FINANCE MINISTER FELIX MUTATI has said the consultative process for an IMF supported program will soon be completed and presented to Cabinet in readiness for a team from the fund (IMF) which will be coming to Zambia next month.

The Minister was speaking to investors and British government officials at the Royal Institute of International Affairs, Chatham House, in London today.

“We are consulting various stakeholders in readiness for consideration by cabinet before IMF comes next month for program talks,” Mr. Mutatiq told a packed audience at Chatham House.

Meanwhile, seminar Chairman Chris Van Nierkek said, “Zambia is moving in the right direction.”

“”Commitment to your economic recovery and stabilisation program is a key step in preparing for your engagement with IMF,” said Mr. Van Niekert.

During the seminar, Mr. Mutati shared information on the available investment prospects and on the engagements which the government has been having with various cooperating partners in Zambia and abroad.

“This year, we are confident that cooperating partners will disburse budget support in excess of USD 400 million,” said Mr. Mutati, adding that, “we also need private sector investment in order to accerelate job-creation and ?ive direction and hope for a better Zambia for our people.

Among the participants the seminar on Zambia’s Financial Stability and Prospects for Growth were Bank of America, British Foreign Office, Commonwealth Office, Lonhro, Rothschild, Rio Tinto, Tullow Oil, Anglo American Corporation, Eaton Vance and Hogan Lovells.

Others were Actis, Aberdeen Asset Management, Emile Woolf, Standard Bank, Soros Economic Development Fund, Standard Chartered Bank and First Quantum Minerals (FQM).

The rest were Jeffries Group, Farallan Capital, Eurasia Natural Resources Corporation, Mitsui and Company Europe, among many others too numerous to mention.

Mr. Mutati has also said international interest in Zambia’s CURRENT (USD 750 Million, USD 1 Billion and USD 1.25 Billion) sovereign bonds is rising due to positive sentiments on the economic recovery program.

“As at today, our CURRENT sovereign bonds have been oversubscribed due to growing investor confidence,” said the Minister.

Meanwhile, FQM Director of Government Relations John Gladston attested during the seminar that the policies which the Zambian government is implementing through the economic recovery program have had a huge positive impact across the spectrum of the private sector community in Zambia.

FQM is among the largest contributors to Zambia’s tax revenues.

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44 COMMENTS

  1. Why do we need to know? In 2 months we here that PF government is not involved in loans from IMF, its Mutati’s government.
    We still can’t understand why Dora is not part of PF government.

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    • What is a packed audience? Ati mr mutatiq told a packed audience at chathamanjanji house, this reminds me of PK chishalas concerts, every after each song he would turn to his band members and shout guys namumona efyo chidibile. Mutation boyi chalilila ayi, abantu bali dibili dibili.

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    • We don’t need the IMF for anything … our sovereign rating is all we need and we need to keep it improving everyday. I don’t know how best to explain this but the IMF are not needed especially that Felix already attests to the fact that our current bonds are oversubscribed.

      This means any new bonds can sell at a premium with no need to refinance the current ones. Why do you need a broker if your credit worthiness can get you all the cash you need by picking up the phone and calling any bank president in the world?

      C’mon Felix, the smart people of the Zambian Enterprise deserve better, refinancing current bonds would cost us more more in book runner fees, fees that can be used to directly impact the lives of our people. I have said it before and I will say it one more time, we…

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    • Continued …

      I have said it before and I will say it one more time, we don’t need the IMF for anything at this stage of the game.

      If Felix and the team at Finance and/or Bank of Zambia don’t understand that, then we have to get them out of their jobs so that we can replace them with individuals who understand how this game is played. Look at the corporations represented at this International Think Tank called the Royal Institute of International Affairs – Chatham House situated at 10 St James’s Square, London, SW1Y 4LE.

