the-IMF1
The PF Government has for the first time admitted that it has approached the International Monetary Programme for a bail out.

Announcing the arrival of an IMF staff team from Washington D.C, Secretary to the Treasury Fredson Yamba revealed that cabinet has made a decision to pursue an IMF supported program within 2016.

This is however the first time that Government is openly admitting that it is engaging the IMF for an economic program after many months of denial.

The statement from Mr Yamba issued today does not conspicuously state when the cabinet decision to pursue an IMF program was made because all along was adamantly saying that it was not considering any IMF program but merely engaging the IMF for consultations.

According to the IMF, an IMF economic program is a set of agreed terms which countries sign up to before accessing financing from the institution mainly to cushion economic challenges.

Mr Yamba disclosed that the IMF team will be coming to Zambia from 9th to 18 March, 2016 to assist the Zambian government in reviewing the current macroeconomic situation and providing advice on addressing the macroeconomic challenges facing the country.

Speaking ahead of the IMF Mission next week, Mission Chief Tsidi Tsikita said the IMF welcomes the continued engagement with Zambian authorities and stands ready to assist in any way it can, adding that, “the forthcoming mission from 9th to 18 March, 2016, which was scheduled earlier, would assist the authorities in reviewing the current macroeconomic situation.” We will also provide advice on addressing the macroeconomic challenges facing the country,” said Mr. Tsikita.

And commenting on the matter, Secretary to the Treasury Fredson Yamba affirmed that the forthcoming mission is a continuation of the IMF engagement with Zambian authorities, adding that, “this is against a backdrop of macroeconomic challenges and cabinet’s decision that the government engages the IMF on an economic program in 2016.”

“During the mission, the IMF team will not only hear our objectives for the anticipated program, but also its timing, and our submissions on some of the proposed key elements in the program,” said Mr. Yamba.

In his confirmation of the mission, Mr. Tsikita outlined the specific objectives of the mission. These being, together with the Zambian authorities, to develop a shared understanding of the current economic situation, the near-term outlook, and the scale of adjustments needed to stabilize the economy.

The team will also hear from the Government their policy intentions for the rest of 2016, including the objectives and timing of a possible IMF-supported program, taking into account practical and political constraints.

The mission team will also prepare the ground for subsequent program negotiations by discussing key elements of a possible program, IMF arrangement/facility options in light of Zambia’s current circumstances, and Zambia’s commitment and capacity to implement an IMF-supported program.

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90 COMMENTS

  1. Comment: finally the cat is out of the bag! All along Kambwili had us think otherwise.perhaps its time for a PF exit in August

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    • we told PF government, when you get a loan, you don’t go to the tarven and rounds for all,,,,,, PF cadres were saying bla bla bla bla! now you see your boss got kaloba and drank it all,,, now its time to beg the shylock,,, on your knees and lick the shylock`s toes NOW!!!

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    • It’s very easy to just sit behind your laptop in the comfort of your house and criticize the govt on Lusaka times and sound very smart….well, doing the actual thing of running the country is a different ball game…90% of bloggers are just non entities and besides they don’t even vote….

      Anyway no need to get into a shouting March

      HH Over-promising
      HH false hope
      HH is a pathetic Liar

      2016 vote PF ( Edgar )

      I thank you

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    • @ Ndobo
      Come on now…you are smarter than this….don’t disapoint me…I know you are smarter than GBM

      2016 vote PF ( Edgar )

      I thank you

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    • Thickneck Chimbwili will tell us its global. These buffoons will be arguing with IMF everyday, thus rendering their support untenable, the more reason we need to kick them out.

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    • PF has truly f.u.ck.ed up Zambias economy!

      THESE BAASTAARDS must ne held accountable. They have borrowed and squandered Zambias future! It will take another 20 or 30 years just to get us back to where we started from!

      Development my arsee!

      The only development they have brought to Zambia is the huge kaloba! We must jail these criminals! Voting them out is not enough to prevent this happening again. Look who they appointed Finance Minister! The same iddioot that did it before!

