A legal framework for consumer protection as well as possible incentives have already been taken account of through adequate provisions in the revised Banking and Financial Services Act which is under Government consideration for possible legislation in 2014. Guest of Honour We all agree that one of the major barriers to growth of the SME sector in Zambia is the shortage of financing despite its high potential to catalyze growth and employment creation. It therefore makes business sense that the financial sector should start to look at the financing problems for SMEs in a holistic manner which takes into consideration other developmental constraints which may impede sustainable growth and render the financing ineffective. In line with Government’s desire to enhance local content through SMEs and use of locallymanufactured inputs in the Zambian mining industry, a study in the mining sector is being under taken by the Zambia Local Content Initiative (ZMLCI) facilitated by the World Bank and co-financed by DFID. The goal is to build sustainable collaboration between SMEs and the mining industry. It is our hope that the above initiative will be extended to non-mining related SMEs such as those in agribusiness, tourism and retail. Honourable Minister You may wish to note the following topics that will be discussed during this forum: i.  SME Financing and Business Linkages, IFC Experiences in Africa;  ii. SME Financing and Experiences and Lessons Learned – AfDB;  iii. Promoting Business Linkages in Zambia – DFID Zambia; and  iv.
However, for surveillance to be relevant and gain traction, it is equally important that the IMF is sufficiently independent in its conduct of surveillance. To deliver credible messages, the Fund’s technical expertise has to be beyond any suspicion of political manipulation. Surveillance, in other words, has to be an exercise in objectivity. Only then can it also be an exercise in collaboration and contribute to a sounder and more resilient international monetary system. This being said, IMF surveillance and collaboration does not release national policy makers from their responsibilities. Keeping one’s own house in order is a prerequisite for an orderly global village. This is particularly true, though not exclusively, in the domain of fiscal policy. Fiscal responsibility is the paramount challenge of our age. Let me now turn to the second main Fund activity, financial support. The scope and nature of this activity has changed considerably over the past few years. Fund resources have been strongly supplemented, and the Fund’s lending toolkit has been made more flexible. But multilateral financing has not been the only instrument used in tackling the crisis. Regional facilities and central bank swap lines have also played a very important role. All these instruments have acted as complements, and not as substitutes, and together they have prevented a breakdown of the system. Looking into the future, the important question is whether it is necessary to proceed beyond the existing loose network of multilateral, regional and bilateral facilities towards a truly global financial safety net.