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Friday, July 3, 2020

Finance Minister Felix Mutati for IMF/World bank Annual Meetings

Economy Finance Minister Felix Mutati for IMF/World bank Annual Meetings

World Bank Country Manager for Zambia Ms. Ina Ruthenberg with Mr Mutati
World Bank Country Manager for Zambia Ms. Ina Ruthenberg with Mr Mutati

Finance Minister Felix Mutati is today scheduled to arrive in Washington DC for the 2016 Annual Meetings of the IMF and The World Bank.

Mr. Mutati is expected to hold consultative meetings with the Office of the IMF Managing Director, World Bank Vice President, constituency and caucus sessions of the Bretton Woods Institutions, the USA Treasury, the representatives of multinational private sector organisations, international investors, global private sector organisations, high credit rated financial sector organisations and, the top leadership of the USA Millennium Challenge Corporation among others.

The Minister is accompanied to Washington DC by Bank of Zambia Governor Dr. Denny Kalyalya, Ministry of Finance Permanent Secretary for Financial Management and Administration, Dr. Ronald Simwinga and other Senior Government and Bank of Zambia officials.

Note that as directed by Cabinet early this year, a team from the Fund visited Zambia in March to appreciate the country’s macroeconomic situation and commence engagement towards a formal program between Zambia and the IMF. Further, another round of engagement was initiated at the April 2016 Bretton Woods Institutions’ Spring Meetings in Washington DC whereby the Zambian Government and the IMF agreed on an engagement approach which would lead to the country getting on a program.

An IMF team will be visiting Zambia before the end of October 2016 for discussions with various governmental, statutory, private sector and other stakeholders in line with the mutual – GRZ & IMF – commitment for continued engagement towards the design of a home-grown but Fund supported economic stabilization program. Consistent with that indulgence, the IMF will be provided with home-grown macro and fiscal aspirations for the next annual budget and the medium term in order to pave way for program discussions so that once in place, the Fund supported program will not be at variance with the budget and the medium term expenditure framework.

The Ministry of Finance takes this opportunity to express concern at the tendency by some public service officials and in some alleged cases, central bank officials, to distort facts and circulate them to the media with unfettered impunity. The trending circulation on social media about the constituent components of an IMF supported program for Zambia should be ignored with the contempt it deserves as neither the Zambian government nor the IMF announces decisions through unidentifiable sources.

The Ministry of Finance is hopeful that as stakeholders are being consulted in developing an economic recovery program; the seventh national development plan; and the Fund supported economic stabilization program, public service workers must demonstrate – without exception – their full commitment and support for the government of the day. It is our belief at the Treasury that all public service workers have a duty to render their unconditional support to the government of the day in order to protect the sovereign dignity of the country and facilitate the timely, efficient and effective implementation of social-economic policies.

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28 COMMENTS

    • The Minister is accompanied to Washington DC by Bank of Zambia Governor Dr. Denny Kalyalya, Ministry of Finance Permanent Secretary for Financial Management and Administration, Dr. Ronald Simwinga and other Senior Government and Bank of Zambia officials…..

      WHy take an Army?

      WHat is wrong with taking 3 people at most?

      Thanks

      BB2014

    • The paradox of the whole issue is that PF cadres do not know the genesis of this problem of Zambia going back to IMF to beg. They still feel their late messiah would have fixed the economy when in fact the the cause. The irony is they seem to forge while Levy & RB were saving Dollars for future use he was busy overspending on lopsided infrastructure in Muchinga.

      It wud hvbn beta if he lived to see his resultant careless spending & see how he cud hvbn shamed 2go begging. He had no clue except snobbery of how to raise & save money! Even circumstantial President ECL must not be totally blamed for this economic messy. He has to play savage 2ze gallery of PF populist politics of “BuFontini” to maintain esp the Northern political vote. Now Lungu is saddled with responsibility of raising…

    • Now Lungu is saddled with the responsibility of raising money & fixing the economy when the “chief economic messer’ is comfortably resting.

      RB despite his shortcomings was economically prudent against 2008 world recession! I really miss him!

      Enjoy your dununa reverse jig.

    • Corrected paragraph one!

      The paradox of the whole issue is that PF cadres do not know the genesis of this problem of Zambia going back to IMF to beg. They still feel their late messiah would have fixed the economy when in fact He is the cause. The irony is they seem to forget that while Levy & RB were saving Dollars for future use, he was busy overspending on lopsided infrastructure in Muchinga.

    • @1.1 Mushota, if you see the constituencies that Mutati & team are going to meet, then you will understand that he needs more than one person to accompany him. @ Neutral,yes we agree, PF understand spent on some infrastructure without proper due diligence especially the Mongu – Kalabo Road which chewed alot of money and has proved not be beneficial both economically and politically to PF and the country in the immediate and medium term, though it may be otherwise in the longer term. As for Levy and RB saving money, please do not forget that both just came to enjoy the ground created by our earlier sacrifices we undertook under FTJ’s leadership. If anything real glory should go to FTJ and his Ministers who took us through to reach the debt cancellation point!

    • Impiya shachalo balishanina dununa ruvesi. Now they have gone for more kaloba.What sort of government is this ?

  1. Nowhere else in the world is a president of an opposition party seeking to change government is at the same time a cabinet minister in the same government.