      How many times must Zambia be bankrupted before it becomes a CRIMINAL OFFENCE to be derelict in your DUTY!

      JAIL CHIKWANDA NOW! Before the swine dies and ezvapea punishment!

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    • @katondo boys

      Yes running a country for dull boys like you its rocket science isnt it?

      If these PF stooges would be honest enough to reward themselves after doing a good job appreciated by people intrems of managing the economy prudently then people would not turn against them.

      Unfortunately for PF the priority is to enrich them selves first using politics is what matters. This is terribly bad for business and for the country as a whole. If you want to enrich one self do it outside politics like what HH has done.No one will call you a thief or corrupt.

      What has made sound difficult for PF ang Lungu is thd fact that they have allowed corruption to be at the centre of every government decision they make.

      Now PF is inviting IMF a predominantly US organisation to bail it…

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    • What they are trying to do is to allow the IMF to spell out the austerity measures and then the government will say things are bad because of the austerity measures imposed by the IMF not because the PF is not performing. They will try to disassociate the cause of the austerity measures from the governance of the PF but people are all aware that PF has failed and will be booted out this year. Also they want the next government (UPND) to find it tough to make any meaningful change in peoples’ lives once they take over as they are very aware that they are out of power come August.

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    • You se where the combination of the 2011 “Donchi Kubeba” and the 2015 “Ifintu ni Lungu” has taken us to? We told Zambians that they were making the biggest mistake by allowing thugs to run the country.

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  2. Finally this inept PF government is coming to term with reality. It is clear that this dull and kaponya government has run broke and is now eating a humble pie.

    Let us solve the problems Zambia is facing by voting out these evil of a government..

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    • @Spark Jarrow
      So you are also part of the doomsday cult???? I didn’t know that…do you know Madam Kibwetere from Uganda?

      2016 vote PF ( Edgar )

      I thank you

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    • @Spark Jarrow
      So you are also part of the doomsday cult???? I didn’t know that…do you know Madam Kibwetere from Uganda?

      2016 vote PF ( Edgar )

      I thank you ….

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  3. That is after blowing close to $10 billion in less then 4 yrs. Where are the investores we were promised will come after we pay for the most expensive roads in the world?? Now zambians will pay dearly while PF will live a life of millioners from the looted monies.

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  4. –This is however the first time that Government is openly admitting that it is engaging the IMF for an economic program after many months of denial– The philosopher would say “FINALLY YOU’VE COME TO UNDERSTAND THAT BURYING YOUR HEAD UNDER THE SAND DOES NOT GRANT YOU LONG LASTING SECURITY, IF AT ALL YOU CALL THAT ACT AS SECURITY, COZ YOU’RE MADE TO LIVE ABOVE THE THE VERY SAND”….. Mind you, DENIAL is the last in the series of various stages that a dying person goes through before finally accepting that DEATH has come and nothing else would be done than ACCEPTING this destiny!!!

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  5. of course in a desperate lived past the DENIAL stage is coupled with BARGAIN, whereby a dying person regrets having spent the precious time on futile things and wish he could be granted a second chance to better his life and recompense for the wasted years. But when death is in, there’s nothing that can be done than heading towards accepting it

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  6. I thought all things West are out of the picture. You’ve told off the Western diplomats, praised China and now are yelling, “Yankee, go home!”. What’s up ED? What is your actual economic policy? I get the begging bowl bit but bail outs come with conditions. Are you acting on behalf of ALL Zambians when you rule without vision coz that’s biting the little guy pretty hard. So what’s the five year plan? Dost thou have one? Beg, steal, borrow? You’re a bad economic manager but a great drinking buddy to have, huh ED?

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  7. Zambians where are you? Is this not your homeland which you are destroying as if you are passing going to America?

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  8. Patriot abroad and your brainless dog kudos, where are you chaps? Come out and tell us how brilliantly your Lungu is running the country you brainwashed twats. I cannot believe we are back with IMF when we suffered horrendously under their austerity meausres back in the nineties. Just so the typical clueless PF cadre does not know, a country only approaches the IMF when it has failed to run its economy. So what does that say about your ifintu ni mfyo mfyo? This is so annoying and will please someone gag Katondo Boys for Pete’s sake!

