No bailout package for Zambia yet-IMF

82
17,519 views

President Edgar Lungu held meeting with An International Monetary Fund (IMF) team led by Tsidi Tsikata who is division chief African department in Washingston and Mr Tobis Nybo Rasmussen IMF Resident Representative in Lusaka at State house. Picture By Eddie Mwanaleza/State house.20-11-2015.
President Edgar Lungu held meeting with An International Monetary Fund (IMF) team led by Tsidi Tsikata who is division chief African department in Washingston and Mr Tobis Nybo Rasmussen IMF Resident Representative in Lusaka at State house. Picture By Eddie Mwanaleza/State house.20-11-2015.

The International Monetary Fund has revealed that it has not yet entered into any financial bailout package with the Zambian government.

And the IMF has projected that payment arrears to suppliers and contractors will increase from about K10 billion at end-2015 to about K20 billion at the end of 2016.

Briefing the media at the end of the IMF Staff Mission visit to Zambia, team leader Tsidi Tsikata said the IMF and the Zambia government have not yet agreed an aid package due to dwindling economy performance.

Mr Tsikata said it would have been premature to engage in an economic bailout package for now as the two weeks the IMF team has been in Zambia was spent on negotiations with Government and other stakeholders.

He emphasised that the Zambian economy is currently under stress because of internal and external factors.

Mr Tsikata revealed that the IMF team will be returning in early 2017 for normal consultations and to discuss possible IMF programme.

He also said that the IMF supports the removal of fuel subsidies and the planned removal of electricity subsidies.

“The Zambian economy continues to be under stress from the impact of external and domestic shocks and an unbalanced policy mix. The pace of economic activity remains sluggish in 2016, with growth projected at 3percent due to continued electricity shortages, low exports and subdued private sector consumption and investment,” Mr Tsikata said.

“Public finances are severely strained. Fiscal performance through the first three quarters of 2016 was characterized by shortfalls in revenue and substantial spending overruns on fuel and electricity subsidies.”

He added, “The government has also been accumulating payment arrears to suppliers and contractors. The stock of arrears is projected to increase from about ZMW10 billion (5 percent of GDP) at end-2015 to about ZMW 20 billion (9 percent of GDP) at the end of 2016. On a cash basis, the fiscal deficit for the whole year is projected to reach 5 percent of GDP, and the deficit on a commitment basis (i.e., taking into account the net accumulation of arrears during the year) at about 10 percent of GDP. To date, the cash deficit has been largely financed with domestic borrowing, mainly from the Bank of Zambia.”

“Monetary policy has continued to carry the burden of policy adjustments. A tightening of monetary policy helped stabilize the exchange rate and put inflation on a downward trajectory. However, the ensuing tight liquidity conditions together with the slowdown in International Monetary Fund Washington, D.C. 20431 USA growth and the accumulation of government payments arrears have put the private sector and the banking system under stress and led to an increase in non-performing loans.”

“Zambia’s current economic challenges can be overcome with resolute policy action such as the recent adjustment of fuel prices to cost-reflective levels and the announced intention to reduce electricity subsidies. These measures, if coupled with structural reforms to reduce inefficiencies and increase capacity utilization in the energy sector, would go a long way toward increasing Zambia’s potential growth.”

Mr Tsikata said the mission welcomes the authorities’ plan to scale up social cash transfers and protect social spending, including on health and education, to mitigate the potential impact on the poor.

“The mission welcomes the authorities’ decision to undertake a broad-based consultative process to ensure support within the government and across national stakeholders for their policies and reforms that could be implemented under an IMF arrangement. At the authorities’ request, the mission will return to Zambia in early 2017 to conduct Article IV consultation and program discussions.”

82 COMMENTS

    • +10
      -26
      vote

      Bright days are ahead of us. Strategically we just need to make some radical changes in the way we tackle these enduring challenges at hand. Time to invent wheels for sustainable and more steady growth tragectory is now. Our problems are in no way insurmountable except to natural sadists. There is no magic bullet but thought out actions top-down and vice verse.

    • +15
      -3
      vote

      No bailout until after corrupt ministers are fired and prosecuted. And those ministers who got salaries pay back..yaba.

