Financial Inclusion Strategy (Fis) Peer Learning Group

Total Page:16

File Type:pdf, Size:1020Kb

Financial Inclusion Strategy (Fis) Peer Learning Group FINANCIAL INCLUSION STRATEGY (FIS) PEER LEARNING GROUP Policymakers in the AFI network have reached a consensus that National Financial Inclusion Strategies (NFIS) are essential in coordinating financial inclusion policies and ensuring they are based on sound data and the impacts are robustly monitored. AFI’s Financial Inclusion Strategy (FIS) Peer Learning Group promotes the development, implementation and monitoring and evaluation of national financial inclusion strategies. WWW.AFI-GLOBAL.ORG #FIS #AFIWG AT A GLANCE KEY OBJECTIVES FISPLG provides practical support to countries that have made commitments under the Maya Declaration and to the G20 through its Financial Inclusion Peer Learning Program. > Facilitate peer learning on the different approaches to strategy development and implementation across the network; > Provide a platform for peer reviews of draft strategies and action plans; > Develop joint guidance on aspects of national strategy formulation and implementation; and > Support the capacity of members to develop and implement financial inclusion strategies, including through connections to expert stakeholders. PLANNED ACTIVITIES > Gender Savings Group: Guideline Note on Gender Savings Groups; Case Study Gender SavingsGroups in Egypt. > Youth and Financial Inclusion Subgroup: Guideline Note Integrating Youth in NFIS. > Inclusive Green Finance Subgroup: Toolkit Integrating the IGF perspective in a NFIS. > M&E and NFIS (jointly with FIDWG): Guidance Note on M&E Framework for National Financial Inclusion Strategies. > Onboarding of the Informal Sector (jointly with SMEFWG): Policy Framework on onboarding of the informal sector. Member Policy Knowledge 58 Institutions 53 Countries 97 Changess 14 Products KNOWLEDGE PRODUCTS PEER REVIEWS > SDGs & Socially Responsible Finance > Central Bank of Egypt 2020 (SRF) - Case Studies from Selected Review of the State of Financial Inclusion AFI Member Report draft report > Palestine Monetary Authority > Guideline Note 35: Effective 2019 Review of Palestine’s NFIS Stakeholder Coordination for > Bank of Uganda National Financial Inclusion Strategy Review of Uganda’s NFIS Implementation > Bank of Zambia > Guideline Note 34: Communication Review of Zambia’s NFIS Strategies for National Financial > Bank of Zambia Inclusion Strategy Implementation NFIS lII, Updated Draft I > Inclusive Insurance in National > Ministry of Finance Swaziland & Central 2018 Financial Inclusion Strategies Bank of Swaziland Draft document of Swaziland’s National > National Financial Inclusion Financial Inclusion Strategy Strategies: Current State of Practice > Reserve Bank of Zimbabwe > Case Study 3: Bank on Her: > Central Bank of Solomon Islands 2017 Diamond Bank Enhances > Banco de Moçambique Opportunities for Nigeria’s Low- NFIS of Mozambique Income Women to Save > Superintendence of Banking Peru > Case Study 2: Women’s Financial NFIS of the Republic of Peru Inclusion in the Solomon Islands. > Philippines A simple opportunity can make a NFIS of the Philippines difference > MOF Swaziland Country’s proposal for developing a NFIS : Women Financing: > Case Study 1 and