Former BoZ Governor Denny Kalyalya lands top World Bank post
Donor and borrower country representatives of the International Development Association (IDA) have selected Zambia’s Dr. Denny Kalyalya as the Independent Co-Chair of IDA’s twentieth replenishment (IDA20), which will launch later this month.
In this role, Dr. Kalyalya will champion stronger policy and financial support for IDA20 at political and other stakeholder levels across IDA donor and borrower countries.
Dr. Kalyalya will co-chair the IDA20 Replenishment process with 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.
An economist, Dr. Kalyalya has experience at the World Bank Group having served as an Executive Director from to and as an Alternate Executive Director from to , representing Africa Group One Constituency of 22 countries.
Until December , he also served as a Borrower Representative for IDA18 and IDA
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Dr. Denny H. Kalyalya has been Governor of the Bank of Zambia since February Prior to this appointment, he served as Executive Director at the World Bank Group (WBG) from to and as Alternate Executive Director from to , representing Africa Group 1 Constituency comprising 22 countries. Dr. Kalyalya also served as Deputy Governor - Operations at the Bank of Zambia from to and as Director - Economics from to
In addition to his duties as Governor, Dr. Kalyalya serves as Chairman of the Bank of Zambia Board of Directors.
He received a Bachelor of Arts in Economics in and a Master of Arts in Economics in , both from the University of Zambia (UNZA). He received a second Master of Arts degree in Economics from the University of Massachusetts/Amherst, USA (UMASS) in and later went on to receive a PhD in Economics from UMASS in on a Fulbright Hays Scholarship.
Economic expert Kelvin Chisanga has welcomed the re-appointment of Dr. Denny Kalyalya as Governor of the Bank of Zambia, describing it as a critical and strategic decision for Zambia&#;s economic future.
Mr. Chisanga believes that Dr. Kalyalya’s resilience and expertise will help steer the country through the current economic challenges, particularly in light of climate change and fiscal deficits.
In a statement, Mr. Chisanga emphasized that Dr. Kalyalya is a &#;respected and seasoned economist&#; who has demonstrated remarkable leadership in both monetary and fiscal matters.
He applauded the Governor&#;s calm, sober approach to managing Zambia’s economic difficulties, including the aftermath of the COVID pandemic.
&#;Dr. Kalyalya has remained a beacon of ethical leadership in Zambia’s banking sector, and his return to the helm of the Central Bank is both timely and essential,&#; Mr. Chisanga said. &#;At a time when the country is grappling with the devastating impacts of climate change and persistent fiscal imbalances, it would have been risky to introduce changes at such a critical moment.&#;
Mr. Chisanga noted that Zambia&#;s monetary and fiscal policies have
The Bank of Zambia (BoZ) Board has approved a K5 billion loan facility under the Small Business Growth Initiative (SBGI) to enhance access to finance for Small and Medium Enterprises (SMEs) across the country.
The initiative aims to support SMEs as a key driver of economic growth, in line with the government’s private sector-led development strategy.
BoZ Governor, Denny Kalyalya, made the announcement during a panel discussion at the Zambia Impact Investment Summit (ZIIS), held at Ciela Resort in Lusaka on Wednesday.
He revealed that the central bank was finalising the last few details to ensure the efficient and effective operation of the loan facility before its official unveiling.
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“The SBGI loan facility is designed to provide affordable financing to SMEs, and its interest rates will be determined by the Monetary Policy Rate (MPR). That is why the Bank is working tirelessly to bring the MPR down to more moderate levels,” Kalyalya explained.
He highlighted the critical role played by SMEs in Zambia’s economy, emphasizing that the government’s goal of sustain
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