caleb m fundanga : framework of cooperation between the bank of zambia and the university of zambia opening remarks by mr caleb m fundanga, governor of the bank of zambia, at the signing ceremony of the memorandum of understanding between the bank of zambia and the university of zambia, lusaka, 30 june 2010. * * * the vice chancellor, university of zambia – prof. stephen simukanga the deputy governor – administration and university council chairperson – dr tukiya kankasa - mabula distinguished professors and lecturers from unza colleagues from the bank members of the press distinguished ladies and gentlemen ; it gives me great delight, on behalf of the bank of zambia, to welcome you all to this important signing ceremony of the memorandum of understanding between the bank of zambia and the university of zambia. the mou that we are about to sign today provides a framework for the support to the economics department and research activities in the department. ladies and gentlemen ; the bank of zambia continues to view the university of zambia and the copperbelt university as strategic partners in the economic development of zambia. it is for this reason that the bank has for several years now been involved in the support of various capacity building programmes at the two tertiary learning institutions. this support has taken various forms, including the following : salary supplementation to fifteen ( 15 ) academic staff in the department of economics at unza and nineteen ( 19 ) academic staff in the school of business at the copperbelt university ( cbu ) ; full sponsorship of five undergraduate students at third and fourth year level at cbu and five students at masters degree level at unza ; financial support in the acquisition of books and periodicals ; purchase of equipment such as computers and computer software. the bank of zambia acknowledges the various efforts being made by the university to improve its infrastructure and the delivery of quality university education and research. we are also mindful of the various funding constraints faced by the university as it expands its programmes to meet the ever increasing demand for its services. the bank is therefore, proud to respond to the university ’ s call for partnership with industry and other stakeholders in order to realise its noble objectives that cannot presently be fully funded from public resources and students fees. in this regard, the bank of zambia has seen it fit to not only extend this support, but to also streamline and enhance it in order to better align this support with strategic objectives of both the bank and the university. ladies and gentlemen ; as you are aware, the bank of zambia has been providing

, and 0. 8 percent each for fiscal 2019 and 2020. i also hold the view that the bank's baseline scenario has been maintained, in which japan's economy is likely to continue its moderate expansion. as the reason for this, i would like to highlight two positive factors for the economic outlook. the first is the strength in business fixed investment, which i mentioned earlier. in addition to the high growth in the investment amount itself, i am reassured by the fact that firms in a wide range of industries have been planning a variety of investments, such as ( 1 ) that intended for domestic capacity expansion, ( 2 ) that in research and development, ( 3 ) that aiming at improving efficiency and saving labor, and ( 4 ) that aiming at enhancing business continuity arrangements in preparation for times of disaster or other emergency. the second positive factor is that, fortunately, the effects of this summer's natural disasters on japan's economic activity are likely to be only temporary. according to information we obtained from, for example, interviews with firms conducted by the bank's branches, many of the firms for which production and distribution were undermined already have accelerated their production to offset the impact of the disasters. moreover, public investment toward restoration and rebuilding is projected to take hold going forward. although the extent to which the disasters affect inbound demand was a matter of concern at first, such demand has been showing faster recovery than expected, partly reflecting successful results of the government's and the private sector's provision of relevant information to the public. i believe that efforts that take advantage of lessons learned in the past have been playing a role in post - disaster restoration and rebuilding this time as well. 3. uncertainties regarding economic activity meanwhile, there are various uncertainties regarding the baseline scenario of the outlook for japan's economic activity. on this point, risks recently appear to be tilted to the downside, particularly regarding developments in overseas economies. specifically, risks to overseas economic developments include the following : the u. s. macroeconomic policies and their impact on global financial markets ; the consequences of protectionist moves and their effects ; developments in emerging and commodity - exporting economies including the effects of the two aforementioned factors ; negotiations on the united kingdom's exit from the european union ( eu ) and their effects ; the fiscal problem in italy ; and geopolitical risks. of these risks, i remain especially concerned about protectionist moves ; in particular, the trade friction between the united states and