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‘Shore up’ BoZ, Lungu tasks new Governor

PRESIDENT Edgar Lungu has tasked new Bank of Zambia (BoZ) Governor, Christopher Mvunga, to ensure there is closer coordination between fiscal and monetary policy to consolidate existing measures aimed at addressing the economic challenges.

President Lungu urged Mr Mvunga to apply his expertise to formulate policy-driven solutions to address macroeconomic challenges the country was faced with.
He implored Mr Mvunga to also ensure a win-win situation for all players in the financial sector and the economy at large.
Mr Lungu urged the new central bank Governor to particularly find efficient ways of financing agricultural inputs and management of the oil procurement sector.
He was speaking at State House in Lusaka yesterday when he swore in Mr Mvunga following his ratification by Parliament last week.
The President also swore in Dr Emily Sikazwe as Electoral Commission of Zambia vice chairperson, Major-General Vincent Mukanda as ECZ member, as well as Mr Mumba Tembo and Ms Mervis Sooli respectively as policy specialists at Cabinet Office.
President Lungu said he was aware that Mr Mvunga’s appointment attracted criticism from some sections of society but urged him to prove them wrong by putting in the best of his ability.
He said he was confident that Mr Mvunga with his over 30 years’ experience in the private and public financial management sector would not let the Zambians down.
Mr Lungu noted that the economy was faced with numerous challenges due to the Covid-19 pandemic but noted with happiness that BoZ had taken measures to mitigate the situation. He said the current efforts to address debt sustainability and reduce the country’s debt burden needed to be sustained and a successful outcome achieved.
And the President said the appointment of Dr Sikazwe as ECZ vice chairperson was a clear demonstration of his Government’s commitment to promoting women to positions of authority.
He implored her to make sound decisions that would safeguard the credibility of the ECZ.
Meanwhile, Mr Mvunga pledged to work hard together with the team at BoZ and the Ministry of Finance to ensure the economic challenges facing the country were mitigated soon.

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