Tuesday, 18 September 2012

world bank advises zambia to invest effectively and transparently in areas that give highest returns the $750million bond money



The World Bank Has Advised Government To Invest Effectively And Transparently In Areas That Give The Highest Returns To Provide Lasting Benefits To The People Of Zambia The $750million Dollar Bond Money.

World Bank Country Director For Zambia, Malawi And Zimbabwe, Dr. Kundhavi Kadiresan Says In Utilizing These Resources, Zambia Needs To Strengthen Its Ability To Identify Viable Projects. 
Dr Kadiresan Says It Is Important That The Country Fully Recognize That This Is A Commercial Debt That Will Need To Be Repaid At Commercial Interest Rates.
In Addition Dr Kadiresan Says There Is Need For A Careful Medium-Term Debt Strategy And Approach Which Should Be Put In Place And Debt Management Strengthened. 
Dr Kadiresan Says The Room The Us$750 Million Bond Provides To Address Zambia’s Development Challenges Is Big But This Will Only Be Possible If These Resources Are Put To The Most Efficient.
The Bank Through Dr Kadiresan Has Further Congratulated Zambia For The Successful Inaugural Issue Of The $750 Million Sovereign Bond.
Dr Kadiresan Says The Large Size Of Total Subscription And The Eventual Lowest Coupon Ever For A Sub-Saharan Africa Inaugural Bond Issue Are A Sign Of International Investor Community’s Confidence In The Government Of Zambia, Its People And The Direction The Economy Is Taking.
She Has Noted That Achieving This Milestone Has Been Premised On Hard Work From The Government And The People Of Zambia Adding That This Hard Work Has Led To A Continued Stable Political Environment And A Good Track Record Of Macroeconomic Stability That Enhanced Investor Confidence.
Dr Kadiresan Says Zambia Is A Country With Two Extremes: On The One End Is The High Economic Growth Of The Past One Decade That Has Enabled It To Graduate Into A Lower Middle Income Country, While On The Other End Is The Unacceptably High Poverty Rate.
She Says This Is A Well Deserved Milestone That Can Bring Benefits To Both The Current And Future Citizens Of This Country.

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