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Alba Iulia
Wednesday, June 23, 2021

IMF says Zambia near economic success story

Economy IMF says Zambia near economic success story

ZAMBIA is a near success economic story in the whole of Africa although the country suffered a serious setback with the fall in copper prices, International Monetary Fund (IMF) managing director, Dominique Strauss-Kahn has said.

In an interview with Cable News Network (CNN) Inside Africa anchor Isha Sesay yesterday, Mr Strauss-Kahn said Zambia was a shining example on the continent because the country had performed well before the decline of copper prices.

Responding to Ms Sesay, who wanted to know which success stories in Africa he could cite, Mr Strauss-Kahn singled out Zambia as one such example.

He said Zambia had been doing well but just as it was making it, her copper-dominated industry suffered a serious knock in face of the falling prices.

The interview assessed the impact of the global economic crisis on Africa, which was done on the eve of the IMF co-sponsored major conference with Tanzania on the global economic meltdown.

Finance ministers, academicians and the private sector from Africa attended the conference last weekend.

And Zambia’s ambassador to Japan, Godfrey Simasiku has appreciated the recognition of the country’s achievements by the IMF chief.

He has urged Zambians to work even harder to help the country address the effects of the global economic crisis.

“In view of this development, I wish to urge my fellow Zambians to work together and find a way to weather the storm and emerge as a stronger and united country,” Mr Simasiku said in a statement yesterday.

He said Zambia’s political stability and economic potential was now drawing a lot of interest from some Japanese investors.

The Zambian envoy said affected Zambian firms and other employers should work at agreeing on strategic plans to prevent job losses, as was the case in Japan.

“In Japan, as a strategy to mitigate the economic meltdown, some companies and employees have agreed on what is termed ‘work sharing’ through which employees work shorter weeks or get a mutually agreed wage reduction from management to all workers,” he said.

He said other employees in Japan were being allowed to take extra jobs in view of the record fall in exports, the mainstay of that country’s economy.
[Times of Zambia]

44 COMMENTS

    • THE MEALIE MEAL SHORTAGE IS A TEMPORARY PROBLEM IT DOES NOT POINT TO A LONG TERM TREND. PLEASE DON’T CALL THE IMF SCUM BAGS. UNLIKE YOU, THEY SPENT A LOT OF TIME IN SCHOOL AND HAVE STUDIED ZAMBIA AT LENGTH. BESIDES, THEY ARE NOT INVOLVED IN YOUR PETTY INSECT POLITICS OF ZAMBIA.

  1. WHAT near success? you are either or a failure or a suceess!! nearly has never been good enough!! NO one ever got a certificate for nearly passing their exam!! and if zambia is a near success i think the levels of “sucess” have drasticaly dropped!!!!!!!

    • Indeed… We are either a success or a failure no two ways about it. So people let us not get ahead of. Ourselves, we have a president of whom am yet to hear his vision for the country. I personally think we are riding on LPM’s momentum which should expire in a year or two before we are back to stone age. Mostly my reason is simple, you cannot run a country without a vision nor a plan

    • so true!
      These people are talking rubbish! the gap between the rich and the poor is worse off than before, poverty is widespread, only a few select people have benfitted from the IMF ecomnomic policies.

      To claim this a sucess is a lie! but then again what do we expect from the perepertrators of these ill advised policies that are designed to only help the West, and the corrupt afican elite?

  2. i just heard on BBC on the impact zambia will feel with the closure of the mine in luanshya. please can we have a clear picture of what is happening. dont misleading us.we have had enough.

  3. Is Mr. Strauss-Kahn serious, or is he saying this only to please/mislead certain people? Maybe Isha Sesay hypnotized him with her beauty during the interview.

    • Nine Chale I was just watching News this morning pa ARD!! What they said is what I have posted on Number 7 !!

      This information from the IMF is misleading!! There is still more to come for the third world and Zambia is in the middle of it all. The third world will suffer the worst impact.

    • Cut the guy some slack. Read carefully what he was saying. For those who do not know the growth history of the Zambian economy let me remind you. Between 1998 and 2003 Zambia’s GDP growth was 3% or less. It increased to 5.8% between 2003 to 2008. Though low by Asian standards it was an improvement because for 5 years we had economic growth outstripping population growth. However this will now be affected by the drop in copper prices due to the recession. This is the context in which Dominique Strauss is speaking.