      Am sure our govt wishes China could sort out all our economic problems. But alas..if China had the ability to bailout countries Zimbabwe would be in their situation. China has been a darling of Zim for decades.

    • +2
      0
      vote

      PF lies at variance with reality!
      No more lies, time for reality check.
      Easy to rig elections but impossible to ‘rig’ economy!

      PF with yo simplicity to macroeconomics just go the Idi Amin way, “How to lead in Africa”. Just overprint money & distribute to yo cadres only.

      IMF deliberately nailing clueless PF but PF can’t see international community wants them out. High fuel & food prices lead to instability. How long can u rely on people’s patience?
      Kaunda was not a fool when he faced riots!

    • +28
      -3
      vote

      A man who buries a pit by digging another pit will never stop digging because there will always be a pit to bury.

    • +17
      -1
      vote

      There should never be a ‘bail out’, unless IMF wants its money to go down the ‘drain’.

    • +14
      0
      vote

      “unbalanced policy mix” this sounds like a diplomatic way to say policy incompetence or rather mediocre leadership.
      It seems the IMF is careful not to put money in a broken wallet. It’s like lending money to unemployed drunk and expecting him to payback

    • +10
      -2
      vote

      Senior citizen – the picture as gloomy as it is, what gives u the confidence to say that? Times ahead will be rough mune especially when we are still creating ministries amidst this mess we are in – read between the lines and see what this IMF official is saying – removal of subsidies is not the end – the most painful will be structural adjustment measures that the govt. have no will to implement but will be forced by IMF in order to access balance of payments support – so some of us are not natural sadists as per your terminology but rather we call a spade a spade not a spade a spoon….IMF were here in Zambia years back & for sure history will repeat itself

    • +9
      -1
      vote

      “Shiitt has hit the ceiling” in Zambia.
      Not surprising given the caliber of leadership in government.
      Thank God the IMF says it as it is.

  1. +11
    -7
    vote

    Consistently consistent Some Of us have opposed it. We have said we should not contract IMF for any financial relief. We have extensively put up a case against this option. If GRZ opened its space of consultancy, they would find better vehicles we stand to freely direct. Chalobantu and Zambia chalk chesu we have to help Government of the day take the best route. This is for the common good.

    • +5
      -2
      vote

      Senior. That’s the way to go. Let every level headed and well schooled Zambian citizen bring out all their knowledge acquired over time in economics and others on the table. This is our only country. What IMF is saying I am very positive is known by Zambia professionals. We have doctors professors and degree diploma and masters holders in economics and other finance related qualifications who surely understand the current situation. I don’t think what IMF is saying is rocket science and can’t be assimilated by the so many intelligent Zambians. Please let’s change our attitude towards our country and start acting in the best interest of this nation. Let us not wait for election campaignn period to start propounding on these issues. Let’s love our country now

    • +7
      0
      vote

      PF leaders always listen to other PF idyots. That’s how Zambia dug itself into this hole. Why bother people who were watching you enrich yourselves with Eurobonds now? Yes, we are in the same sinking failed country but there’s no need to spread responsibility to people who never benefited from your looting in the first place. Take ownership of this disaster.

    • +6
      0
      vote

      Yesterday the President himself told the whole nation ZNBC news that he has information of some ministers’ accounts that are being credited huge amounts regularly. Surely the Lungu govt is aware of how the Euro bonds have been misapplied. Let him take stern and decisive action on that information. Perhaps then Zambians can rally behind him.

    • +4
      0
      vote

      @Ngolwa, not going to happen!

      You should know by now that Lungus speeches are written for him, and are just hot air for consumption by dullards.

      Not one of these ministers will ever be prosecuted for their thefts of public resources under a Lungu PF government.

      They will not even be made to pay back their salaries and allowances as ruled by the ConCourt.

      After they have borrowed even more from the IMF and it has been stolen, Lungu will say “it’s not my job to tell the ACC who to investigate” and they will walk away.with their loot.

  2. +18
    -9
    vote

    No IMF Bail out – No Budget…this has to be one of the most useless Zambian govts in history!!

    • +5
      -8
      vote

      Aka nako! You should be one of those chaps who make a lot of noise in chibuku taverns. All noise and no substance.

