WORLD BANK HAILS ZAMBIA’S SOLAR PROJECT

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By NATION REPORTER

The World Bank’s International Finance Corporation [IFC] says Zambia’s scaling-up solar project is a flagship project and a great example of the sustainable energy development for Africa and the whole world.

The IFC also says improving operational efficiency in the energy sector in Zambia will be a key driver for the country to register substantial progress in the attainment of Sustainable Development Goals, Vision 2030, and the programmes listed in the Seventh National Development Plan.

IFC Vice President for Middle East and Africa Sergio Pimenta said this in Bali, Indonesia, yesterday during a bilateral meeting with the Zambian delegation, on the sidelines of the 2018 annual meetings of the International Monetary Fund [IMF] and the World Bank.

Mr. Pimenta stated that IFC is willing to support private sector development programmes such as Zambia’s recently launched Private Sector Credit Guarantee Scheme; green production and storage initiatives; and, housing development.

He also expressed the IFC’s willingness to support Zambia with technical assistance in capital market management and transactions.

And speaking on behalf of the Zambian delegation, Deputy Secretary to the Cabinet in charge of Finance and Economic Development Christopher Mvunga said the government’s economic stabilisation and growth reforms will bring lasting stability to the country’s economy as it is a priority initiative for  President   Edgar  Lungu, who on a frequent basis, keeps a watchful eye on progress in provinces and districts.

During the meeting, held at the Bali International Conference Center, Mr. Mvunga took time to highlight some macroeconomic indicators related to the real Gross Domestic Product (GDP), inflation, the fiscal deficit, the exchange rate and general public debt metrics.

Asked about the measures taken to redress the shortcomings in the social cash transfer programme, Mr. Chiteme explained that the Government had acted decisively on the matter and that more measures will be instituted when the audit process is fully complete.

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