associated roadmap documents A case study of Lapo Microfinance > Madagascar Bank Limited Country’s proposal for developing a NFIS > National Coordination and and associated roadmap documents Leadership Structure > Palestine > Guideline Note 28: Defining Country’s proposal for developing a NFIS Financial Inclusion and associated roadmap documents > Guideline Note 27: Integrating > Superintendencia & Central Bank Gender and Women’s Financial Country’s proposal for developing a NFIS Inclusion into National Strategies and associated roadmap documents > Ecuador > Guideline Note 20: National Country’s proposal for developing a NFIS 2016 Financial Inclusion Strategies: and associated roadmap documents A Toolkit > Banque de la République d’Haïti Country’s proposal for developing a NFIS > National Financial Inclusion Strategy 2015 and associated roadmap documents Development: Current State of > Royal Monetary Authority of Bhutan Practice Country’s proposal for a NFIS document > Progress on National Financial > Central Bank of Liberia 2013 Inclusion Strategies (NFIS) - NFIS of Liberia A Timeline of Achievements > Da Afghanistan Bank NFIS of Afghanistan MEMBER INSTITUTIONS CHAIR > Central Bank of The Gambia > Central Bank of the Republic of > Bank of Tanzania Uzbekistan CO-CHAIR > Centrale Bank van Suriname > Comisión Nacional Bancaria y de Valores > Ministry of Finance of Eswatini de México (CNBV) > Bank of Uganda > Da Afghanistan Bank > Banco Central de Reserva de El Salvador > Direction Générale du Trésor, Ministère > Banco Central de São Tomé e Príncipe de l’Economie et des Finances, Madagascar > Banco Central de Timor-Leste > Financial Regulatory Commission of > Banco de Moçambique Mongolia > Banco Nacional de Angola > Insurance Development and Regulatory > Bangko Sentral ng Pilipinas Authority Bangladesh > Bangladesh Bank > Maldives Monetary Authority > Bank Al-Maghrib > Microcredit Regulatory Authority of > Bank Negara Malaysia Bangladesh > Bank of Papua New Guinea > Ministère de l’Economie, des Finances > Bank of Sierra Leone et du Budget du Sénégal > Bank of Tanzania > Ministère des Finances de la République > Bank of Uganda Tunisienne > Bank of Zambia > Ministry of Finance - Eswatini > Banque Centrale de Mauritanie > Ministry of Finance Zambia > Banque Centrale de Tunisie > National Bank of Cambodia > Banque Centrale des Etats de l’Afrique > National Bank of Tajikistan de l’Ouest (BCEAO) > National Bank of the Republic of Belarus > Banque Centrale du Congo > National Reserve Bank of Tonga > Banque de la République d’Haiti > Nepal Rastra Bank > Banque de la République du Burundi > Palestine Monetary Authority > Central Bank of Armenia > Reserve Bank of Fiji > Central Bank of Egypt > Reserve Bank of Malawi > Central Bank of Eswatini > Reserve Bank of Vanuatu > Central Bank of Jordan > Reserve Bank of Zimbabwe > Central Bank of Lesotho > Royal Monetary Authority of Bhutan > Central Bank of Liberia > Superintendencia de la Economía Popular > Central Bank of Nigeria y Solidaria de Ecuador > Central Bank of Samoa > Superintendencia General de Entidades > Central Bank of Solomon Islands Financieras de Costa Rica (SUGEF) > Central Bank of Sri Lanka > Central Bank of the Bahamas © 2020 (August), Alliance for Financial Inclusion. All rights reserved..