    • +10
      0
      vote

      Surely who can bail out these empty tins who have no fiscal disclipine; busy creating useless ministries and procuring Hammer mills when they can not afford to pay civil servants.
      I doubt if you could assist a neighbour as reckless as Lazy Lungu and tins!!

  3. +10
    0
    vote

    No don’t the ‘entire’ amount from these guys but we go for concessional loans and not these high interest bearing loans that are a killer better we are squeezed lets look into the internal market can we not reschedule local payments to local suppliers assuming they supplied what they contracted for, cut the size of GRZ, half the salary of all politicians, freeze increase for next three years, stop paying debts for companies like ZESCO, sell of your shareholding to the pvt sector, stop corruption sell assets obtained from illegal actions…its easy if you have the will power

  4. +3
    0
    vote

    ONE of the REASONS PEOPLE are SUSPICIOUS about IMF Programs is that A LOT EXPLANATIONS ARE STEEPED IN TECHNICAL TERMS with GOVTS. EQUALLY FAILING TO INTERPRET THEM FOR THE COMMON MAN or MAN IN THE STREET!! For example, what does this mean in REAL TERMS FOR AN ORDINARY ZAMBIAN?:”These measures, if coupled with structural reforms to reduce inefficiencies and increase capacity utilization in the energy sector, would go a long way toward increasing Zambia’s potential growth.” – WHERE IS THE EXISTING CAPACITY IN THE ENERGY SECTOR THAT IS NOT FULLY UTILIZED when we are BEGGING FOR MORE INVESTMENT IN THE SECTOR? Are they talking about CAPACITY or POTENTIAL?

  5. +23
    -2
    vote

    Zambia sadly passed away, when Sata & his clueless corrupt P.F came to power.
    IMF coming to Zambia is just a symptom of P.F’s chipantepante rule of the jungle governance

    • +12
      -1
      vote

      @Keleni tasa atushe

      You’re on point. Sata & PF were the greatest mistake the north made. If their drive was to have a Northerner rule they had better options from many educated Bembas than the illiterate simply cos he offered himself. Given the mantle he transited from “Man of action” to Man Of Inaction” best known for over-borrowing!

      RB despite his shortcomings was a far better leader than thieving PF. His government had national character & everybody participated. But this failure is mostly attributable to Northeast axis of thieving schemes. The only Southwest representatives Inonge, Given & Mulusa are just figureheads.

    • +9
      -1
      vote

      How do u trust power with somebody with smeared past over Merzaf flats & Council Salaries he deposited & earned interest & expect him to be honest? Another with smeared legal background takes over.

      Sata changed retirement age for Council workers to 22yrs. When he took power & realizing his failure to settle retirement packages schemed to do the opposite. He proposed to increase retirement for everyone to 65yrs now implemented by ECL. This indirectly shifts responsibility to next GRZ.

      U can see that he was never a straight man but the Northeast behaved like Ostriches burying their heads in sand expecting the danger Sata & ECL posed will just go quietly!

  6. +1
    -5
    vote

    If you read the article between lines properly you will discover that it’s yet another fabrication by an arm critic somewhere at the verandah seated on a lazymans chair and puffing. I can’t read anthing coming from the official mouth of imf.

    • +7
      0
      vote

      I understand, your level of comprehension is to shallow to grasp the facts from this statement.
      This is not a conversation for your type (cadre), this is for people who have been beyond high school. You will not normally hear such discussions at your chibuku tarven. At least try to educate yourself about micro and macro economics before embarrassing yourself here.

  7. +8
    0
    vote

    We are indeed gone as a nation – not long ago our leaders were telling us that the economy is okey – when one reads such statements, it’s difficult to understand how the govt. can justify the creation of 4 additional ministries – Further for ZESCO, let the govt. look for resources & get rid of the huge workforce that was created through political appeasements before removal of subsidies – ZESCO currently spends over 60% of revenue on salaries for its bloated workforce – the other day the President gave an interview to ZNBC in Bemba to the effect that fuel subsidies only benefitted the ones with vehicles – I could not believe what I was hearing from the Head of State coz even the unlearned marketeers who danced dununa in celebration of PF’S ‘victory’ know that an increase in fuel…

    • +6
      0
      vote

      Did he say that?The more reason I have stopped watching ZNBC. He must be very dull, already the poultry farmers are contemplating on increasing the price of Chinkens by K15

    • +3
      0
      vote

      @Kaluwa, Yes that is what he said. I even have the video clip of the interview. He said very few people have vehicles and so very few benefited from fuel subsidies. He further said, the Govt does not know at the moment how it will spend the money meant for subsidies, but “soon” cabinet will sit to discuss how to use that money. Surprisingly, the president thinks that “money” is sitting somewhere idle hehehehehehe.

