International Economist Named As New Finance Minister

President Hakainde Hichilema on Friday announced Situmbeko Musokotwane as the country’s new finance minister.

The appointment of Dr Musokotwane was announced on the United Party for National Development’s (UPND) Twitter page.

“Dr. Situmbeko Musokotwane has been appointed Minister of Finance,” the Tweet read.

Dr Musokotwane has already held the post from 2008 to 2011 under the Movement for Multi-Party Democracy in which he successfully reduced external debt from 12% (2006) to 4.6% (2011) of the country’s GNI.

The newly appointed finance minister has also worked as a central bank governor as well as holding positions with the International Monetary Fund (IMF) and World Bank.

Under the previous Patriotic Front (PF) government, external debt has risen to more than 100% of the country’s GDP. Subsequently, Dr Musokotwane will need to try and resolve the issues which the PF created to ensure that the economy can bounce back under new leadership.

Photo: UPND Twitter