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Finance and National Planning Minister, Dr Situmbeko Musokotwane, says Zambia must maintain its growing reputation as a top investment destination as the country continues implementing reforms aimed at economic transformation and debt sustainability.
Musokotwane made the remarks in Washington DC, where he is leading Zambia’s delegation to the 2025 Spring Meetings of the International Monetary Fund (IMF) and World Bank Group, scheduled from April 21 to 26.
He said the government was encouraged by Moody’s Ratings Agency’s recent upgrade of Zambia’s outlook from “negative” to “positive,” attributing the development to sustained reform efforts.
“This is due to our methodical actions towards economic transformation, debt restructuring, and growth. It is good not only for government but also for our private sector, whose credit rating is influenced by the government’s financial behaviour,” he said in a statement issued in Lusaka on Sunday.
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He said: “We need to maintain our character as a top attractive investment destination.”
Musokotwane is accompanied by Secretary to the Treasury Felix Nkulukusa, Bank of Zambia Governor Dr Denny Kalyalya, and Zambia Revenue Authority Commissioner General Dingani Banda.
Also attending the Spring Meetings are Members of Parliament Sibongile Mwamba (Kasama Central) and Sibeso Sefulo (Mwandi), who are participating in the Global Parliamentary Forum held on the sidelines of the event.
The minister was received in Washington by Zambia’s Ambassador to the United States, Dr Chibamba Kanyama.
Outlining Zambia’s position at the Spring Meetings, Dr Musokotwane said the country’s 4 percent GDP growth projection for 2024—despite drought-induced challenges—underscores the resilience of Zambia’s reform agenda.
“We must promote investments in mining, agriculture, tourism, and manufacturing through joint ventures between foreign investors and local businesses,” he said.
Musokotwane also criticised what he described as the “era of fiscal negligence” under the previous administration, which he said led to massive debt accumulation without addressing key infrastructure needs.
“Despite heavy borrowing between 2015 and 2021, major routes such as Serenje–Nakonde, Mpika–Mbala, and Kazungula–Sesheke were left in disrepair,” he said.
“The New Dawn administration has prioritised debt sustainability while actively addressing public concerns about the country’s infrastructure deficits.”
He said the government would use the Spring Meetings to aggressively pursue public-private partnerships (PPPs) to bridge infrastructure gaps and attract sustainable investment.
Zambia’s delegation will take part in key IMF statutory meetings, including the African Consultative Group Meeting, with IMF Managing Director, Kristalina Georgieva, and the International Monetary and Finance Committee—IMF’s highest decision-making body.
The team will also meet with IMF departments such as the African Department and Fiscal Affairs, and consult with IMF Mission Chief for Zambia, Mercedes Vera Martin.
At the World Bank, the delegation will engage with Group President Ajay Banga and the Vice President for Eastern and Southern Africa, while participating in events hosted by the African Group 1 Constituency.
Bilateral meetings with development partners and investor seminars are also scheduled.
Musokotwane described the Spring Meetings as a critical opportunity to consolidate development cooperation, benchmark international best practices, and position Zambia as a premier investment hub in Africa.
“These meetings provide Zambia with a global platform to showcase our investment potential and natural resource endowments,” he said.
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