Recommended publications
  • Blockchain and Cryptocurrency in Africa a Comparative Summary of the Reception and Regulation of Blockchain and Cryptocurrency in Africa
    Blockchain and Cryptocurrency in Africa A comparative summary of the reception and regulation of Blockchain and Cryptocurrency in Africa 2018 Baker McKenzie, Johannesburg IMPORTANT DISCLAIMER: The material in this report is of the nature of general comment only. It is not offered as legal advice on any specific issue or matter and should not be taken as such. Readers should refrain from acting on the basis of any discussion contained in this report without obtaining specific legal advice on the particular facts and circumstances at issue. While the authors have made every effort to provide accurate and up-to-date information on laws and policy, these matters are continuously subject to change. Furthermore, the application of these laws depends on the particular facts and circumstances of each situation, and therefore readers should consult their lawyer before taking any action. Information contained herein is as at November 2018. CONTENTS PREFACE ............................................................................................................................................1 GEOGRAPHICAL OVERVIEW ....................................................................................................... 2 COUNTRY PROFILES ..................................................................................................................... 3 1. Botswana ................................................................................................................................................................... 3 2. Ghana .........................................................................................................................................................................4
    [Show full text]
  • Recent Economic Developments in Zambia
    Caleb M Fundanga: Recent economic developments in Zambia Speech by Dr Caleb M Fundanga, Governor of the Bank of Zambia, on the occasion of the monthly meeting with chief executive officers of commercial banks, Bank of Zambia, Lusaka, 2 April 2004. * * * 1. Recent economic developments Introduction This brief reviews monetary, economic and financial sector developments during February 2004. Monetary developments • During February 2004 monetary policy was focused on reducing monthly overall inflation rate to 1.6%. Net strong revenue inflows complemented with primary auctions of Government securities helped to maintain an appropriate level of liquidity. Inflation • Monthly overall inflation slowed down by 1.5 percentage points to 1.1% in February 2004 from 2.6% in January. This was 0.5 percentage points lower than the projection of 1.6% for February 2004. The decrease in the monthly overall inflation rate was attributed to the slow down in food and non-food inflation rates to 0.9% and 1.4% in the month under review from 2.3% and 2.9% in January 2004, respectively. • The slow down in food inflation was attributed to continued ample supply of food items in the market while the drop in non-food inflation was largely due to price declines in rental and fuel prices as well as in prices of transport and communications, recreational and educational services. • The annual overall inflation rate fell to 16.8% in February 2004 from 17.4% in January 2004. This was 0.2 percentage points below the end-February 2004 inflation projection of 17.0%. The annual overall inflation at 16.8% was also 6.1 percentage points below the end-February 2003 inflation outturn of 22.9%.
    [Show full text]
  • Annual Report 2019
    ANNUAL REPORT 2019 REGISTERED OFFICES Head Offci e Regional Ofice Bank of Zambia, Bank Square, Cairo Road Bank of Zambia, Buteko Avenue, P. O. Box 30080, Lusaka,10101, Zambia P.O. Box 71511, Ndola, Zambia Tel: (+260)211399300 Tel: (+260)212399600 E-mail: [email protected] E-mail: [email protected] Website:www.boz.zm Website:www.boz.zm VISION To be a dynamic and credible central bank that contributes to the economic development of Zambia MISSION STATEMENT To achieve and maintain price and inancial system stability to foster sustainable economic development TABLE OF CONTENTS Board of Directors i Senior Management as at 31 December 2019 iii Governor's Overview viii Statement on Corporate Governance xi 1.0 Developments in the Global Economy 1 2.0 Domestic Macroeconomic Developments 4 2.1 Monetary Policy and Outcomes 4 2.2 Financial Markets 12 2.3 Balance of Payments 17 2.4 External Debt 23 2.5 Fiscal Sector Developments 24 2.6 Real Sector Developments 28 3.0 Financial System Regulation and Supervision 32 3.1 Banking Sector 32 3.2 Non-Bank Financial Institutions Sector 39 3.3 Consumer Protection and Market Conduct 48 4.0 Banking, Currency and Payment Systems 50 4.1 Banking Services 50 4.2 Currency Management 50 4.3 Payment Systems 53 4.4 Regional Cross Border Payment Systems 59 4.5 National Financial Switch 59 5.0 Strategy and Risk Management 61 5.1 Performance of the 2016-2019 Strategic Plan 61 5.2 The 2020-2023 Strategic Plan 61 5.3 Enterprise Risk Management 62 6.0 Human Resource Management 64 7.0 Bank of Zambia Financial Statements for the Year Ended 31 December 2019 67 8.0 2019 Statistical Annexures 76 BANK OF ZAMBIA ANNUAL REPORT 2019 Board of Directors1 DR.