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    • You call I answer. Now, now @Dudelove as much as you are upset there is absolutely no need to name call, Dog, Twats it’s us befitting if you!

      Now let’s be practical on this issue. President did already state to the nation that he had put off Austerity measures and did refuse IMF’s help initially in an effort to see whether market economies can pull us through. This was only weeks ago and I am sure you all remember this. Because of unabated fluctuations we now MUST seek an ‘input’ by IMF which is timely. Your refusal to accept the disruptions of Markets in the last quarter is disturbing. One wonders what economic monitors UPND will put in for surely all their Policies and Instruments will ignore what Markets are doing!!

      Get serious @ Dudelove, it’s a catch24 situation…

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    • This was only weeks ago and I am sure you all remember this. Because of unabated fluctuations we now MUST seek an ‘input’ by IMF which is timely. Your refusal to accept the disruptions of Markets in the last quarter is disturbing. One wonders what economic monitors UPND will put in for surely all their Policies and Instruments will ignore what Markets are doing!!

      Get serious @ Dudelove, it’s a catch24 situation Zambia finds itself, we needed infrastructure, Technology, expansion of Water and Electricity sources to move our economy further. Without these improvements we could not have managed to prepare for all those value Additions you keep on about! PATRIOTS STAND UP AND DEFEND YOUR COUNTRY FROM FALSE MANIPULATIONS OF FACTS. BE VALIANT AND TIGHTEN YOUR BELTS.

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    • @ Patriot Abroad

      You think Lungu put off austerity measures and refused IMF’s help initially in an effort to see whether market economies can pull us through?

      RUBBISH! Lungu is just so dull he thought he might be able to get through elections without calling in the IMF. That he is flip-flopping now just PROVES he has no understanding of how economics works!

      Lungu and his PF have destroyed Zambias economy with their uncontrolled BORROWING and RECKLESS SPENDING, and he is so incompetent and ignorant he does not even know what has happened! Clueless, dull and dishonest. What more can be said? IMF is here to teach the clown how to add one and one because it is obvious HE KNOWS NOTHING!

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  9. Reality always catches up and it has done just that with the PF bufoons.They thought they could continue running the country on borrowed money but eventually that comes to an end and you have to face reality.Their slogan of ifintu ni Lungu has come home to roost..vima galu imwe.

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  10. When they started borrowing kaloba, we said Zambia is going in the Greek direction. Now we are here. It is worrying how people will always defend a wrong. The flat fact, in black and white is that the PF have steered the ship into the rocks. A normal captain would by now have shouted ‘Abandon Ship!’

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  11. Pipo need to go to school. In Bemba we say amano uli weka tayashinguluka ikoshi. If you have gone to school you will agree with me that whenever you have been given an assignment you will ask or compare notes with your friends. PF govt is not wrong bevoz IMF is there to do what the govt has asked them to do. Read and be wise

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    • You are the definition of dullness my friend and I really hope you are below 15 coz if an adult does not understand what the IMF is about then am sorry. Listen, your clueless government has gone to the IMF for a bailout coz they have run out of money and obviously no sane bondsman would want to give PF another eurobond. Now to access the IMF money you have to adhere to what are called austerity measures and these are set by the IMF and not your hopeless government you dull man. PF the definition of no knowledge. And you proudly comment shuwa. I would kill myself if I were you. And you even say people need to go to school when your empty skull is the one in urgent need of a brain. Very funny.

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    • @Dudelove

      Calm down mate! All countries need Austerity in times of economic turmoil caused by Markets. Even the UK has had these. We suffered during Maggie Thacther time, we suffered in the last recession caused by the banks. Suffer, suffer intermittently( every 10 years according to some economic theory). We need Austerity to get us back on course. please stop scaremongering!! We will pull through.

