2009
immediate policy interventions and explore opportunities that can be created in order to mitigatethe impacts of the global economic crisis as well as to act as a policy reference source for feeding
into the management of Zambia‟s economy
, going forward.The World Bank Vice President for the Africa Region, Obiageli Ezekwesili, in her presentationemphasized that diversification was crucial now more than ever, to provide insurance against theboom and bust cycles associated with commodities like copper. She asked that the delegatesdirect their deliberations at considering
the question “if
the blood that runs the Zambian economy
has always been copper, how easy is it to imagine Zambia without copper?” Ms Ezekwesili
impressed upon the need for the right policies in order to accelerate growth. She mentioned thehuge impact of the diaspora in the development of countries such as Ghana, Kenya and Ethiopia.Finance and National Planning Minister Situmbeko Musokotwane said Zambia had becomevulnerable to the current economic crisis because of her high dependence on a single exportcommodity. He however said government had taken measures to overcome the challenges byallocating funds in the 2009 budget for diversifying the economy by stepping up development intourism, agriculture and manufacturing sectors.Dr. Jebamalai Vinanchiarachi the Principal Advisor to the UNIDO Director General presentedthe three options of emerging economies and South
–
South cooperation, policies for knowledgeservices and geographical expansion of commodity belts through agro industrial value addition.In so doing he spelt out the role the diaspora and universities in several countries had playedtowards growth in the financial sector, as well as growth of investments in other areas. Heemphasised that Zambia would do well to emulate these.The vote of thanks for the keynote session of the meeting was delivered by Ms. Mizinga Melu,the Standard Chartered Bank Managing Director. Her emphasis was that although there was agreat wealth of knowledge that had been presented from which Zambia could learn, the Zambianstake holders were looking to address the impact of the Global Financial crisis on theirinstitutions, and the nation as whole. This required that the Indaba translates the presentationsand deliberations into pragmatic projects and programs of actions. Ms Melu emphasized that thethree keywords to d
efine the Indaba‟s outcomes
should be
“implementation, implementation andimplementation”.
2.2 Other Country Experiences:
Hon. Mustafa Haidi Mkulo, MP, Tanzania‟s Minister for Finance and Economic Affairs,
outlined the adverse global impact and the local impact of the financial crisis on Tanzania. Hewent on to further outline the six priorities Tanzania was taking to mitigate the effects of thefinancial crisis as ensuring food security, ensure financial stability especially with regards toprotecting from the effects on the productive sector, ensure continued medium terminfrastructural development, revamping the cash crops markets, promoting domestic tourism andincreasing productivity. A pertinent point made was that the problem of the crisis beinginternational in nature, it was important that it is addressed both at local and at internationallevels and that the causers of the problem being the developed world demonstrate enlightened
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