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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