    • WILL YOU CUT OUT THE CHEAP POLITICS OF ZAMBIA, WHERE YOU CANT GET OVER THE LOSS BY SATA. THE IMF IS NOT INVOLVED IN THAT. THEY WILL TELL YOU THE TRUTH. YOU DON’T WANT TZAMBIA TO SUCCEED T BECAUSE YOU WANT RB TO FAIL. THIS IS VERY IMPORTANT TO YOU

    • Mr Streuss-Kahn could be right.Our economy ways improving before the recession came into the picture. The recession is world wide and no country has been spared. Look at Japan,they have hit more than us. Even if Mr Kahn s not being sincere,we still need such statements to improve investor confidence.Ewo tatasha pafinono, tatasha napafingie

  4. Bravo!!! Now you are thinking folks. You see, this is the way to go. Do not take nonsense right from the onset, once you see it as you have, call it what it is. You have all, already seen through the IMF rubbish. We have our own brains and eyes and we see things on our own, not them. Here, I salute all of of you who have commented on this one. I sure will enjoy my castle tonite. Its either you are a success or a failure, period!!! If all of us were like this and treating crap like the way Dora Siliya is being handled, we would have already made it our own way, not the IMF nonsense.

  5. The world bank says that the world recession this year is worse than the one 80 years ago!!!

    The third world countries are the ones to suffer more!!

    I hope Zambia is on the safe side, which I doubt!! There is yet more to come.

  6. WTH is this???some crazy shhhht…sucksex story???that more bullshhhhhhh….tulefya kunsala, mines closing down n shhhhhhhhhh n some IMF peeps think we’re a sucksex story???damn…aint that a bit£h???

  7. Well done Dr Fundanga and the B.O.Z, the govt and the Zambian public. We need such kind of reports to increase investor confidence and attract more foreign direct investment.Times are hard world wide,but if keep up such good records, Zambia will attract more foregn direct investment when the recession comes to an end. VIVA ZAMBIA

  8. There is no such thing as a Recession in my books. The world today is far richer than it ever was in history. This is the time to make money but its only the clever ones that will see beyond all this turmoil. Its the rich and clever that have always bullyed everione else and this is no different. They jst dry up the coffers, feed negative information and wait for the virus to take effect. People become sceptical which in turn leads to nagative perception and so stop spending. Believe me when i say money is there, it really is but with negativity Prices tend to fall and thats the time the Fat Cats get even fatter. they will buy all the under valued Assets and buy into failling companies….

  9. ZAMBIA near success economic story in the whole of Africa? Pleazzzzzzzzzzzze give us a break. 0ver 80% of Zambians living in poverty on less than a dollar a day. These IMF crooks better shut up not add salt to the injuries.

  10. like wise Zambia today is far better placed contrary to all the media reports. Guys remember one thing Zambia fuctioned even when copper was 800 dollars/tonne over 10 yrs ago. what make u think it wont fuction at todays prices which is almost three time higher at 3600 dollars to tonne. This is a downturn for Zambia and by no means a Recession they wnt us to believe. Its always the strong characters who believe in posivity and can see beyond this that will come out successful. Its the time to Invest in Zambia make my words. Go now!!.. if you have the wit and are resourceful!!!

  11. please who cares what imf thinks they are just happy to see that we still wallow in poverty anyway they are citing what was happening when the Late LPM was still in power so i hope GRZ under the RB regime does not try touse this as proof that they are doing n e thing in fact we have wrong presido for thes critical times its really sad.

  12. What nonsense is this from IMF,what near success story is this man taking about?Perhaps,he wanted to mention Gambia,i forgive him otherwise ,i was going to shower him with unprintables.With this ever increasing poverty in this nation,no sensible man can utter such nonsense about Zambia.

  13. ” IMF says Zambia near economic success story ”

    Can we say ‘detached from reality’? Well at least we now know how they define success – compliance with their ‘globalized economy’ policies and not the wellbeing of the people of Zambia. Or ‘development’.

    The IMF is just doing what it is always doing – running from failed project to failed project, and then cover their behinds. It is an organisation with near total lack of transparancy or accountability.

  14. Some people can’t just understand statements within their right context.Muleya nakumasukulu guys cuz your ignorance smells of organic origin.How are we, as a country ,going to develop if we have people who can’t read and rightly critic articles like this one?If you don’t know the parameters by which growth of a country’s economy is measured let those who know educate you!