  8. +5
    -4
    vote

    ZAMBIA DOES NOT NEED ANY BAIL OUT BY IMF. WHAT ZAMBIA URGENTLY NEEDS IS FINANCIAL DISCIPLINE BY THOSE ENTRUSTED TO HANDLE OUR MONEY. A CORRUPT MIND-SET BY MOST ZAMBIANS IN PUBLIC POSITIONS IS SICKENING AND COUNTER PRODUCTIVE. IMF CAN GIVE ZAMBIA US DOLLAR 100 BILLION, BUT WITHOUT FINANCIAL DISCIPLINE BY LUNGU’S CORRUPT GOVERNMENT, THAT MONEY WILL ALL DISAPPEAR THE FOLLOWING DAY. THIS IS WHY WE ARE ALL CRYING THAT THE UPND TEAM WERE DENIED THE OPPORTUNITY TO RUN THE AFFAIRS OF THIS NATION TO BRING BACK SANITY INTO OUR LAND.

    • 0
      -6
      vote

      @9 TRUTH, everything you said WAS WELL until you said UPND was going to bring sanity! SANITY with people like GBM WHO BENEFITED IMMENSELY FROM GOVT CONTRACTS AND USED TO THAT and his friend HH who HAS NEVER TAKEN TASK THOSE WHO ACCUSE HIM OF HAVING UNDERVALUED GOVT ASSETS TO HIS BENEFIT DURING PRIVATIZATION??

    • +4
      0
      vote

      @9Truth: I was also following your arguements very well UNTIL you mentioned UPND I lost your voice. Honestly GBM can understand what IMF is saying? In any case where was the money going to come from since HH and GBM are in Zambia. The current government needs financial discipline and change of attitude by individuals entrusted with running the financial and economic matters of this county. We need a serious attitude change. I can assure you that none of these guys are ever late to board a plane when they go for international trips. However they report late for work and knock off early. This is the problem we have. These guys know what needs to be done but there is an attitude problem towards the development of their own country

  9. +9
    -1
    vote

    We are paying for the arrogance of the PF govt. They borrowed with impunity with no plan how they will pay back the loans.The loan the govt wants to contract from IMF is not for development but for servicing the loans they got with impunity. A bemba adage says too much happiness bring sorrow. PF govt was very excited to be in power and behaved like monkeys in the maize field borrowing left right and center. If heaven was giving loans, Iam very sure they could have borrowed from there as well..
    Now Zambia is at the cross roads. We need strategic thinkers to get out of this mess.

  10. +6
    -3
    vote

    IMF don’t bail out Zambia due to political persecution of opposition political leaders and its members based on the flawed august elections where president Lungu disregarded the republican constitution with impunity.

  11. 0
    -2
    vote

    @neutral! U mean yo mind is unable to come up wt differences btn Shamles RB who in history formed a country club gvt with massive stealing & King Cobra? Even a 15 yr old person if they v read. RBz gvt is known for burying money in the ground and not investing& hez still having influence is most unfortunate part! We hope the story of corruption z gona b tru.

    • +4
      0
      vote

      Sata and Lungu’s PF stole $9.2billion through trash roads going to their homes and now the economy is on its knees, bankrupt. PF are a worse bunch of thieves. At least RB and MMD left $3.2 billion reserves in 2011 and Zambia was then a lower middle income country and not the third hungriest country in the world it is today.

    • +1
      0
      vote

      @Lucia
      Its yo mind that can’t comprehend my simple lexical & logical semantics. RB’s theft was comparably low level, left vibrant economy & reserve dollar’s. I didn’t say RB was clean but of course cleaner than Sata. Urban roads was launched by RB Sata just copied. I quote myself”

      “RB despite his shortcomings was a far better leader than thieving PF. His government had national character & everybody participated. But this failure is mostly attributable to Northeast axis of thieving schemes. The only Southwest representatives Inonge, Given & Mulusa are just figureheads.”