    [Show full text]
  • Tax Relief Country: Italy Security: Intesa Sanpaolo S.P.A
    Important Notice The Depository Trust Company B #: 15497-21 Date: August 24, 2021 To: All Participants Category: Tax Relief, Distributions From: International Services Attention: Operations, Reorg & Dividend Managers, Partners & Cashiers Tax Relief Country: Italy Security: Intesa Sanpaolo S.p.A. CUSIPs: 46115HAU1 Subject: Record Date: 9/2/2021 Payable Date: 9/17/2021 CA Web Instruction Deadline: 9/16/2021 8:00 PM (E.T.) Participants can use DTC’s Corporate Actions Web (CA Web) service to certify all or a portion of their position entitled to the applicable withholding tax rate. Participants are urged to consult TaxInfo before certifying their instructions over CA Web. Important: Prior to certifying tax withholding instructions, participants are urged to read, understand and comply with the information in the Legal Conditions category found on TaxInfo over the CA Web. ***Please read this Important Notice fully to ensure that the self-certification document is sent to the agent by the indicated deadline*** Questions regarding this Important Notice may be directed to Acupay at +1 212-422-1222. Important Legal Information: The Depository Trust Company (“DTC”) does not represent or warrant the accuracy, adequacy, timeliness, completeness or fitness for any particular purpose of the information contained in this communication, which is based in part on information obtained from third parties and not independently verified by DTC and which is provided as is. The information contained in this communication is not intended to be a substitute for obtaining tax advice from an appropriate professional advisor. In providing this communication, DTC shall not be liable for (1) any loss resulting directly or indirectly from mistakes, errors, omissions, interruptions, delays or defects in such communication, unless caused directly by gross negligence or willful misconduct on the part of DTC, and (2) any special, consequential, exemplary, incidental or punitive damages.
    [Show full text]
  • Bank of Zambia's Autonomy Amidst Political Turnovers in Zambia
    bit.ly/pocketsofeffectiveness Pockets of Effectiveness Working Paper No. 11 Bank of Zambia’s autonomy amidst political turnovers in Zambia Caesar Cheelo1 and Marja Hinfelaar2 September 2020 1 Southern African Institute for Policy and Research (SAIPAR), Lusaka, Zambia Email correspondence: [email protected] 2 Southern African Institute for Policy and Research (SAIPAR), Lusaka, Zambia Email correspondence: [email protected] ISBN: 978-1-912593-66-8 Pockets of effectiveness (PoEs) are public organisations that function effectively in providing public goods and services, despite operating in an environment where effective public service delivery is not the norm. This project, which investigates PoEs in relation to the politics of state-building and regime survival in sub-Saharan Africa, is being led by Professor Sam Hickey, based at the Global Development Institute, The University of Manchester, in collaboration with Professor Giles Mohan (The Open University), Dr Abdul-Gafaru Abdulai (University of Ghana), Dr Badru Bukenya (Makerere University), Dr Benjamin Chemouni (University of Cambridge), Dr Marja Hinfelaar (SAIPAR, Lusaka) and Dr Matt Tyce (GDI,The University of Manchester). It is funded by the Economic and Social Research Council and Department for International Development with some additional funding from the FCDO-funded Effective States and Inclusive Development Research Centre. http://www.effective-states.org/research/pockets-of-effectiveness/ Bank of Zambia’s autonomy amidst political turnovers in Zambia Abstract This working paper analyses the role of Zambia’s central bank, the Bank of Zambia (BOZ), in delivering on its mandate, following banking reforms in the early 1990s. Despite occasional political pressures arising out of the competitive clientelist democracy, especially with regards to banking supervision and appointments of governors, BOZ has been able to deliver on its mandate and is regarded as a ‘pocket of effectiveness’.
