COMMENT - Just another IMF/World Bank sellout. This is why Africa does not develop for the benefit of it's own people - it's finance ministers are the lackeys and often lifelong employees of the IMF and the World Bank.
Nigeria's FM was an MD at the World Bank for years. I wonder where she will go back to when her term in government is up.
Minister of Finance Alex Chikwanda in Washington for joint IMF/World Bank Spring Meetings
TIME PUBLISHED - Wednesday, April 18, 2012, 5:51 pm
Minister of Finance and National Planning, Mr. Alexander B Chikwanda arrived in Washington DC as head of a Zambian delegation to the 2012 IMF/World Bank Spring Meetings.
Also attending the meetings is the Bank of Zambia Governor Dr. Michael Gondwe and other officials from the Central Bank and the Ministry of Finance that includes the Secretary to the Treausry Mr. Fredson Yamba.
According to a programme availed to the Embassy of the Republic of Zambia in Washington DC, Finance Minister Alexander B Chikwanda and his delegation will hold meetings with the management of the IMF and the World Bank such as the Vice President for the Africa Region, Ms. Obiageli Ezekwesili, the World Bank Executive Director Mr. Hassan Taha and the International Monetary Fund(IMF) Director of the African Department Ms. Antoinette Monsio Sayeh to discuss recent economic developments in Zambia, as well as areas where the two institutions can assist in the achievement of Zambia’s development agenda.
Mr. Chikwanda will also meet with the Executive Vice President and CEO of the International Finance Corporation (IFC), Mr. Lars Thunell to discuss IFC work programme in Zambia and future assistance. Last December, IFC assured Zambia that it would continue supporting the country’s investment climate reforms and was committed to supporting the new PF government consolidate positive gains already realized.
[The International Finance Corporation is "the private sector arm of the World Bank Group". - MrK]
Another meeting is scheduled between the Minister and the President of the Millennium Challenge Corporation (MCC) Mr. Daniel W. Yohannes. The MCC recently approved a US$354.8 million Compact with Zambia designed to increase Lusaka’s overall water supply, extend and improve select water supply, sanitation and drainage networks.
[Question: how is all of this going to be repaid without increased tax collection from the mining sector? - MrK]
The compact also aims to decrease flooding and provide Lusaka residents greater access to water and better water supply, sanitation and drainage services. It also provides technical assistance to ensure women and vulnerable populations benefit from project investments.
As part of the Spring Meetings, the Zambian delegation will participate in different seminars and briefings that have been lined up through to the end of the meetings. One interesting meeting will be on “Mining Tax Regime Meeting: Case Study on Zambia” with Prof Conrad from IGC.
Speakers at the various seminars and briefings include a Press Briefing on the “Global Financial Stability Report “ (GFSR) by Mr. Jose Vinals who is the the Financial Counselor and Director of the IMF’s Monetary and Capital Markets.
Two other documents, the “World Economic Outlook” (WEO) and “Fiscal Monitor Report” will be presented by Mr. Oliver Blanchard, IMF Economic Counselor and Director of Research Department and by Carlo Cottarelli, Director of the IMF’s Fiscal Affairs Department.
Zambia will also participate in a seminar entitled “The Rise of Social Safety Nets in Africa” which will bring together policy makers, practitioners, civil society representatives, development partners and Bank Management to review social protection success stories in Africa and elsewhere, the challenges that remain in the development of appropriate safety nets in Africa, the evidence base that safety net programmes help reduce chronic poverty and develop human capital and the key messages from the new Africa Region Social Protection Strategy.
IMF Managing Director, Christine Lagarde and outgoing World Bank President Robert Zoellick will also participate in Press briefings during the course of the meetings.
Labels: FINANCE MINISTER, IMF, INTERNATIONAL FINANCE CORPORATION, ROBERT ZOELLICK, World Bank
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Zesco blames ERB over proposed tariff hike
Written by Chiwoyu Sinyangwe
Tuesday, March 31, 2009 4:54:25 PM
ZESCO Limited has blamed Energy Regulation Board (ERB) for the proposed high electricity tariff adjustment, accusing the energy regulator of having resisted approving previous tariff hikes at a correct level.
And UPND Mazabuka member of parliament Garry Nkombo has urged the government to abandon the International Finance Corporation (IFC) - World Bank’s financing arm - as transaction advisors for the sake of expediting the development of the Kafue Gorge Lower hydropower station.
Zesco director for customer services Teddy Mwale said the power utility had initially structured the roadmap to reaching the cost reflective tariff level such that this year was supposed to result in lower tariff adjustment than last year.