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  12. Well, I don’t know how many UPND supporters will be commenting on Lusaka times After August 11….muzadya oxygen

    2016 vote PF ( Edgar )

    I thank you

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    • As for you foolish Katondo Boys just wait and see what measures the IMF is going to give you and perhaps that is when you will realize how blindly foolishly you have all along been supporting this kaminamisa of yours. Even the one meal you are affording now will be a thing of the past. Then we shall see how you are going to sing praises to your Edgar. Some people were just born imbeciles.

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  13. Keep on moving forward ba UPND….muzapitilila pa state house

    2016 vote PF ( Edgar )

    I thank you

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    • Not with IMF comming, cholera hitting lusaka and meal meal shortages.
      Sorry vote alone.

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  14. I M F coming here to bail us out? Was Frank Bwalya not shooting his mouth of about America not doing anything for Zambia. Clueless guy. It is a wonder that they even come.

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  15. Zambian notes are the biggest losers in Africa, with declines of more than 14%, the most among 61 developing nations tracked by Bloomberg after Venezuela. Overspending and falling copper prices helped push Zambia’s budget deficit to 6.9% of gross domestic product, from the targeted 4.6%, Finance Minister Alexander Chikwanda said in October. The country’s kwacha has weakened 42% over the past 12 months, the third-biggest decline among more than 150 currencies tracked by Bloomberg.

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  16. I support u Kolopa. Its 100% Good decision by Govt to control the mess hh created during privatisation. Ni PF chabe come August. we hav no meaningful opposition. I wish Magande was contesting not madumbo grade 7 dropout GBM and theorist hh with zero government experience they can plunge the country into more problems. Fintu ni Lungu things will b ok.

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  17. You complain about pf and yet when elections come you still vote for pf..don’t just complain on the internet because you have nothing to do since most zambians don’t work…mwajaila kuvutika chabe mxxxxxm

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  18. At a certain level, it has to be admitted that the voter gets a return on their choice. They voted PF and they have reaped the result. Without such important lessons the electorate will make other bad choices in future to the detriment of the nation at large.

    I think it is good this bail out is coming in the term of the same mismanager of the economy so that the blame rests on the right place not the MMD or the incoming government.

    Let’s vote with our heads next time.

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  19. Ya I support u Kolopa also. Its 100% Good decision by Govt to control the mess hh created during privatisation. Ni PF chabe come August. we hav no meaningful opposition. I wish Magande was contesting not madumbo grade 7 dropout GBM and theorist hh with zero government experience they can plunge the country into more problems. Fintu ni Lungu things will b ok.

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  20. Vote Lungu and his team you are committing the country to poverty, corruption, dictatorship, debt; the list is endless. Use your head and learn from other countries.

    We need to learn from what has happened in other countries. For example the Arab nations like Libya, Egypt and even Syria, the thought revolution will change their country and bring in better leaders…….. 2 years on the still fighting.

    Do should look ourselves as PF , UNPD or MMD or which ever party. Think through what benefits has the party brought to the country, can we trust them for another term in offices? As an individual in what why has its policies improved my living conditions. Have my family, friends and nation as a whole benefited?

    What I have come to realise is that as Zambia we talk and…

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    • VOTE UPND FOR WAR, TERROR, AND BREAKUP OF ZAMBIA. INSTABILITY FROM WAR THAT WOULD FOLLOW. No, No we cannot be run by such people!

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  21. This was only weeks ago and I am sure you all remember this. Because of unabated fluctuations we now MUST seek an ‘input’ by IMF which is timely. Your refusal to accept the disruptions of Markets in the last quarter is disturbing. One wonders what economic monitors UPND will put in for surely all their Policies and Instruments will ignore what Markets are doing!!

    Get serious @ Dudelove, it’s a catch24 situation Zambua finds itself, we needed infrastructure, Technology, expansion of Water and Electricity sources to move our economy further. Without these improvements we could not have managed to prepare for all those value Adfitions you keep on about! PATRIOTS STAND UP AND DEFEND YOUR COUNTRY FROM FALSE MANIPULATIONS OF FACTS. BE VALIANT AND TIGHTEN YOUR BELTS.