    [Show full text]
  • OECD International Network on Financial Education
    OECD International Network on Financial Education Membership lists as at May 2020 Full members ........................................................................................................................ 1 Regular members ................................................................................................................. 3 Associate (full) member ....................................................................................................... 6 Associate (regular) members ............................................................................................... 6 Affiliate members ................................................................................................................. 6 More information about the OECD/INFE is available online at: www.oecd.org/finance/financial-education.htm │ 1 Full members Angola Capital Market Commission Armenia Office of the Financial System Mediator Central Bank Australia Australian Securities and Investments Commission Austria Central Bank of Austria (OeNB) Bangladesh Microcredit Regulatory Authority, Ministry of Finance Belgium Financial Services and Markets Authority Brazil Central Bank of Brazil Securities and Exchange Commission (CVM) Brunei Darussalam Autoriti Monetari Brunei Darussalam Bulgaria Ministry of Finance Canada Financial Consumer Agency of Canada Chile Comisión para el Mercado Financiero China (People’s Republic of) China Banking and Insurance Regulatory Commission Czech Republic Ministry of Finance Estonia Ministry of Finance Finland Bank
    [Show full text]
  • The Microfinance Sector in Zambia
    Development Economics and Public Policy WORKING PAPER SERIES Paper No. 13 BANKING SECTOR REFORM AND FINANCIAL REGULATION: IT’S EFFECTS ON ACCESS TO FINANCIAL SERVICES BY LOW INCOME HOUSEHOLDS IN ZAMBIA Chiara Chiumya University of Manchester November 2004 ISBN: 1 904143 70 9 Further details: Institute for Development Policy and Management Published by: University of Manchester, Harold Hankins Building, Precinct Centre, Oxford Road, Manchester M13 9QH, UK Tel: +44-161 275 2798 Fax: +44-161 275 0808 Email: [email protected] Web: http://idpm.man.ac.uk Banking Sector Reform and Financial Regulation: It’s Effects on Access to Financial Services by low Income Households in Zambia Abstract The change in government in 1991 brought about radical economic reform, from state control to an economy led by private sector development. The reforms included decentralisation, privatisation and liberalisation of the financial sector. Liberalisation initially led to the proliferation of financial institutions in the financial sector. However, it also led to a number of bank failures, resulting in the closure of nine commercial banks since 1995. Access to financial services by the majority of Zambian’s was further constrained by the closure of unprofitable rural branches by commercial banks, the raising of minimum account balances and the introduction of bank charges, as well as the closure of a number of Government owned financial institutions specifically set up to address the needs of low income households and the rural poor. These developments have resulted in a financial system that focuses on meeting the needs of the corporate sector and working class elite.
    [Show full text]
  • Classification of Accounts Guide Last Updated – January 2018
    Classification of Accounts Guide Last updated – January 2018 Contents Part I: General introduction Part II: Residence Part III: Sector categories Part IV.1 – IV.2: Industrial classification Part IV.3: Relationship between sector and industrial classifications Part V.1: Sector components (ESA 10) and sub components Part V.2: List of countries 1 Part I Classification of Accounts Guide – General Introduction I.1 Foreword This guide is intended for all institutions completing a range of Bank of England statistical returns. It describes the two most important systems of classification used in compiling economic and financial statistics in the United Kingdom – the economic sector classification, and the industrial classification. This guide is intended to serve both as an introduction for newcomers and as a source of reference. The nomenclature in the sector classification is in line with international standards – in particular, the European System of National and Regional Accounts (abbreviated to ‘ESA10’). In addition, the analysis of industrial activity is in line with the 2007 standard industrial classification of economic activities (SIC) introduced by the Office for National Statistics. Those without knowledge of accounts classification are recommended to refer to the ‘Guide to Classification’ (Part I Section 3) which takes the reader through the main questions to be answered to help classify accounts correctly. The system of classification used in this guide is solely for statistical purposes. Parts II to IV of the guide describe the main aspects of the classification system in more detail, including lists of examples of institutions, or a web link reference, for many categories. I.2 An introduction to the classification of accounts Sector and industrial classification To understand the underlying behaviour which is reflected in movements in economic and financial statistics, it is necessary to group those entities engaged in financial transactions into broad sectors with similar characteristics.
