press releases

U.S. Department Of Treasury Official Visits The Bank Of Zambia

Lusaka
March 20, 2006

United States Department of the Treasury's Deputy Assistant Secretary for Technical Assistance, Larry McDonald, and the Bank of Zambia Governor, Caleb Fundanga, on March 20 discussed Office of Technical Assistance (OTA) support to the BOZ, as well as the current state of the Zambian economy and the Zambian financial sector.

Speaking when he paid a courtesy call on Mr. Fundanga, Mr. McDonald praised the Bank's collaborations with OTA advisors, all of which support a more accountable and transparent financial sector that enables further economic growth and development.

The Office of Technical Assistance (OTA) has three senior resident advisors assigned to Zambia, working in the areas of Financial Enforcement, Financial Institutions Policy and Regulation, and Government Debt Issuance and Management. During his visit to Zambia, Deputy Assistant Secretary McDonald will meet with the three resident OTA technical experts, their collaborating partners in the Government of Zambia, and the private sector, to understand more about the programs and the context in which they operate.

The Bank of Zambia is an important partner for all three program areas in which OTA is engaged. Ongoing technical assistance is being provided to improve the efficiency and transparency of the government securities market, bank supervision, and anti-money laundering operations.

Treasury's Office of Technical Assistance (OTA) provides comprehensive financial advice to countries around the world, including 24 countries in Africa, 21 of which are in Sub-Saharan Africa. OTA’s expert advisors work directly with foreign governments to support their efforts to improve financial systems. A number of countries in which OTA is engaged are making the transition from state-controlled to market-based economies, some are developing nations that are attempting to develop the capacity to better meet the needs of their populations, while others are emerging from periods of internal or external conflict.

# # # #