More importantly, while we adhere to the macroeconomic framework it will shield the economy when oil prices fall and our terms of trade are reversed. Thank you for your attention! BIS Review 30/2006  5
At the moment, there is no structured response to address the financial education needs in Zambia. There are currently some financial educational programmes being conducted by financial institutions, including the Bank of Zambia, but these are generally limited in scope and are not being implemented in a coordinated manner. These un-coordinated initiatives leave gaps that can properly be addressed through the development and implementation of a cohesive financial education strategy. Ladies and gentlemen, with this realization, the Bank of Zambia, with financial assistance from the Financial Education Fund under the United Kingdom Department For International Development (DFID), is taking the leadership role in identifying and developing a national financial education strategy that will be cohesive for the country. As the formulation of both the first and second phases of the FSDP was done through a national stakeholder consultative process, we have taken a similar approach in the development of our national strategy on financial literacy. The FSDP process has already built a wide network of stakeholders, and a platform of institutional and individual membership through its working groups and committees which can take this agenda forward. We believe that the multi-stakeholder consultative process is a critical component of the strategy. Distinguished Guests, let me give you a few examples of how the consultative process has shaped the success of financial literacy strategies in other countries. In the United Kingdom, the country’s national strategy is led by the Financial Services Authority.