    • ” Some people can’t just understand statements within their right context. ”

      More and more people are seeing through the falsehoods of Neoliberalism (free trade, deregulation and privatisation) or as it used to be known, Reagonomics/Thatcherism/Voodoo/Supply Side/Laissez Faire economics.

      The gains in GDP made are fake. There is no multiplier effect to the rest of the economy coming from these privatised mines.

      What we need, is a new economic model, that is based on production of goods within the economy, because that has the biggest impact or multiplier effect on incomes, skills transfer and job creation.

      We need continuous re-investment of profts and costs within the…

    • WHAT A LIE, TEN YEARS AGO YOU WERE INSULTING KAUNDA FOR THE MODEL YOU HAVE PROPOSED ABOVE. WHAT HAS CHANGED? WE ARE OUR OWN BIGGEST ENEMY. WE HAVE CHANGED TO CAPITALISM AND IT EXACTS A PRICE.

  15. The IMF official should have said in the LPM regime not the NyamaSoya one. it is riddled with scandles and unprintables. The kwacha then was stable aound K3200/USD now K5800?USD and very voletile with shortage of mealie meal, skyrocketing prices of commodities, company closures sending avoidable thousands onto the streets (jobless) etc

    • BEFORE LPM DIED YOU WERE INSULTING HIM THE SAME WAY YOU ARE INSULTING RUPIAH. YOU USED TO CALL HIM CABBAGE. HAS YOUR MEMORY FAILED YOU SO EARLY? THIS IS A COUNTRY OF FAKE, IMMATURE PEOPLE ALWAYS MAKING WILD ALLEGATIONS AND WHEN PROOFED WRONG, YOU NEVER ACKNOWLEDGE YOUR ERRORS.

  16. The list of countries of the world sorted by their gross domestic product (real) growth rate shows the increase in value of all final goods and services produced within a nation in a given year –not taking into account purchasing power parity and taking into account inflation. It is a measure of economic development.Currently Zambia is the 26th fastest growing economy in the world with 6.2% GDP growth(2008 est) while Angola is on the 3rd at 15.1%(2008 est). USA is the 67th at 1.4%(2008 est) while UK is the 69th at 1.1%(2008 est).These indicators may not make sense to the impoverished nations like ours but this is how economic growth is measured.For reference the world GDP is @3.8%(2008).

    • Kadobi, these are nice figures indeed, but did you factor in the trickle down effect here? That the economy could be improving by statistics is not desputable but where are the benefits? Just by gauging the level of poverty in Zambia, one would say most of the money is in a few individuals pockets. Over 70 % of the people are still living on less than a dollar per day. In other words there are no structures on the ground to ensure an equitable distribution of wealth. That in itself nullifies those beautiful figures and the statistics become redundant.

    • ” Kadobi, these are nice figures indeed, but did you factor in the trickle down effect here? ”

      Right, there is no multiplier effect to much of the ‘foreign investment’ that is attracted – it is just foreign businesses doing business in Zambia.

      Much of the gain in GDP is mines repatriating their profits.

    • MrK & Dr.Real Brain, gentlemen you can have this argument whichever way you want but shall we restrict ourselves to the current standards and dfns existing in the various fields where these topics fall?If we really want to discuss “economic growth” then I suggest we abide by the existing definitions in the field of business & economics.Do you have your own definitions of what “economic growth” means?Which data about the poverty situation in Zambia are you using?I wouldn’t want to dispute your points if you’re referring to your own researched data but as for me this is the data from the CSO in Zambia:Poverty in Zambia -1991 – 2006
      The Living Conditions Monitoring Surveys conducted…

    • YES YOU ARE RIGHT ABOUT THE LACK OF TRICKLE DOWN. THIS NEEDS TO TAKE PLACE BECAUSE IT ENSURES SOCIAL PEACE. WHAT I DISPUTE IS THE OBSESSION THAT RUPIAH HAS CAUSED THIS LACK OF TRICKLE DOWN. WE CAN BLAME HIM FOR THE POOR ADMINISTRATION OF THE FSP BUT TO SAY HE IS A DEMON WHO HAS CAUSED MISERY IN FOUR MONTHS IS A CRUEL LIE.