      Bank of America, Lonhro, Rothschild, Rio Tinto, Tullow Oil, Anglo American Corporation, Eaton Vance, Hogan Lovells, Jeffries Group, Farallan Capital, Eurasia Natural Resources Corporation, Mitsui (one of the wealthiest Japanese Kariastu left) Company Europe,…

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    • Continued …

      Bank of America, Lonhro, Rothschild, Rio Tinto, Tullow Oil, Anglo American Corporation, Eaton Vance, Hogan Lovells, Jeffries Group, Farallan Capital, Eurasia Natural Resources Corporation, Mitsui (one of the wealthiest Japanese Kariastu left) Company Europe, Actis, Aberdeen Asset Management, Emile Woolf, Standard Bank, Soros Economic Development Fund, Standard Chartered Bank, etc …

      You don’t even get an invitation to be at the Chatham House if you are a non-entity and the smart people of the Zambian Enterprise were given a floor in front of the Rothchilds, Rio Tinto, Farallan Capital, Mitsui, etc and Mutati is taking about IMF?

      I guarantee you George Soros left the meeting shaking his head trying to figure out why Felix even brought in the IMF at such a forum!!!!…

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    • Continued …

      I guarantee you George Soros left the meeting shaking his head trying to figure out why Felix even brought in the IMF at such a forum!!!! Wrong message, wrong audience and Mutati did not make us proud, he embarrassed us … all these companies represented have more money than the entire IMF and World Bank combined!!!

      Who is advising this guy? These companies needed to hear how the smart people of the Zambian Enterprise could take steps to create a new financial capital in Africa. Make Zambia the new center for all financial matters, how we can create a new tax haven for their excess capital and how we can leverage ourselves through LuSE to make it bigger the JSE in the next 10 years.

      How we can leverage their financial finesse and create a home for capital movement…

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    • Continued …

      How we can leverage their financial finesse and create a home for capital movement on the entire continent via Lusaka. And all Felix could talk about is the IMF?????? C’mon man!!! The Rothchilds control top 20 of the world’s Central banks, Zambian included, including the Federal Reserves Bank system in the entire USA and they are your guests, and you talk about IMF??????!!!!

      What’s with the obsession with the IMF, Felix? I don’t get it … wrong audience, wrong topic, wrong ideas, wrong forum, wrong subject matter … missed opportunity!!!

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    • Mutati will be administering IMF bitter medicine on Zambians. Yet, this was not supposed to be. How can one govt blow away $9.2 billion in 5 years and have nothing to show for it? Now we are begging donors for $400m as budgetary support. PF have been the most imprudent, most thieving of all govts that Zambia has ever had.

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  2. Caution must be exercised in anything to do with Felix Mutati! He reminds me of Ronald Penza too (except taller) too fast for nothing and another bad memory from MMD.

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  3. IMF teams keep coming because these lazy PF bums have driven Zambia Inc into a very rough patch.Growth has slackened ,reserves gone south and exports halved.

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  4. Everything is politics..! I wonder where the people who are busy question how the government have used the bonds and loans live. Us who live in Zambia and seeing where the loans have gone. New roads, universities, schools, hospitals, clinics, colleges, trades schools, markets, infrastructure in new districts, etc are all over Zambia for everyone to see..! People who have not built a single room before have no idea of how expensive building is..! U can not build and enjoy good milile in your house..! Building is expensive…! Allow Pf to reconstruct Zambia. We shall eat well after building. Eating and going to the toilet is not development..!

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    • Ati “…Allow Pf to reconstruct Zambia. We shall eat well after building. …”

      You have just blown $10 billion and now you are begging like a wet hungry dog ! Some Africans have no shame. Just keep dancing and praying.

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    • @ Munene did you just say “everything is politics”. This is not, we are looking at the economy as a whole. The IMF is a lender of last resort. Building is expensive, thats why you havw fiscal discipline. In the $10bn+ PF has spent, our counterparts spent $3.5bn on a railway. PF has spent it on roads, universities (which ones are complete), hospitals (so all boma ones have now been revamped). Now you have to even go abroad to fund your own budget.

      Seriously if you are not careful, our children, grandchildren will have no country left because its been plundered….

