the proceeds for specific expenditure programs, like pandemic vaccination programs or sustainable and low - carbon projects. a multilateral and cooperative approach is essential for the world to face immediate and severe challenges, such as the pandemic, or other medium - and long - term challenges, like global warming. we must use the lessons learned to steer and strengthen the role and strategies of ifis to ensure that they have the sufficient resources and the appropriate instruments to help member countries navigate through uncharted territory. concluding remarks – lessons let me conclude. the covid - 19 pandemic has left profound marks on our lives. it has also left profound marks on the global economy and on our financial markets. it has also been an event that has left important lessons for policy makers. first, the crisis has made clear the importance of adopting policies to strengthen the resilience of the economy and the financial system, a condition that must be maintained, as it is indispensable to reduce the impact of the destabilizing dynamics of shocks, such as covid - 19. countries with stronger fundamentals were less affected during the worst months of the crisis, and they are leading the recovery. 4 / 5 bis central bankers'speeches second, an ample set of policy tools was needed to address the risks associated with extreme financial market volatility and to mitigate the effects of the crisis. in this regard, stronger fundamentals and a more ample policy space reinforces a virtuous circle that allows to attain better social outcomes. finally, we live in an interconnected world with significant spillovers from country to country. as such, multilateral, regional and bilateral policy tools to address adverse shocks can make a significant difference in terms of risk management, allowing to better mitigate the effects of a crisis. in this regard, further strengthening the gfsn must remain among the financial authorities ’ priorities. after all, the covid - 19 crisis has taught us the materiality of a truly global large - scale shock. hence, we should also be better prepared to have prompt and forceful global responses. thank you very much for your attention. it has been a pleasure to be here today. 5 / 5 bis central bankers'speeches

caleb m fundanga : growing investor confidence in zambia ’ s economy opening remarks by dr caleb m fundanga, governor of the bank of zambia, at the afreximbank / pta bank financing agreements signing ceremony, lusaka, 10 june 2008. * * * • the president of afrexim bank • the president of pta bank • chief executives and representatives of financial institutions present • distinguished ladies and gentlemen i am greatly honoured to be given an opportunity to make these brief remarks at this signing ceremony of two important financing agreements. i wish to extend a warm welcome to all of you gathered here today, particularly those who have travelled from outside the country. i hope that you will not only have a pleasant ceremony today but also have fruitful deliberations at the euromoney conferences starting tomorrow at this same venue. i also hope you will find time to explore the beautiful scenery and experience the warm hospitality that zambia has to offer. mr president, ladies and gentlemen, over the recent past, the zambian economy has performed relatively well. this is reflected in the overall macroeconomic stability which has been underpinned by positive growth rates in real gross domestic product, low inflation, relative stability in the exchange rate of the kwacha against major currencies, stable financial sector and improved banking services. however, although incomes have generally increased, the challenge that still remains is that of meeting the basic needs of the majority of zambians in order to uplift their living standards. this ceremony is therefore more than timely as the government is working tirelessly towards empowering its citizens economically and at the same time increasingly diversifying the economy and promoting export led growth. it is for this reason, mr president that the government established the citizen ’ s economic empowerment fund under the citizens economic empowerment act of 2006 in order to promote empowerment of citizens in various economic activities. this signing ceremony is yet another indication of the growing investor confidence in zambia ’ s economy. you will be glad to note that the country ’ s total investment pledges rose more than ten times over to us $ 1. 9 billion in 2007 from us $ 115. 6 million recorded in the year 2001. this is an indication of the vast investment potential and improving investor confidence due to the macroeconomic stability particularly lower inflation and the sound fiscal polices that the government has put in place. institutional capacity has also been enhanced with effective supervision of the financial system to promote efficient operations of the banking sector. mr president, the mining sector continues