  2. For PF00LS it’s an achievement to go to IMF with a begging bowl. Under-achievers!!!

    The Zimbabwenification of Chimbwiland is inevitable. People never learn. They should have traveled to Zimbabwe & Mozambique to view the untold suffering IMF has brought on the masses.

    The influx migrant rogue tribes for N/E Rhodesia has really spoilt a once prosperous nation, N/W Rhodesia. They invaded LAMBALAND, LENJELAND & SOLILAND & have bred like hamsters to increase their poverty-stricken population from just 3million at independence to over 10million now. 80% of them live in abject poverty in Compounds. They celebrate at IMF’s call-out as if they’ve won the World Cup. Such low-lives, oxygen thiefs, waste of sperm. They need to be moved back to N/E Rhodesia where they belong.

  3. How will Mutati negotiate with IMF/World Bank with authority when he is not a Senior member and Leader in PF? Mutati will be a lame duck Minister of Finance without finance. To implement tough IMF austerity reforms and measures u need strong Political Will and Commitment. Lungu lacks both and it wont work. You need fiscal discipline to implement IMF programmes which Lungu and PF lacks. With illegitimacy and human rights violations hanging over Lungu’s heads there are tough times ahead.

  4. Hahahaha ati hh aluuza! It’s you and I who have lost….let the suffering now begins…..the Porous Fools Party wil plunge this country in poverty…as it is seen here coz imf wil dictate the meeting since they are the owner of the monies we need… jst imagine civil servants getting their salaries late…it means money in circulation becomes low….which simply means doing business becomes difficult….

  5. The last bit is interesting. So civil servants shouldn’t be critical of the sitting government? Blind loyalty never did anyone any favours. It’s probably one of the reasons why we’re in this mess in the first place. Be open to criticism (even from the inside) – you need it. Besides, it’s at the helms of the very same Government that we find ourselves in this debt trap, going ten steps back and failing to learn from history – don’t expect cheers from the sidelines. Take responsibility for your poor financial management of our resources.

  6. MMD President off to Washington to beg for PF govt as they have chewed all the reserves MMD left behind 5 years ago..only in Zambia.

    • @JJ, that’s what is called lack of principle, political ideology and morality. Mutation is their for personal gain full stop. He is not thinking about Zambia’s future. What a shame. He disbanded a viable opposition party in exchange for a ministerial position.

  7. The very mention of IMF does not go well with me. I am safe but i feel for the poor fellow Zambians under a visionless leadership

  8. Zimbabwe is not in problems because of dictator Mugabe. It’s because he touched where angels don’t dare : he touched the white man. Kagame and Museveni are worse dictators but because they respect the whiteman their economies are doing well.

  9. fear GOD and cease from insulting other people…. we are children of GOD…..
    Put your trust in GOD….. pray for salvation……
    Man is on probation with IMF or without IMF. our life will examined by GOD not man…..
    show love to all whatever may happen

  10. We have already started politicing.Mr.Mutati is going as a Finance Minister of Zambia and not as an MMD president as some people are saying.Let the ministers work first then you talk if they fail as its too early to conderm now.We just wish them a good deal to clintch to improve our enconomy.Good luck my Finance Minister we need funds for our country but on good conditions.

  11. They will just plunder all these resources just like they did with the euro bond.They have even stopped talking about it.Sampa benefited so much from those monies together with Chikwanda.

    • And handing over the economy to the IMF/WB/Anglo-American De Beers is just part of the plunder. These people should be in jail. I say jail them all, some of them are going to talk just to be the first to make a deal.

  12. We Africans only like to beg,beg n beg ……..shame we cant even run our own countries n have to go to the west so that they advise us how to run our country?

  13. Who refused to collect the Windfall Tax from the mines? That is how is responsible. Levy Mwanawasa introduced it, and MMD/PF sellouts removed it. They recommended going into debt. Alexander Chikwanda even stated that Zambia’s debt levels weren’t up to international standards of 40% of GDP yet.

    Now they have invited the IMF to do their economy for them. How much were they paid, by the highly illegal and itself near bankruptcy IMF/WB?

    It is time for a change. I say that handing the government over to the IMF is an act of treason. See Greece, Iceland, Portugal, etc.

  14. The fact that any of these mining stooges dares to invoke Zimbabwe, when Zimbabwe’s problems hail from being hit with economic sanctions and a credit freeze (ZDERA 2001, Sec 4C, Multilateral Financing Restriction), because they went against the IMF/WB consensus and redistributed the land to the people it was stolen from…

    They would probably have condemned the ANC for going up against Apartheid too. If they think so little of national sovereignty to begin with…

  15. @Maloza, you are so right. And as if this influx was not enough, these migrants aspired for jobs that had been previously occupied by the more honest North Western Rhodesians. Thieves invaded the police force, rapists the army, smugglers the immigration department and the highest office was taken over by a sweet talking but empty headed pigmy conman and swindling kleptomaniac, one Frederick Chiluba. Just when we began to see some daylight by the ascendancy of a North Western Rhodesian, God dealt us a cruel blow by taking him away before he could finish cleaning up the mess left by the kleptomaniac chief and handing us back to the same gypsy rougue migrants tribes. We got a twit, a bafoon and now we have a puppet held captive by the same rogues who have vowed never again to surrender the…

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