    [Show full text]
  • November 2020 List of Participants 1 Afghanistan
    NOVEMBER 2020 LIST OF PARTICIPANTS AFGHANISTAN ALGERIA Mr. Ajmal Ahmady Mr. Loumi Chaâbane Governor Subdirector of Statistics Afghanistan Central Bank MOF, General Tax Directorate Pashtonistan Watt Cité Malki-Ben Aknoun Kabul 1001 Algiers 16000 AFGHANISTAN ALGERIA Mr. Mustafa Sameh Mrs. Kendil Fatma Zohra Manager, Financial Stability Section On-site Supervisor Da Afghanistan Bank Banking Supervision & Inspection Dept. Pashtonistan Watt Bank of Algeria Kabul 1001 38 Ave. Franklin Roosevelt AFGHANISTAN Algiers 16000 ALGERIA Mr. Gul Mohammad Noori Ms. Fatma Zohra Dahmani Deputy Manager, Financial Stability Inspector, Off Site Supervision Dept . Da Afghanistan Bank Bank of Algeria Pashtonistan Watt 38, avenue Franklin Roosevelt Kabul 1001 Alger 16000 AFGHANISTAN ALGERIA ALBANIA ARMENIA Mr. Deniz Deralla Ms. Mariam Yeghiazaryan Director of Supervision Dept. Head of Banking System Regulation Division Bank of Albania Central Bank of Armenia Sheshi Skënderbej No. 1 Vazgen Sargsyan 6 Tirana 1001 Yerevan ALBANIA ARMENIA 0010 ALGERIA AUSTRALIA Ms. Sara Kennouche Mr. Wayne Byres Directorate General of Politics and Provision Chair Finance Ministries Australian Prudential Regulation Authority Ahmed Francis bldg. Level 12, 1 Martin Place Ben aknoun -Algiers Sydney 2000 ALGERIA AUSTRALIA 1 NOVEMBER 2020 LIST OF PARTICIPANTS AUSTRIA BAHRAIN Mr. Eduard Mueller Mr. Nabeel Juma Executive Director Superintendent, Financial Institutions Financial Market Authority Austria Regulatory Policy Otto Wagner Platz 5 Central Bank of Bahrain Vienna 1090 King Faisal Highway, Diplomatic Area, Block 317, AUSTRIA Road 1702, Building 96 Manama BAHRAIN Mrs. Katharina Muther-Pradler Head of Department of Integrated Supervision Ms. Reema Mandeel Financial Market Authority Austria Superintendent, Regulatory Policy Otto Wagner Platz 5 Central Bank of Bahrain Vienna 1090 King Faisal Highway, Diplomatic Area, Block 317, AUSTRIA Road 1702, Building 96 Manama BAHRAIN Dr.
    [Show full text]
  • Financial Innovation and the Importance of Modern Risk Management Systems – a Case of Zambia
    Financial innovation and the importance of modern risk management systems – a case of Zambia Mankolo Beyani1 and Raphael Kasonde2 1. Introduction The current banking environment in Zambia has become highly competitive as banks scramble for a share of the customer deposits on the liability side and good quality credit on the asset side of their balance sheets. In light of this and the need by banks to maintain their profitability, Zambia has witnessed considerable change in the financial landscape. The rapid rate of change in the financial sector no doubt calls for an assessment of the efficacy of risk management systems of financial institutions on one hand and devising appropriate regulatory responses to the challenges that these changes may pose, on the other. In this paper, we proposition that the time has come for the Zambian banking sector to learn from the recent global market turmoil which has demonstrated that weak and ineffective risk management systems of financial institutions and at the same time these institutions taking on greater risks contributed to their incurring of huge losses. From this perspective, it is important that all banks in Zambia fully embrace modern risk management practices. This is because it is much easier to take corrective action in times of relative financial stability, as the situation in Zambia is currently, than in stressed market conditions. According to Greuning and Bratanovic (2009), “effective risk management, especially for larger banks and for banks operating in deregulated and competitive markets, requires a formal process. In developing economies, especially those in transition, unstable, economically volatile, and shallow market environments significantly expand the range and magnitude of exposure to financial risk.
