Africa & World

UK commits to support Zambia’s economic recovery plan

THE United Kingdom has pledged to support the Zambian government’s plan to return to a position of debt sustainability, which is aimed at growing the country’s economy, attracting investors and creating jobs.

This commitment has been made through the Minister for Africa, Foreign, Commonwealth and Development Office for the United Kingdom (UK) of Great Britain and Northern Ireland, Vicky Ford.

Ms Ford says the UK government believes that Zambia’s strategically located position, history of good financial regulation and the skills of its people, can allow it to become a future trader and investment hub for the wider Southern African region.

“In the week of the COP26, we re-enforced our commitment to green economic development, development that supports our climate ambitions and protects Zambia’s precious national assets, like its wildlife and forests,” she noted.

Ms. Ford added. “There are economic changes to overcome, the UK will support your government’s return to a position of debt sustainability, so that Zambia can grow its economy, attract investors and create jobs,”

She also noted that the UK recognizes that the Zambia government has similarly made moves within its first budget to improve the environment, for local and international investors.

“To ensure that every Zambian benefits from Zambia’s growth and economic development, we look forward to working closely with you and your government in the coming years towards an exciting future.” she added.

And Zambia’s Minister of Foreign Affairs and International Cooperation, Stanley Kakubo, in collaboration with his UK counterpart, signed a Green Growth Impact framework for cooperation agreement at the Foreign, Commonwealth and Development Office in London, on November 4, 2021.

During the signing of the Green Growth Impact Framework for cooperation agreement, Minister Ford said the agreement symbolized the strengthening of the two country’s relationship and commitment to trade and investment for sustainable and long-term economic development.

And Mr Kakubo observed that the joint initiative between the Zambian and UK governments, signifies the long standing friendship that exists between the two countries.

“The economic frontier is now in the new government and our position is to prioritise economic diplomacy, and we are looking forward to having the UK being our front line partners in all this,” he noted.

He further stressed that the Zambian government is looking for jobs as a major statistic in the country’s economic development while noting that the trade and investment that will happen between the two governments is key.

Minister Kakubo said “our two governments have committed to work together to build a stronger, more diversified and inclusive Zambian economy that delivers economic opportunities for the majority, while delivering a stronger relationship and mutual economic benefits to Zambia and the UK.”

The Green Growth Impact framework represents a voluntary plan of action between the government of Zambia and the United Kingdom, aimed at strengthening economic development and opportunities for both countries.

The compact will support Zambia to follow a green development path and contribute to global ambition on emission reduction, whilst protecting Zambia’s own unique biodiversity and natural capital for the benefit of future generations.

This is according to a statement issued to the media in Lusaka today by First Secretary for Press and Public Relations at the Zambian High Commission in the United Kingdom, Abigail Chaponda. – Lusaka Times

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