Africa-Press – Zambia. Minister of Foreign Affairs and International Cooperation, Stanley Kakubo has appealed to the Japanese government to support Zambia restore her debt sustainability.
ZANIS reports that Mr Kakubo made the appeal when he virtually addressed the ministerial meeting of the eighth Tokyo International Conference on African Development (TICAD8).
The virtual TICAD meeting was held from March 26 to 27, 2022, under the theme “Achieving sustainable and inclusive growth with reduced economic inequalities.”
Mr Kakubo assured the Japanese government that Zambia has devised measures and remains committed to restoring debt sustainability and achieving economic transformation and diversification.
“Our Government is firmly committed to the implementation of the measures it has put in place for the restoration of our debt sustainability. I am confident that Zambia can count on the support of the Japanese government to this issue of debt” said Mr Kakubo.
The Minister urged TICAD to urgently find ways of helping countries restore economic growth and improve general living conditions following the impact of the Covid 19 pandemic.
“Following the outbreak of the COVID-19 pandemic, there has been a great need to build more resilient economies and reduce inequalities” pointed out Mr Kakubo.
He observed that private sector and public-private partnerships are critical in a post COVID era to help unlock and mobilise resources that can accelerate economic recovery and foster socio-economic development.
Mr Kakubo said the mobilized resources under the private sector and public-private partnerships can be used to support industrialization and generate employment, income and reduce socio-economic inequalities.
The minister acknowledged that Official Development Assistance has been instrumental in providing additional resources from cooperating partners like Japan to support the private sector to increase their productive capacities and open up market access opportunities.
Mr Kakubo further urged African countries to take advantage of the African Continental Free Trade Area (AfCFTA) to deepen regional integration by promoting trade and investment.
“The African Continental Free Trade Area is an appropriate window for deepening regional integration through trade. The promotion of trade and investment is key in enhancing participation in regional and global value chains” said Mr Kakubo.
The minister expressed optimism that African leaders when they meet at the eighth TICAD summit will collaborate to reduce global inequalities and strengthen promotion of international cooperation and solidarity in mitigating climate change.
The Eighth Tokyo International Conference on African Development (TICAD8) will be hosted in Africa by Tunisia later in 2022. TICAD8 will be the first TICAD to take place since the world experienced the Covid-19 pandemic. The Tokyo International Conference on African Development is held every three years, and TICAD7, was held in Yokohama in 2019.
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