      When time to account comes don’t say Bemba/Nyanjas are persecuted when u have overstaffed Gov with thieving North-easterners. From Southwest only Kankukubiti Inonge, Given & Mulusa may suffer.

    • vote

      @Lucia
      I tend to parially disagree that RB’s gov never invested. The famed roads infrastructure was launched by RB & by the time he was defeated tarring many roads was underway. Even the 1st Eurobond $750m was acquired by RB only to misspent by Sata. Without it Sata wud hav found his start a hard rock.

      RB’s continued influence was negotiated when Lungu arm-twisted him out of 2015 elections & cos he is bitter defeated by Northerners simply for failure 2speak Bemba despite his macro/microeconomic achievements. With Lungu he’s darling of the North simply cos he speaks Bemba better than his own language. He is taking vengeance by misleading ECL.

    • +1
      0
      vote

      I tend to partially disagree that RB’s gov never invested. The famed roads infrastructure was launched by RB & by the time he was defeated tarring many roads was underway. Even the 1st Eurobond $750m was acquired by RB only to misspent by Sata. Without it Sata wud hav found his start a hard rock.

      RB’s continued influence was negotiated when Lungu arm-twisted him out of 2015 elections & cos he is bitter defeated by Northerners simply for failure 2speak Bemba despite his macro/microeconomic achievements. With Lungu he’s darling of the North simply cos he speaks Bemba better than his own language. He is taking vengeance by misleading ECL.

  12. vote

    Comment:imf no bail out and they have failed to agree at a certain point.my worry is this while govt have fail to acquare this loan,now they are looking our source to acquire a loan to pay back the debts,this govt is so foolish instead reducing ministries to save cash but are good to create poverte on hard working zambians

  13. +8
    -1
    vote

    IMF have told PF what to do and they will not give them a thing until they do it.

    That is what Mr Tsikata very politely said.

    Read between the lines!

    • +1
      -3
      vote

      @Real African, even people with minimum Economics knowledge know that economic ups and downs are normal. We apply economic policies to counter and balance effects of shocks. Intelligent, Economic Savvy Africans, know changing gov’ts every time the charts hit a high or low will be far much more damaging to the economy.

  14. +8
    -1
    vote

    Even the most illiterate about economics can tell you what this means in two sentences: The economy is unraveling. (2) Zambians should remove this government, and it is overdue

  15. +1
    -1
    vote

    Guys,
    I’ve written to the President, VP Wina and Minister Mutati with my roadmap for an in-country solution. It entails:
    1) Restoring agriculture in Kafubu Block to what it was under the Israelis
    2) Agriculture on the banks off the Kafulafuta River in the vicinity of Miputu. Water from the river to be used for “flood irrigation” down-slope
    3) Re-opening of Chumbwe gold mine in Chongwe District
    4) Promotion of small-scale mining up and down the country
    5) Prospecting for diamond in Barotseland (diamond is found north, west and south of it!)
    6) Hollow block manufacturing between Samfya and Mansa (the granulometry of the soil means that half of the cement dosage will be needed), and
    7) Contemporaneous with all of those, revegetation of the banks of the Zambezi River to arrest the…

  16. +1
    0
    vote

    …flow of water during the rainy season. This will recharge the watertable. In the process, river-side springs during the dry season will feed Lake Kariba with water

    • +3
      0
      vote

      Please write a second letter and say that you have changed your mind because these PF dimwits cannot grow agriculture and are only used to stealing.

  17. 0
    -1
    vote

    This is not too bad a prognosis. Patient will definitely recover fully. Treat with Monetary Policy medicine to keep inflation refluxing. Time for all of us to be creative and above all a cheerful hopeful manner even in darkness brings joy. We believe and know With God All Things are Possible. TRUST.

  18. +2
    0
    vote

    We have already been told that $1bn will soon be borrowed to pay off outstanding debts to suppliers and contractors.Mutati please teach this reckless government how you and MMD managed to get the economy back on track but I know it won’t be an easy task because you are working with people who make the most noise but empty in their minds. Look at how they have ravaged this economy!Dununa regret at work! I regret voting for PF in 2011 and am sure am not the only one. There are millions of us.

