaborating with partners from Africa.
“We are also quite happy to explore other channels of private sector investment through the African Development Bank, the World Bank, and other establishments for supply chain diversification.
“Our Tokyo Office of the AfDB is a platform for Japanese firms to collaborate with their counterparts in Africa,” he said.
Mr. KANDA further said “under the G-20 common framework, countries lenders countries should be open to restructuring and reduction,” through carful, and diligent dialogue – based on clear understanding of the economic realities of the countries in debt crisis.
Dr. Musokotwane also held bilateral talks with India and the African Development Bank. The Minister is in Accra for the ongoing Annual Meetings of the African Development Bank Group – 23rd to 27th May, 2022. The Minister is accompanied by Permanent Secretary for Budget and Economic Affairs MUKULI CHIKUBA and Director for Economic Management Mr. MULELE MAKETO MULELE.