    • THANK YOU FOR EDUCATING THESE ILLITERATE TRAMPS WHO ARE ALWAYS WHINING ON THIS BLOGG WITHOUT ANY VIABLE SOLUTION. WHY WOULD THE IMF TELL LIES. THEY ARE NOT INVOLVED IN OUR PETTY, IGNORANT SATA POLITICS.

  17. I love the way the Bembas say: “Tukaba bwino kuntanshi”. Where ever you are in the world, always think about making the country that you love so dearly a better place. Lets all contribute in what ever way we can to better our economy. We WILL get to the Promised Land, we may not live to see it but let’s make sure that our great, great, great grandchildren get to see it!! So, forget ba IMF and ask yourself: “What can I do?” One Zambia!

    • Son of man… How I wish every one thought like you… Have you factored in brains like Geojejo, Funjika, FTJ, Katele, Silwamba, Sakala, Chibanda, … OMG I could go on and on… But while this is happening as I type, not all is lost… LPM minded zeds are still there and that excludes RB

    • THIS IS THE KIND OF DUPLICITY, THAT SHOULD STOP IN ZED. REMMEMBER THAT LPM WAS NOT LOVED IN ZED. HE WAS ALWAYS INSULTED AS CABBAGE. IF RUPIAH WERE TO DIE TOMMOROW, ALL OF YOU LIE MACHINES WOULD BE FALLING OVER EACH OTHER TO SAY WHAT A GREAT MAN HE WAS. WHAT A FAKE LOT.

    • Mukonko… When LPM was elected I thought that the nation wad dead but within a year and from the onset of his presidency he told the Zambian people the vision and the plan he had for the nation. Now Mukonko, am sorry to disappoint you, am not going to support anybody who hasn’t told the Zambian people what his plan and vision for the nation he has, we are talking about a country, not a bank. So I stand to be awed by RB just like how LPM proved me wrong with a vision and a plan he followed. You may say it is too early but in anything a serious human being wants to achieve, he should have a vision and a plan which RB hasn’t got. And touch wood if he were to die now, at the rate his going,…

    • Hear, hear! Where there is no vision, the people perish. We don’t want to perish coz our leaders have no vision for Zed. I must confess that when one of Zambia’s great leaders LPM (yes, great leader) came into power, I thought we were doomed. LPM won me, and many of us, over with his vision for Zed. That’s why we were so sad when he died. What impressed me the most about him was that he really wanted to fight corruption! I mean, how many of us can say that the fight against corruption can be won? Many of us started believing that corruption can be reduced. Kanabesa, anyone can be a President. What we need is a Leader! One with a vision we can all buy into with our time and money. One…

  18. Poverty in Zambia -1991 – 2006
    The Living Conditions Monitoring Surveys conducted from 1991 to 2006 have shown that the incidence of poverty has reduced over the years. The results show that the incidence of poverty declined from 70 percent in 1991 to 64 percent in 2006. The gains of this reduction can be noticed in rural areas, where the incidence of poverty reduced from 88 percent in 1991 to 78 percent in 2006. In contrast, the incidence of poverty in urban areas increased from 49 percent in 1991 to 53 percent in 2006.

    • Kadobi your statistics implicitly means we haven’t moved. Gain of 6% in poverty reduction in rural areas as you may appreciate is as a result of urbanization which so happens to be a direct correlation of the 10% increase of poverty in the urban areas
      So if you objectively look at the net gain 4% in poverty reduction is not even present because you need to take into account the margin of error which could be in the region of 4% wiping off the net 4% net gain. So effectively we are still in this zambian poverty gyration and could become worse because we do not have a plan to tackle the primary issues

    • Well,Nyangu, though I don’t agree with your interpretation of the data in my posting ,I respect your point of view.My own understanding of why poverty is still at high levels in our country is not because of the economy hasn’t been growing but rather there’re been misplacement of priorities by our leaders.There’s been real increase in the value of our country’s final goods and services. For me that’s why I would want to see better managers of our economy because I believe the returns have been there but they’re used in wrong areas and very few benefit.I look at Zambia like a profitable company whose profits are only enjoyed by the directors alone leaving their workforce suffering.

    • Well…Kadobi, then I blame syntax or the choice of words in your earlier posting. We are actually on the same page and is exactly what I have been saying, we have no plan to concentrate the nations resources and without the vision and plan you’ll agree with me that we are burning our rubbers

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