    • +3
      0
      vote

      You keep regretting. It is not ignorance by Zambians that PF got into power. It is stoopidity. Now enjoy it.

  19. +1
    -1
    vote

    We don’t need any bail out. Bail out for what? Which country on earth does not owe? USA owes US$19 trillion. Is USA also looking for a bail out? What we need is to strengthen institutions of governance not bail out. Once the governance system is improved we will be paying debts as they fall due. Lets not reduce ourselves to levels of inhuman. Are those fellows from IMF with two heads. Mr Mutati should step down he has already failed the Zambian people. All he knows are quick fix solution without innovation. Only things that are easy to do are the ones he is doing e.g removal of subsides, increase of road toll fees to 100%. He can’t say things like no more workshops in GRZ, No more payments for foreign studies etc

    • +1
      0
      vote

      The US may owe trillions but the US also manufactures and exports hundreds of billions of high tech goods while zambia can’t even manufacture a spoon and has to import everything, that us the difference Bwana….

    • +1
      0
      vote

      It’s like comparing HH liabilities to some “poor” persons liabilities ….boss your comparison is utterly flawed and unbelievable to say the least

  20. +4
    0
    vote

    Its dununna regret now HH said the economy needs fixing Edward said what is there to fix all is well more pop corn please lets keep on dancing the song cant stop so soon nakwela bus ine double decker kalusa …… thats the office someone rigged for tiyeni nazo

    • 0
      -1
      vote

      @24 Mute, I think the situation is EVEN BETTER with PF in GOVT bcoz THEY ARE NEGOTIATING AND APPLYING BREAKS to try to see HOW BEST THEY CAN AVOID TO MUCH PAIN ON THEIR VOTERS AT ONCE. PF NEVER HID the FACT that ELECTRICITY TARIFF WOULD GO UP. IT Was there in THEIR MANIFESTO. IF UPND and HH had won they would accept IMF conditions wholesale and wholesome and then just turn around to voters and BLAME EVERYTHING ON PF including there own possible mistakes! It is a phase,even BIG NIGERIA,ANGOLA,S.AFRICA tried to get help from the IMF but SOME have later looked away!!

  21. 0
    -1
    vote

    Even if they should say something for the betterment of their country the opposition donkeys will always say engage in senseless criticism? Did someone say that they are armchair critics? No way, far from from it, these are mere donkeys.. hiho hiho hiho hiho hiho…. armchair critics do have some element of sense in their brains but not donkeys…just look at the miserable ending of their election petition case in Concourt….even Justice Mugeni Mulenga was obliged to pumpi some rude lessons into their thick heads….it beats me how an otherwise intelligent university graduate, a young who had such a bright political future beckoning at him could reduce himself into a donkey in such a short period of time, the negative impact of wrongful association with a running donkey (or is it running…

  22. 0
    -1
    vote

    Even if they should say something for the betterment of their country donkeys will always say engage in senseless and endless criticism. Did someone say that they are armchair critics? No way, far from from it, these are mere donkeys.. hiho hiho hiho hiho hiho…. armchair critics do have some element of sense in their brains but not donkeys…just look at the miserable ending of the election petition case ….it beats me how otherwise intelligent university graduates and doctorates could reduce themselves into a donkeys in such a short period of time, the negative impact of wrongful association with a running donkeys
    maybe? Hiho hiho hiho hiho hiho hiho hiho.

  23. +1
    0
    vote

    The fast that most of you r posting ama composition like you r in class shows hw stressful you are..mukose

  24. vote

    Polite way of saying go fu*k yourself you wackers . . .
    PF ****** look elsewhere and think outside IMF and stop removing fuel, power and agric subsides until you workout how to protect the poor while growing the economy.
    IMF envy us for having survived this far with most of these strategies. Promote businesses even if it means supporting them through subsides. UK, US, Japan and EU do it every day. PLAY THE GAME WELL.
    Get rid of those MINISTRY OF RELIGION and others. FOLLOW THE AUDIT REPORTS – RECOVER AND SEAL THE GRZ THEFTS. JUST DO IT YOU BATCH OF FOOLISH MONKEYS. START THINKING AND ACTING LIKE REAL ZAMBIAN LEADERS. IMF is a ZERO OPTION, YOU MAKE THE REAL OPTIONS FOR ZAMBIANS.

