reduce unemployment by implementing structural reforms. japan has to rebuild confidence in its financial sector and has to create the conditions for a selfpropelling upswing. a healthy competition does not mean rejecting greater worldwide cooperation with the aim of preserving the ability of the international financial markets to function. on the contrary, this is useful and desirable. however, exchange rates are not the main instrument. instead, more stable exchange rates are the result of the participating countries undergoing sound economic growth and conducting an antiinflationary economic policy.

billion to below us $ 1 billion. the removal of the debt burden also made zambia more attractive to foreign direct investment and capital flows, that have been an important source of investment financing. furthermore, over the recent past, the growth in the real gross domestic product ( gdp ) has remained positive and above 5 % for the last six years. despite the adverse effects of the recent global economic crisis, the country recorded an impressive real gdp growth of 6. 3 % in 2009. this is at a time when other countries in the region and world over were posting negative growth rates. the country also attained a single - digit inflation level of 9. 9 % at end december 2009 while the exchange rate of the kwacha against major currencies has remained relatively stable. in addition, the financial sector has been stable with improvement in banking services. these impressive economic trends suggest that the reform programmes that the government has implemented are now bearing fruit. the reforms have focused on the restructuring of the economy, to let markets determine key decisions so as to allow the private sector take the lead in providing investment in the economy. however, despite the progress noted above, we are still far from achieving many of our developmental objectives. we are alive to the fact that we cannot achieve our development ambitions if we close ourselves from the rest of the world. the economy faces enormous financing needs especially in view of the high levels of poverty among our people. we are also alive to the fact that these challenges do not just end at obtaining a good sovereign rating or raising low - cost finance, but more importantly prudently deploying funds raised to projects with a high rate of both social and economic return. this is the challenge we face. ladies and gentlemen, the importance of obtaining a sovereign rating and issuing a sovereign bond cannot be over - emphasised. by providing access to long term funds, a sovereign bond issue provides wide possibilities for countries to meet financing needs demanded by their growing economies. at the same time, issuers are assured that their financing needs will be met in an orderly and timely manner. this will no doubt result in cost efficient investments in the economy. in a country like ours a sovereign rating and bond issuance will lead to availability of relatively less costly finance for the timely execution of a number of long term projects in sectors like energy, communication, agriculture and mining. the timely execution of such projects would no doubt accelerate economic growth further and impact positively on the high levels of poverty. this workshop has therefore come at the