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    • You can obtusficate, gerry mender, spin, out rightly lie 365/24/7 BUT you won’t succeed in changing reality that Lungu is the greatest fraud in Plot One and that the jury is out on him with resounding verdict: guilty as charged on incompetence, corruption, grand theft, violence sponsorship, crimes against citizens.

      Determined course of action: Expel from Plot 1 by massive vote for opposition.

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  22. Excellent decision by our Government. Pls solve the problems. We are all with you PF we will give u a massive vote like in Uganda in August till 2026. Only bitter minority chaps from the south we know them.

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  23. Hh created all the problems the country is going through. He became rich through privatising the country but the country became poorer. Hakaluza Hagain ni PF all the way. We cannot vote for a thief. Let him return first what he stole.

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    • NOT EVEN THEN can we vote for falsely repentant man. Look what he is doing now!

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    • What are you saying here? ONE MAN (HH) has had more influence twenty years ago than ALL THESE PF IN THE FOUR YEARS THEY HAVE BEEN IN GOVERNMENT??!!!!

      Please be serious! If HH is such a SUPERMAN and Sata, Lungu and all these PF clowns even with TEN BILLION BORROWED DOLLARS cannot even fix it, what does that tell you about them? OBVIOUSLY THEY ARE DULL, IGNORANT and TOTALLY INCOMPETENT.

      So the only logic here is kick out the bungling iddiiots and bring in SUPERMAN. That is what you are saying!

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  24. Now let’s be practical on this issue. President did already state to the nation that he had put off Austerity measures and did refuse IMF’s help initially in an effort to see whether market economies can pull us through. This was only weeks ago and I am sure you all remember this. Because of unabated fluctuations we now MUST seek an ‘input’ by IMF which is timely. UPND refusal to accept the disruptions of Markets in the last quarter is disturbing. One wonders what economic monitors UPND will put in for surely all their Policies and Instruments will ignore what Markets are doing!!

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    • Why are the tourisim and agriculture industries declining under PF when these should be driving the economy??
      PF just have no clue and have totally failed.
      Zambia back to pre mwanawase days.

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    • Patriot on laptop……PF is gone gone gone ….. !!

      And IMF has come in handy with austerity measures to tighten screws on suffering and the revolt that will ricochet and reverberate through the townships, rural areas and up north mining revolutionary citadel.

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  25. What a time for IMF to visit. They will find cholera stricken zambians while the PF leadership is calling golf clubs and boxing gloves military weapons just to harrass citizens.

    Spending $10 billion and not one investor wants to come to Zambia.
    Tourisim and agriculture in steep decline due to missmangment and corruption.

    Vote out these PF.

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  26. Those Advocating PF continuity do not love Zambia. IMF is here reason with yourself why? He first refused now he has accepted do not be surprised if salaries are reduced as part of the austerity. Levy dealt with this but now… wait and see

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    • Most of those promoting PF online are PF officials in embassies who are part of the corruption and missmangment. They need to support PF or no more good life.

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  27. PF sponsored bloggers like Katondo, Kaboba, Patriot abroad et al think we are stupid as they are. I don’t know about others; I am clutching onto my voters card for one purpose : to cast it decisively against Lungu!

    Lungu has messed Zambia big time.

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  28. Time to brace ourselves for fuel and electricity hikes. These fellas thought they could ride it out until after elections but I guess reality has caught up.

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  29. HIPC II. First there was the denial of the use of the Windfall Tax. Then, there was the taking on of what ultimately became $3bn of Eurobond debt. With it came the de facto devaluation of the currency. Now they are ‘engaging with the IMF’ for a new ‘package’.

    Never trust any politician or economist who used euphemisms. If they were honest, they would say what they mean.

    The IMF and World Bank themselves are corrupt organisations. For one, if they were not, they would have insisted on knowing (not controlling but knowing) what the money was spent on – a paper trail if you wish. Their corrupt purpose is to extend more debt to the Zambian government for ‘debt for assets swaps’ like HIPC.