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    • Ba Mya … this government is spending on the right things. I don’t know when you were last at home but some of the completed projects include Robert Makasa University – very beautiful campus I must add. Mulungushi University is now government owned and run.

      A lot of health posts in rural areas and talking about $10Billion in expenditure … this is nothing. 2 Air Force Ones cost over $4Billion, we at Microplus are working on just one resort worth $2.9Billion in the Caribbean. Construction projects are expensive to undertake.

      So, $10Billion so far and the country is seeing the improvement, I say kudos to PF, they have taken our UNIPist approach to national development and things are getting better every day … it takes time for the impact to be felt but investing in education and…

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    • Continued …

      So, $10Billion so far and the country is seeing the improvement, I say kudos to PF, they have taken our UNIPist approach to national development and things are getting better every day … it takes time for the impact to be felt but investing in education and health for a general populous is always a winner in the long run.

      I was impressed to see that the country I left 20 years ago is getting better every day … I know that ECL is working very hard and I was proud of that too … the average smart person in the Zambian Enterprise now is more focused than ever before and that’s another good thing.

      Overall, I like what I see … I am getting my Zambia back slowly but surely.

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  5. UPNDonkeys, such good news is too painful for them to swallow.

    Yesterday I saw a screaming headline in one of the dailies in which UPNDonkey southern province chairman was saying that southern province did not recognise Mr Lungu as President of Zambia. Well for many years now UPNDonkeys have been denying that they ever said that UPND is for tongas when HH as a tonga was elected (sorry annointed is the right word) to take over from Andy Mazoka. With this latest statement do you remain with any doubt? Instead of “southern province” he should just say “tongas” reject President who is not tonga. Because there is no difference between tongas and southern province in this context used by Halwabala as a staunch tonga himself.

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    • Until lungu let’s us hear the petition he is illigal. 2 weeks, 2 months or 2 years won’t change the numbers of who won. Stop hiding behind technicalities. Ati 2 weeks elapsed. Did the results change in those 2 weeks ?

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    • TERRIBLE, YOU ARE THE BIGGEST TRIBALIST TO EVER BLOG. YOUR HATE FOR TONGAS IS SO FIERCE. STOP IT NO MATTER WHAT TRIBE ANYONE IS IN ZAMBIA AT THE END OF THE DAY WE ARE ALL ZAMBIANS STOP THIS ROT IT IS SICKENING.

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  6. …. Zambian economy is terminally sick, bed ridden, unconscious….we keep on changing doctors(Ministers of Finance) but administering same medicine..IMF, World bank, donors, strategic partners, copper revenue etc the only difference is the dosage….we keep on hearing same phrase..ECONOMIC RECOVERY.. when they notice slight movement of fingers on the patient…Kebby Musokotwane, Kalumba Katele, Edith Nawakwi, Magande, Situmbeko, Chikwanda now Mutati….singing the same chorus…ECONOMIC RECOVERY…..when will it fully recover you conmen….meanwhile the only economic recovery we notice is that of govt officials personal fortune…

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  7. So what what do you want us to do ? Since when did it become a thing to celebrate when the imf visit a country. It just shows that you have failed to manage the economy. Already Zambia is in credit rating b and you want us to believe that things are OK. Of course they are OK for you and your fellow rat lungu who are chewing tax payers money

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  8. Just look at the PF f001s who think IMF comming and mutati begging for money to help the budget is good news. This is after blowing $10 billion in 5 years ati we are working.!!

    No one says don’t spend on development infrastructure but don’t spend like you are baboons in a maize field….you were told by the opposirion to prioritise your spending to enhance economic returns but the theives prioritised giving them selves over inflated contracts… While dancing and shouting sontapo…now you are begging.

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  9. This Mutati has been pushing for this IMF agenda even before he was appointed.. to him its like a fresh start and a new govt yet its the same sh%t in blocked toilet.

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  10. @Spaka I agree, they say ignorance is bliss, but in this case its costly. They need to ask Greece, and the rest who got a bailout. Maybe they need to see Austerity in action before celebrating.