  25. +1
    0
    vote

    Comment:Some of us knew this would happen 3 years ago. First you had a useless fossil called chikwanda whose only economics is borrowing and nothing else apart from stealing. To this day I don’t know how the $4.5bn eurobond was used and which provinces benefited. This Pf locusts have put us in shiitt. Don’t be deceived they don’t know what to do. Sonta, sonta, sonta atase bamakaka.

  26. +1
    0
    vote

    In short IMF is saying they can’t give money to people that are only ready to eat.
    Enlarge their Tammi’s And fail to pay back.
    Poor minds.
    failures in everything.
    Awe I pray that Zambia doesn’t get any help from the IMF but instead get up on its on.
    We don’t want nkongole balapoka abakashi pa nkongole.

  27. +1
    0
    vote

    Ba Kapala ba PF, ate the euro bond and now the poor hard working Zambians are being asked to sacrifice.
    Hope this saves as a lesson to vote for leaders with a viable economic plan.

  28. 0
    -1
    vote

    Zambia does not need any bailout! We have the money. Get loans from those guys who will not strangle you.

  29. +1
    0
    vote

    Comment:plz dot judge GBM as a dull man as others are saying here ,the man he is financial disciplined look at his business well managed ,HH his business well managed, this shows that they can manege this country well ,now someone here will say business and country are too different things, now if you can’t manege to run katemba can you manage to run a supermarket? the answer is no.

  30. vote

    THE TRUTH IS EVEN THE IMF DOES NOT WANT TO TOUCH OUR SITUATION WITH A SIX FOOT POLE. IN BEMBA WE SAY ” KUTI MWAI TUMPIKA MU FYA BILAUKA “!!! AS IT IS GOVERNMENT WILL BARELY BE ABLE TO FINANCE ITS FISCAL POLICY BY END OF JANUARY IF NOT SOONER. REVENUES HAVE DWINDLED AND ITS TIME FOR GRZ TO FACE THE REALITY OF STREAMLINING THE CIVIL SERVICE. GOVERNMENT LAYOFFS ARE COMING SOON. TALK OF DARKER DAYS TO COME. COPPER PRICES MIGHT REBOUND IN A COUPLE OF YEARS BUT UNTIL THEN BRACE OURSELVES. NOW IS THE TIME TO INVEST IN A ROBUST TOURISM AND AGRICULTURE INDUSTRY. THAT IS OUR ONLY IMMEDIATE RELIEF. LASTLY LETS ALL CUT DOWN ON UNNECESSARY CONSUMPTION OF IMPORTED GOODS. SUPPORT LOCAL WHEN EVER POSSIBLE!!!!

  31. +1
    0
    vote

    Comment:citizens of this great nation can not continue to be paying the highest taxes, electricity tariffs and still be governed by inept and corrupt officials who have never and will never know the need for sacrifice on there part. the pain has always been carried by the poor people who are the majority in Zambia. let investors, local or foreign get involved and sell there electricity at cost reflective tariffs. zesco must be brought to account and every infringement to its operations removed for it to operate effectively. government must remove completely duty on solar panels, convertors, controllers and batteries so that people can afford alternative energy sources. but most importantly, government to facility land for any agricultural usage to all willing citizens so that there is…

  32. vote

    The answer lies in God. He can easily correct what has gone wrong. The change has to start with the general populace to change attitude, stand up and be counted. How we spend each day will develop this country. God is the only one who can give wisdom, resources and ability to execute what seems impossible. We just need to acknowledge that we need God. We cannot keep comparing leaders as in who performed better than the other for over 50 years now. It is time to change the strategy and put God in charge.

  33. +1
    0
    vote

    I’m not sure whether IMF will be pleased with creation of four new ministries when we are expected to scale down on expenditure to show fiscal discipline which is one of the conditionalities we need to meet in order to get the bail out. The biggest problem we have currently in Zambia is fiscal indiscipline- period and this problem starts from the head of the state and filters down to the civil servant. The question we should be asking is ‘How have we ended up in the same situation twice where we need the IMF?’

  34. +1
    0
    vote

    All comes down to corruption and theft. They are going to continue stealing till theres nothing left. you cant put gold and opportunities in front of a thief and expect him not to steal.

Comments are closed.