    [Show full text]
  • THE CASE of ZAMBIA ZAMBIA : AFRODAD PRSP Series 2003 11
    ® flfft C-A -J -ft? £U*VY "A^ AFRODAD PRSP SERIES -A c^ ^ coj o-voX'vp^ A CRITICAL ANALYSIS OF THE POVERTY REDUCTION STRATEGY PAPERS (PRSPs) PROCESS AND OUTCOMES AFRODAD THE CASE OF ZAMBIA ZAMBIA : AFRODAD PRSP Series 2003 11 A CRITICAL ANALYSIS OF THE POVERTY REDUCTION STRATEGY PAPERS (PRSPs) PROCESS AND OUTCOMES The Case of Zambia IDS I S B N 0 7974 2508 X ©2003 All Rights Reserved To AFRODAD Printed By High Gloss Printers Harare, Zimbabwe ZAMBIA : AFRODAD PRSP Series 2003 11 PART I: INTRODUCTION AND BACKGROUND 8 1.0 Nature of Research 8 1.1 The Evolution of the PRSPs 8 1.2 Research Aims and Methods 9 2.0 HISTORICAL CONTEXT 11 2.1 Overview of Economic Policies 11 2.2 History of the IFIs in Zambia 11 2.2.1 Elements of SAPs in Zambia .....12 2.2.2 The Role of Civil Society in Policy Making 13 2.3 Current, Social, Political and Economic Environment 14 2.3.1 Social and Economic Indicators 15 PART II: ZAMBIA: CASE STUDY OF THE PRSP 18 3.1 The Process 18 3.2 Structures and Evolution of Process 18 3.2.1 Awareness Seminars 19 3.2.3 PRSP Working Groups 20 3.2.4 Decision-making and Control of the Process 20 3.3 Civil Society Participation 21 3.4 Government Participation/Coordination 23 3.5 Donor Participation 25 3.6 Relationships 26 4.0 POLICY OUTCOMES 27 4.1 Poverty Reduction Content 27 4.2 Assumptions 29 4.3 National Budget Processes 30 4.4 Lessons incorporated 30 4.5 International Standards 32 4.6 Human Development 33 4.7 Integration of Macro-economic and Social Policy 34 4.8 Conditionalities and link to HIPC and Aid 34 4.9 IFIs' Receptivity
    [Show full text]
  • Republic of Zambia Government Special Report 10 August 2020
    Republic of Zambia Government Special report 10 August 2020 FIGURE 1: TRADING BONDS Amount outstanding Z-spread Instrument Issue date Maturity Date Coupon Price Yield (%) ISIN (USDm) (bps) USD 1.25bn unsecured bond 30-Jul-15 30-Jul-27 8.97% 1,250 56.57 22.56 2,234 US988895AF56 USD 1bn senior unsecured bond 14-Apr-14 14-Apr-24 8.50% 748 55.77 28.74 2,853 US988895AE81 USD 750m unsecured bond 20-Sep-12 20-Sep-22 5.375% 750 55.64 37.71 3,759 US988895AA69 Total Eurobond debt 2,748 Sources: Debtwire, Markit for bond prices as at 10-Aug-20 ZAMBIA ON ROAD TO DEBT GDP jumped to 40.7% in FY19 from 37.6% in ZESCO, the state-owned power company, due FY18. Thus, cost of external debt service to USD 1.5bn being financed by China Exim RESTRUCTURING; HIRES surged to USD 1.2bn in FY19 from USD 0.98bn Bank and International Commercial Bank of ADVISORS in FY18 (FY17: USD 0.7bn), which eroded China for construction of Kafue Gorge Lower international reserves to USD 1.4bn Hydro Power Station. In May 2020, ZESCO (equivalent to c. 2.1 months of import cover) in signed a USD 548m contact with Power China For over a decade, Zambia has focused on FY19 from USD 1.6bn in FY18. According to to develop 60 MV grid connected Solar PV stepping up public investment to address its Bank of Zambia (BoZ), external debt service Power Plant. Many such ZESCO projects have infrastructure issues.
    [Show full text]