higher productivity activities and facilitate investment in new industries. involving workers and the private sector was a main feature of this approach. zambia can learn a lot from some of these countries. effective training systems in conjunction with the private sector should facilitate demand - driven training in sectors and locations with high job growth potential, avoiding bottlenecks and improving employability. bis central bankers ’ speeches expanding accessibility to quality training is a powerful instrument for empowerment and inclusion of the youth and disadvantaged groups : women, rural dwellers and persons with disabilities. in some cases, apprenticeships in the informal economy can offer many young people an opportunity to learn a trade and enter the world of work. skills development is a necessary response to the challenge of youth unemployment. effective programmes should involve packages of training - cum - labour - market - services. these should include : providing advisory services and career guidance, vocational counselling, job - search assistance and job placement, as well as access to different types of training, including combinations of learning and earning through apprenticeships or subsidized employment in return for on - the - job training. successful entrepreneurship programmes should also involve providing basic business skills and linking would - be entrepreneurs to mentoring, finance and market opportunities. these integrated approaches are needed to assist young people in their transition from school to work and to tackle the multiple constraints they face on the labour market. the need for effective certification cannot be overemphasised. in conclusion, skills development can make a critical contribution to youth employment promotion and income generation through msmes. coordinated policies linking education, skills formation, and employment are required. well - designed active labour market policies linked with technical and vocational education, on - the - job training and apprenticeships – both formal and informal – are essential for skills development, employment and entrepreneurship and can help alleviate unemployment and underemployment. connecting training providers and employers can be especially effective at sector and local levels. further, involving the private sector is essential to employment creation. furthermore, special attention should be paid to supporting msmes as the most dynamic sources of employment. financial institutions should provide easy access to funds to reduce cost of doing business. the multiple drivers of informality should be tackled through integrated policy packages that promote a gradual transition to formal activities. ladies and gentlemen, this is the challenge i give all stakeholders that are involved in skills development, youth empowerment and development of msmes. thank you. bis central bankers ’ speeches

caleb m fundanga : brief background to the finscope zambia 2005 survey speech by dr caleb m fundanga, governor of the bank of zambia, as background to the finscope zambia 2005 survey, lusaka, 8 november 2006. * * * hon. ministers and deputy ministers ; secretary to the treasury hon. members of parliament ; your excellencies and members of the diplomatic corps ; representatives of development agencies ; chief executives of banks, regulatory authorities and financial institutions ; distinguished invited guests ; and ladies and gentlemen. on behalf of the financial sector development plan ( fsdp ) secretariat, it is my pleasure to present a brief background to the finscope zambia 2005 survey. ladies and gentlemen - in recognition of the strategic importance of the financial sector to the country ’ s development and poverty reduction efforts, in 2003 government launched a project to formulate the first financial sector development plan ( fsdp ) which was approved by cabinet in 2004. this followed the joint world bank and international monetary fund ( imf ) financial sector assessment programme ( fsap ) report of 2002, which identified various weaknesses in the zambian financial system including the following : • unstable macro - environment • low financial intermediation • no formal structures for a financial safety net • poor credit culture • weaknesses in the regulation and supervision of non - bank financial institutions. since the approval of the fsdp in 2004, a number of weaknesses have been addressed. these include : • stable macroeconomic environment as reflected in single digit inflation, reduction in lending interest rates and a stable exchange rates • amendments / harmonisation of financial sector legislation such as the development bank of zambia ( dbz ) act, the national savings and credit act ( nsca ), the pensions and insurance act, the building societies act ( bsa ) and the banking and financial services act ( bfsa ) in 2005. • establishment of a credit reference bureau in 2006 ; and promulgation of microfinance regulations in 2006. honourable minster – the production of market knowledge on the supply and demand for financial services in zambia was identified as one of the priority areas under the fsdp. in this regard, finmark trust of south africa was contracted by our cooperating partners the swedish international development agency ( sida ) and the united kingdom ’ s department for international development ( dfid ) to undertake this important activity and subsequently, the finscope zambia 2005 survey, a comprehensive demand - side survey of consumer interactions with financial markets in zambia, was conducted in