Barely eight months after exiting the central bank in Africa’s red metal producer Zambia, a few days after the pen-ultimate rate decision (MPC) meeting of 2020, former monetary policy head Dr. Denny Kalyalya has been named Co-Chair of the International Development Associations twentieth replenishment (IDA20) by donor and borrower country representatives of the World Banks special wing set to launch in April. As co-chair, Kalyalya will champion stronger policy and financial support for IDA20 at political and other stakeholder levels across IDA donor and borrower countries.
Zambia’s Kalyalya will co-chair the IDA20 Replenishment process alongside Axel van Trotsenburg, the World Bank’s Managing Director of Operations. Since IDA18, IDA replenishment meetings have had two co-chairs, comprising an independent eminent personality with adequate knowledge of Multilateral Development Banks, and a high-level representative of the World Bank Group appointed by the President of the institution.
Dr. Kalyalya has been rated one of Zambias strongest central bank governors exhibiting the highest independence at a very critical time for the copper producer amidst rising debt and widest dislocation between fiscal and monetary policy. The World Bank is not new for Dr. Kalyalya as he once served in an Executive Director capacity with oversight over 22 jurisdictions. A mezzanine trained professional with a United States based Doctorate of Philosophy and Master of Arts in International Development Economics from University of Massachusetts Amherst (US) with a Bachelor of Arts in Economics from an indigenous tertiary institution, the University of Zambia. Kalyalya once served as a Borrower Representative for IDA18 and IDA19.
Dr. Kalyalya’s appointment comes at a time emerging and frontier markets are in dire need of financial assistance after a devastating COVID pandemic that has amplified fiscal deteriorations leading to economic stress alongside other climate change related challenges which threaten attainment of sustainable development goals (SDGs) to 2030. His experience and acumen will add immense value to the leadership of the IDA replenishment teams as the navigate ways of assisting vulnerable nations.
The Kwacha Arbitrageur