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  30. Aka akapokopo twabika mu State house awe kwena elo twabikapo na Chikanda (Chikwanda) uwatuletle IMF in KK days, very bad combination – An Alcoholic and a Kaloba Addict, Now add all the Morons in the Govt of Useless Tins. Awe kwena, we are in trouble. Elo aka ka lungu wants to hold on to power look at the persecution of his opponents.

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  31. Whatever the situation we are voting PF. HH sold our companies and shared our money. There is no grnt that UPND will perform better than this govt. What this govt has done are preventive measures. How do you blame govt which has opened Nitrogn Chemicals of Zambia to kill agriculture? How do you blame PF for drought ?

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  32. Ba Mrtn.Wat preventive measures does ba PF have done? IMF is going to sokolola inkama about the borrowed money and we/you are going to say nothing over the inkongole tukwete mu Zambia.Remember the crisis in Argentina.NDELOLESHAFYE!

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  33. Hahahaha ba PF back in the loving arms of a western controled imperialist organisation. I thought you were matching to the Chinese tune. Again MMD worked hard to divorce us from these ticks but just five years of PF and we are back begging for forgiveness. Clueless thugs.

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  34. Some one must pass on Dambisa Moyo’s Book to Alexander and Edgar. Any way the trouble with Africa is that even leaders do not read.

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  35. Just one question for all bloggers? How many countries in Africa have currently approached the IMF for bail out program? Answer the question and tell me if the global reasons advanced are still valid.

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  36. @ katondo boys, you seem to have benefited from the looted money and you cant imagine PF say buying to further looting of our already diminished reserves. To hell with your myopic thinking kuya bebele even God is not happy with this leadership take time to read the parable of talents in the book of Luke.

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  37. One good thing that I am absolutely sure that IMF will say in the face of PF is to trim cabinet. For now, we are in this mess, and we have got to fix it. Even if PF goes, come August, these challenges will not evaporate because the causers are out of power, the incumbent government will have to deal with them. Nations select to go to IMF, but IMF has its own game plan. Just like people make a decision to go engage a shylock, while the shylock has his own terms. Zambians lets face this issue head on, lets be brave and be responsible for our own destiny. We need to learn from this episode starting from making right decisions regarding whom we entrust to run the affairs of our nation on our behalf and indeed on that of the future generation.

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  38. Yayaya So the common man on the street has no clue that he or she owes the international lenders K5,000 Plus…tighten your waist even more as structrual adjustment programe will soon be implemented.The shylock will soon unveil the terms conditions.

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  39. IMF coming to Zambia?Munzi wapya! Zambians tighten your seat belts. The Challenger is about to take off to the unknown destination.

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  40. Once they read through the IMF conditions, they will chicken out like they have always. The only way to save the erring zambian economy is through an IMF package. A package that comes with severe terms and condition. PF will be required to reduce on subsidies, contraction of loans and more fiscal discipline and in an election year will PF succumb to IMF terms? Chakwanda attest to the fact the Economy has Cholera, its his fellow cabinets ministers and the man himself (Lungu) who don’t fully apprehend what the Economy is enduring, their thoughts and sight are on re-election. But still PF is caught between the Devil and the deep Blue sea. They don’t except the package the economy risks hitting rock-bottom ( loan defaults, no salaries for civil servants and high inflation) which can result…

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  41. oweeee elyo lwanya, imf is going to be in town faster than expected, to be greeted by cholele cocco bacteria and hunger,kikikik ifintu fya pena

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  42. PF to losing elections and if they do except whatever the package the results are ( wage freezes again, high cost of fertilizer, fuel, electricity and a halt of any infrastructure under going) which as we know contribute to PF losing the elections. Which way do PF go?

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  43. Why are you scared of IMF imwe ba up and down party ? There is no country under the sun which is indispensable .IMF programmes if well tailored are good for the Country.

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  44. WRUNGU the vionless,clueless,brainless,useless,hope and a drunkard please just quit we tired of your stupidity.

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