Finance minister, Musokotwane, highlights Zambia’s economic resilience, debt sustainability at Saudi conference

Dr. Situmbeko Musokotwane, Zambia’s Minister of Finance and National Planning, has reaffirmed the country’s commitment to economic resilience and debt sustainability at the inaugural Emerging Market Conference, held in AlUla, Saudi Arabia.

The conference, hosted by the Saudi Ministry of Finance in collaboration with the International Monetary Fund (IMF) under the theme “Rise Strong: Building Resilience in a Changing World,” brought together global financial leaders to discuss strategies for addressing economic challenges.

Musokotwane participated in a high-level panel discussion titled “High Debt, Low Fiscal Space,” where he shared Zambia’s experience in debt restructuring and fiscal consolidation.

Speaking alongside Finance Ministers from Saudi Arabia, the Russian Federation, and the former Finance Minister of Colombia, Musokotwane highlighted Zambia’s successful engagement with the G20 Common Framework and its negotiations with both bilateral and multilateral partners, as well as commercial creditors.

He emphasized Zambia’s ongoing commitment to reforms that promote long-term debt sustainability and strengthen the nation’s economic resilience in the face of a rapidly changing global landscape.

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In addition to the conference, Musokotwane held bilateral talks with Saudi officials to enhance Zambia-Saudi relations.

He expressed appreciation for Saudi Arabia’s support in Zambia’s debt restructuring agreement and underscored the importance of expanding trade and investment links.

Abdulmuhsen bin Saad Alkhalaf, Vice Minister of Finance of Saudi Arabia, praised Zambia for implementing sound macroeconomic policies supported by the IMF Programme and assured Zambia of future Saudi private sector investments under the Saudi-Africa Summit framework, which has committed $25 billion in private investment across Africa by 2030.

Musokotwane was accompanied by Acting Permanent Secretary for Economic Management and Finance, Mulele Maketo Mulele; Zambia’s Ambassador to Saudi Arabia, Duncan Mulima; and Bank of Zambia’s Director of Research, Dr. Jonathan Chipili.

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