By Jane Chanda
Ministry of Green Economy and Environment Permanent Secretary, Daut Chibamba, says there is urgent need for sustainable economic transformation in Zambia.
Speaking at the Zambia Economic Summit yesterday, held at the Ciela Resort in Chongwe, at an event whose theme was, “Navigating Zambia’s Sustainable Economic Transformation,” focusing on integrating climate adaptation and sustainable financing mechanisms post-debt restructuring,” Chibamba highlighted the severe impacts of climate change on Zambia, particularly the ongoing drought, which President Hakainde Hichilema declared a national disaster on February 9, 2024.
He noted that climate-sensitive sectors, including agriculture, water, forestry, health, infrastructure, wildlife, tourism, and mining, were critical drivers of economic development in Zambia.
And president of the Economic Association of Zambia (EAZ) Osward Mungule, during opening of the the summit, called for market-based solutions and sustainable financing to mitigate the crisis.
“The drought situation demands urgent and innovative responses,” Mungule said.
International Monetary Fund (IMF) Resident Representative, Eric Lautier outlined Zambia’s reform path, emphasising the need to restore fiscal and debt sustainability through reduced spending on inefficient investments, increased domestic revenues, and comprehensive debt treatment.
The summit is aimed at achieving several critical objectives, including understanding challenges and opportunities for climate and green finance, exploring budget support and social investment mechanisms, and ensuring economic transformation benefits were distributed equitably.
Chibamba urged EAZ research unit to undertake a study to quantify the economic impacts of the current drought, emphasizing the need for updated information.
“The last robust assessment of the economic impacts of climate change on Zambia’s economy was in 2010 and 2011. With the passage of time, this needs updating,” Chibamba said.
Captions
Ministry of Green Economy and Environment Permanent Secretary, Douty Chibamba.
Economic Association of Zambia(EAD) President Osward Mungule
