United States Treasury Undersecretary Jay Shambaugh has commended the Zambia Economic Team led by Finance and National Planning Minister Dr. Situmbeko Musokotwane for positively re-aligning the Zambian economy.
Dr. Shambaugh who heads Treasury’s International Affairs said this at a public forum after Zambia’s Ambassador to the U.S. Mr. Chibamba Kanyama wanted to know the key economic priorities for Zambia and Africa following the three (3) country visit early this year by Treasury Secretary Janet Yellen.
“The Zambian Ministry of Finance Team has demonstrated great leadership in managing the economy and striking debt restructuring deal with external creditors,” said Dr. Shambaugh.
He said the high debt burden was affecting Zambia’s economic growth prospects, adding that he was personally encouraged by the focus and discipline of the Zambia team.
“As part of the team that visited Zambia with Treasury Secretary Janet Yellen, I am highly impressed with the high levels of focus by the Zambian economic team on helping stabilize the economy,” he said.
Dr. Shambaugh also acknowledged that the Zambian private sector had shown commitment to be part of the economic programs and believes that with the debt restructuring deal achieved, the private sector will respond favorably to any such opportunities that will arise.
He said, “In many countries where we asked about problems the private sector was facing, the response was overwhelmingly apportioning blame for economic problems to government. It was different in Zambia. The private sector believed high debt levels were the problem and they all believed restructured debt would unlock the economy.”
He said the way forward for Zambia given the restructuring of its external debt was to anchor the economy on a platform where it could generate jobs for the young people.
Dr. Shambaugh said their observations about Zambia and Africa at large was that it was endowed with a huge population of young people who need to be central to economic policy. He was buoyant about Zambia’s economic prospects and about how the current trajectory would create jobs for young people now and in future.
Dr. Shambaugh is confident that with what is happening to Zambia now, other countries in the region facing debt challenges would have something to emulate.
Ambassador Kanyama thanked the U.S. Government and Treasury department in particular for helping Zambia negotiate for the debt restructuring deal.
In July, the Foreign Investment Network (FIN) / Forbes (Best of Africa) Conference awarded Finance and National Planning Minister Dr. Musokotwane for the prestigious FIN Best of Africa Outstanding Minister Award.
This is contained in statement issued by Charles Tembo First Secretary Press and Public Relations Embassy of the Republic of Zambia Washington, D.C. USA.
