International Monetary Fund (IMF) and United Nations Economic Commission for Africa (ECA) deliver lecture at University of Zambia (UNZA) on opportunities to move Zambia from Economic Stabilization to inclusive growth

The International Monetary Fund (IMF) and the United Nations Economic Commission for Africa (UNECA) Lecture on Policy Measures for Inclusive Growth in Zambia

The International Monetary Fund (IMF) and the United Nations Economic Commission for Africa (UNECA), Sub regional Office for Southern Africa (SRO-SA), recently delivered a lecture to over 400 students and lecturers from the University of Zambia’s Department of Economics. The lecture focused on policy measures that address economic problems and social issues in order to promote inclusive growth and tackle inequality in Zambia.

Series of Public Lectures

This lecture is the third in a series of public lectures. The first lecture, held in July 2022, discussed debt management. The second lecture, held in June 2023, focused on “Addressing the Financial Squeeze for Achieving Sustainable Development Goals.” The third lecture, titled “From Economic Stabilization to Inclusive Growth: Zambia’s Reform Path,” highlighted the concrete measures taken by the country to stabilize its economy with the support of the IMF. It also discussed interventions supported by UNECA through the 8th National Development Plan to ensure that development benefits the majority of the population.

Importance of Economic Discussions

In his welcoming remarks, Prof Jacob Malungo, Dean of Humanities and Social Sciences, emphasized the need for an industrial revolution in Zambia and for the population to be actively involved in providing checks and balances to government expenditure. He welcomed the importance of IMF and UNECA discussing these economic issues with the university.

ECA’s Support for Inclusive Industrialization

Ms. Eunice Kamwendo, Director of UNECA SRO-SA, provided the context of international support for sustainable inclusive industrialization in line with the Sustainable Development Goals (SDGs). She outlined some aspects of Zambia’s reform path and highlighted the country’s high poverty rate, inequality, youth unemployment, and low GDP growth. She emphasized the strategic reforms undertaken to ensure economic transformation, job creation, social development, environmental sustainability, and good governance. She also mentioned ECA-supported projects in Zambia, including the Zambia-Zimbabwe Common Agro Industrial Park and the Battery Value Chain initiative between Zambia and the Democratic Republic of Congo.

IMF’s Role in Economic Reforms

The IMF Resident Representative, Ms. Preya Sharma, based her presentation on the recent 2023 Article IV Consultation. She highlighted Zambia’s economic growth rebound and the role of the IMF in supporting the country’s reforms. She mentioned that Zambia had faced excessive borrowing, leading to unstable debt. She also noted that Zambia had agreed to a debt restructuring with official creditors and that the Fund-supported program would help restore macroeconomic stability and foster inclusive growth. The IMF is assisting Zambia through debt restructuring, policy reforms, fiscal consolidation, and restoring debt sustainability.

Question and Answer Session

The lecture was followed by a Question and Answer Session moderated by Ms. Olayinka Bandele, UNECA SRO-SA Chief Inclusive Industrialization. The session allowed participants to raise pertinent issues and gain further insights on the lecture theme. Students and lecturers discussed topics such as income inequality, the impact of IMF restructuring on the poor, poverty levels in Zambia, and the country’s capacity to establish an industrial base. The students appreciated the lecture for deepening their understanding of economic issues and called for continued lectures with the participation of government officials.

Distributed by APO Group on behalf of United Nations Economic Commission for Africa (ECA).

SDGs, Targets, and Indicators in the Article

1. Which SDGs are addressed or connected to the issues highlighted in the article?

• SDG 1: No Poverty
• SDG 8: Decent Work and Economic Growth
• SDG 10: Reduced Inequalities
• SDG 16: Peace, Justice, and Strong Institutions

2. What specific targets under those SDGs can be identified based on the article’s content?

• SDG 1.1: By 2030, eradicate extreme poverty for all people everywhere.
• SDG 8.5: By 2030, achieve full and productive employment and decent work for all women and men, including for young people and persons with disabilities, and equal pay for work of equal value.
• SDG 10.4: Adopt policies, especially fiscal, wage and social protection policies, and progressively achieve greater equality.
• SDG 16.6: Develop effective, accountable and transparent institutions at all levels.

3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?

• Indicator for SDG 1.1: Poverty rate
• Indicator for SDG 8.5: Employment rate, inflation rate
• Indicator for SDG 10.4: Gini coefficient (measure of income inequality)
• Indicator for SDG 16.6: Transparency index

Table: SDGs, Targets, and Indicators

Note: The specific values for the indicators are not mentioned in the article, but they can be measured using these indicators to track progress towards the targets.

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Source: african.business

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