“If our regulator [ERB] had allowed our previous tariff adjustment, the current adjustment would have been lower now as we go towards cost reflective tariff level by next year,” said Mwale over the weekend.
“We had structured our adjustments in such as way that subsequent increases were to be getting as we approached towards the cost reflective level of economic sustainability.”
And Zesco Limited managing director Rhodnie Sisala said the country needed to adjust the tariffs despite the current economic meltdown.
Sisala warned that the country was likely to come out worse of the current economic meltdown if the generation facilities were not improved.
“We need at least US $6 billion to deal with the energy situation if we are to meet the expected demand should the economic growth get back on track,” said Sisala.
And Nkombo said there was need for the country to move forward expeditiously on the construction of the Kafue Gorge Lower hydropower station.
He said previous studies on the 750 megawatts hydropower station, some which date back to the 1970s, had confirmed the viability of the project.
Nkombo was reacting to the statement by Peter Mumba on Saturday that the government would not solely rely on the advice of IFC on the proposed development of the Kafue Gorge Lower following its (IFCís) proposal that projected power output be reduced from 750 to 600 mega watts.
Labels: ENERGY, ERB, INFRASTRUCTURE, INTERNATIONAL FINANCE CORPORATION, ZESCO
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World Bank sets $75m fund for increased food supply
Written by Kabanda Chulu
Monday, February 23, 2009 4:37:58 AM
THE International Finance Corporation (IFC) of the World Bank has established a US$75 million agribusiness fund to support farming and food production in emerging markets like Zambia to increase global food supply.
The IFC would partner with the Altima Partners LLP, which manages the US$625 million Altima One World Agriculture Fund, to create a parallel vehicle that specifically targets emerging markets.
IFC director for global agribusiness Oscar Chermerinski stated that high food prices and their impact on the poor would continue to be a top concern for IFC and the World Bank Group.
He stated that increasing agricultural productivity in a sustainable way was important to expanding global food production.
“Although prices for soft commodities have been declining recently, they remain above historical highs and are likely to rise again in today’s volatile global economic climate. The financial crisis has negatively affected the availability of financing and has increased the cost of credit hence a combination of declining soft commodity prices and increasing cost of credit creates lower incentives for farmers to plant, which can result in global production shortages,” Chermerinski stated.
He stated that IFC’s response would focus on increasing food production by investing in productive farm land in countries with high potential for agriculture and improving productivity.
“Agribusiness private equity funds investing in farmland are just emerging as an asset class. We are glad to work with Altima Partners in creating new opportunities for emerging markets to expand their food production,” stated Chermerinski. “By investing in the Altima fund, IFC is leveraging its resources to stimulate growth in agricultural production in emerging markets of member countries especially least developed ones.”
And Altima Partners LLP senior director Joseph Carvin stated that the new fund would invest in agricultural production land and farm operators that would help increase economies of scale and improve farm productivity by implementing modern technology and best practices.
“We are confident that our combined strengths will be a force for positive change in the agriculture sector and will benefit communities around the world,” stated Carvin.
Labels: AGRICULTURE, FOOD, INTERNATIONAL FINANCE CORPORATION, World Bank
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IFC urges enhanced funding to Kafue Gorge Lower project
Written by Florence Bupe
Friday, January 30, 2009 3:17:30 AM
THE International Finance Corporation (IFC) has called on government to enhance its funding support to the Kafue Gorge Lower hydro power project to make the venture more economically viable.
And the corporation has disclosed that 15 international companies have expressed interest in investing in the power generation project.
Presenting a progress report on the status of the project to government yesterday, IFC senior investment officer for infrastructure advisory Javier Calvo said the project was on schedule but called on government to find ways of making it more bankable.
“The project’s preparatory stage is near completion, and we are on schedule, but we need government support to make the project more bankable,” he said.
He said the role of government through public funding support was very crucial in determining the success of the project.
Calvo said the lending market was currently tight and that it was vital for government to come up with concessionary terms for the development of the project.
He further disclosed that the feasibility exercise was likely to be completed by early next year.
Calvo said IFC had already assessed the project risks and expressed optimism that the project would receive a favourable response.
And Energy permanent secretary Peter Mumba said the government was still committed to the development of cost-reflective electricity rates and would adjust tariffs accordingly in the next few years in order to attract investments in the energy sector.
Mumba also encouraged local companies to bid in the Kafue Gorge Lower project once the tender was advertised.
The Copperbelt Energy Corporation (CEC), in partnership with Swiss mining giant Glencore International AG, planned a joint venture to bid for the development of the US $1.5 million hydro power plant at Kafue Gorge Lower.
Labels: HYDRO POWER, INTERNATIONAL FINANCE CORPORATION, KAFUE
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