to the reduction in the mining sector ’ s debt flows to fellow enterprises. the united kingdom was the major recipient of foreign asset flows and most of the private sector assets are domiciled there. ladies and gentlemen, with regard to investor perceptions, political stability, ease of doing business, availability of resources, and market potential continued to feature as the main factors that influenced re - investment in zambia. despite the unprecedented effects of the covid - 19 pandemic in constraining the business investment, the promotion of the use of digital financial services and the reduction in the monetary policy rate were seen as positive measures that supported business activity. however, the temporary closure of some commercial bank branches and the revision of banking operating hours due to the covid - 19 pandemic were perceived as having had a negative impact on investment. esteemed invited guests, as i conclude, let me share with you some key measures recommended by the majority of the respondents to enhance investment. these include improvements in service delivery by the public sector, having a stable and sustainable tax system, maintaining stability in the exchange rate, preserving political stability, consistency in government policy, and continued investment in infrastructure development. other areas highlighted include addressing high lending rates, increased efforts in the fight against corruption and reducing bureaucratic processes. further, respondents were of the view that government needs to take appropriate measures to enhance private sector involvement in decision - making and streamlining licensing requirements. in closing, i wish to thank you all for attending this virtual meeting and hope that you will use the occasion to explore the survey findings and recommend appropriate measures to contribute to the enhancement of the business environment. it is now my singular honour and privilege to officially open the workshop and wish you all fruitful deliberations. i thank you for your kind attention. god bless you. 2 / 3 bis central bankers'speeches 3 / 3 bis central bankers'speeches

by about 5. 0 percent to us $ 21 billion. this was due to the fall in the stock of foreign direct investment ( fdi ) owing to valuation effects on equity mostly held by the mining and quarrying sector. nonetheless, fdi continued to account for the largest share of the stock of private sector foreign liabilities. private sector external debt, which accounted for about 80 percent of foreign liabilities, increased by 5 percent to us $ 17 billion due to revaluation changes in non - us dollar denominated loans predominantly in the electricity, manufacturing, information and communication as well as real estate sectors. esteemed invited guests, in terms of flows, overall net foreign liability outflows of us $ 74 million 1 / 3 bis central bankers'speeches were recorded in 2020 against net inflows of us $ 357 million in 2019. this was due to loan repayments to non - affiliates by the mining, manufacturing, electricity as well as wholesale and retail trade sectors, and the reduction in currency holdings by non - residents in domestic deposittaking corporations. however, fdi liability inflows amounted to us $ 200 million compared to us $ 860 million in 2019. reduced re - invested earnings and debt repayments, largely by the mining and quarrying sector, accounted for the decline in fdi inflows. canada continued to be the major source of private sector foreign liabilities. ladies and gentlemen, the stock of private sector foreign liabilities declined further in the first half of 2021 to us $ 20 billion due to loan repayments mostly by the mining and quarrying sector as well as revaluation effects on equity. however, a net inflow of about us $ 600 million was recorded against net outflows of us $ 295 million a year ago. this was due to the upswing in fdi inflows on account of higher reinvested earnings by the mining, deposit - taking corporation, manufacturing, electricity, as well as information and communication sectors. distinguished ladies and gentlemen, another major finding from the survey is that the stock of private sector foreign assets rose by 16 percent to us $ 3. 0 billion in 2020 mainly due to the increase in currency and deposits by the mining and deposit - taking corporations. the surge in the holdings of currency and deposits contributed significantly to the increase in foreign asset flows by 60 percent to us $ 700 million. however, fdi asset acquisitions slumped to us $ 63 million in 2020 from us $ 624 million in 2019 owing