The Bank of Zambia Governor, Dr Denny Kalyalya, updated Members of Parliament on key macro-economic and financial sector developments, and also provided general information on the operations of the Bank of Zambia.  This was when he officially opened a Seminar for selected Members of Parliament, which took place from 1st to 4th November, 2019 at AVANI Victoria Falls Resort in Livingstone, Zambia.

The purpose of the Seminar was to enhance the Members’ understanding of the work and operations of the Bank of Zambia, with a view to strengthen the partnership between the Bank of Zambia and the National Assembly. The Governor also said that macroeconomic stability, as reflected principally in low and stable inflation, low and sustainable fiscal deficit, stable exchange rate, is a key prerequisite for achieving sustainable economic growth and poverty reduction, both of which are paramount to the development of the country.

Prior to the official opening speech by the Governor, Mr Mathews Jere, Member of Parliament for Livingstone Central, welcomed the delegates to the Seminar, who included Members of Parliament, the Bank of Zambia Governor and his staff, as well as the Clerk of the National Assembly of Zambia and her staff.
Earlier, the Clerk of the National Assembly, Mrs Cecilia N Mbewe, in her remarks, thanked the Bank of Zambia for the initiative to consistently engage Members of Parliament through Seminars and workshops. She stated that the seminars provide an opportunity for technocrats in the central bank to acquire a better understanding of the aspirations of the Zambian people through engagements with the people’s representatives. She further said that the Seminars are important for Members of Parliament to understand and appreciate the factors underlying monetary and financial system supervisory policies.

The Seminar, which targeted Members of Parliament on the Public Accounts Committee, the Budget Committee, the Committee on National Economy, Trade and Labour Matters and Chairpersons of Standing Committees of Parliament, also considered the possible repeal and replacement of the Bank of Zambia Act and the National Payment Systems Act, in order to respond to recent global and national economic developments.
As part of the Seminar, the participants undertook an excursion to the Kazungula Bridge, a joint project between the governments of Zambia and Botswana. The bridge, which will link the two countries is expected to contribute towards boosting the regional economy through increased traffic along the North-South Corridor; increased global competiveness of goods in the SADC region due to reduced time-based trade and transport; and reduction of transit time from five days to about two hours.
The project scope includes the construction of a 923 m long rail/road bridge; construction of two border posts for Zambia and Botswana; and resettlement of Lumbo Village of Zambia. The Lead Consultant of the project elaborated that the bridge and border posts were expected to be fully operational by June, 2020, a development, which was highly appreciated by the Members of Parliament who participated in the Seminar.