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  11. Mr NEZ, don’t twist statements. What we are saying is that UPNDonkeys are not happy about the positive comments on Zambia coming out of the London business conference. And anyway what is so strange and sad about the IMF coming to our aid? Every country goes through economic stress every now and then, for Zambia and other commodity countries like Nigeria Angola its the collapse of prices of their major export commodities. IMF exists specifically for that purpose and it was not created for Lungu or Zambia but has been long long before you and me. Surely HH knows this and you can consult him?

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    • Nigeria has refused to go to the IMF, as per the fin min. Commodity prices drop, leakages and corruption as she stated. Every economy faces economic stresses so why not bring in people who know how to fix it. Are we saying we have no learned people in Zambia to fix the economy? You cannot depend on commodity prices forever, as that’s not an infinite resource for 70% of forex. Positive comments from the Fin Min, I don’t see investment now that would be great. 19 Countries that are set to grow in SSA are receiving capital and not positive statements.

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    • Considering your comments I suspect you were born in the nineties and have not gone through an IMF administered programme. If however you have gone through an IMF programme and can still talk like this, then you are simply dull.

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  12. And what do you say about tongas rejecting President Lungu under the thin veil of “southern province” when Halwabala is actually talking about only tonga for President?
    Tribalism at its and Halwabala the loose cannon has exposed what you want to hide from GBM!
    Look here you donkeys, there is absokutely nothing wrong with Zambia having a tonga President but NOT in that manner in the next 100 years! Get that into your thick sick heads.

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  13. Look here don’t give us that crap about hearing petitions here, we are not fools and we know you inside out. The issue here is just simply a tonga president disguised as petition as your southern chairperson himself Halwabala has now confirmed. Petition what?? and the only people who talk about petition are tongas? Do you think that is coincidence. Of course not, and Halwabala has “exposed” what every other Zambian tribe already knows.

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  14. Look here don’t give us that crap about hearing petitions here, we are not fools. The issue here is just simply a regional president disguised as petition as your southern chairperson himself has now confirmed. Petition what?? and the only people who talk about petition are yourselves? Do you think that is coincidence. Of course not, and Halwabala has “exposed” what every other Zambian already knows.

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  15. Look here don’t give us that crap about hearing petitions here, we are not fools. Your real objective was stated by sejan.i manybyesrs ago but thinly disguised as petition as your chairperson himself has now confirmed. Petition what?? and the only people who talk about petition are yourselves? Do you think that is coincidence. Of course not, and your chaurperson has “exposed” what every other Zambian already knows.

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  16. Look here don’t give us that cra.p about hearing petitions here, we are not fo.ols. Your real objective was stated by sejan.i many years go but thinly disguised as petition. Petition what?? Dirsnt make sense and you know it. And the only people who talk about petition are yourselves? Do you think that is coincidence?

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  17. I have not heard any person from northwest, western or anywhere else talk so repetitively and boringly about hearing a petition or 14 days or whatever. Not a single one not even that fool you bought with running mate position. Not even hon katuka or kakoma! When you hear it it is only you 200% of the time.

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  18. Please settle all internal debts otherwise no support from IMF: pay all civil servants who have retired, contractors, ETC… IN FACT they are coming to see if you have done that.

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  19. Who said it is only tongas asking why the petition is being avoided by PF ??.

    Stop hiding behind technicalities. Like we said to every one who voted for the opposition, That is over 50 % of the electorate lungu remains an illigal president until the petition is heard.

    14 days , 2 months , 2 years won’t change the evidence to show who won so what is the fear and constant hiding behind 14 period ?

    If lungu won he won buts let’s see the evidence in court , simple.

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  20. Terrible you take so much space for nothing, we are not in your class of ‘tribal syndrome’ give us a break and take paracetamol before you collapse spewing tribal rants.

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  21. Please Ba Mutati go Euro! You will regret entertaining these guys. Please don’t get hooked again with Kaloba from IMF.

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  22. @BR Mumba SR you said you went to Zambia after 20 years. So in your previous post you can clearly see Mutation doesn’t understand his audience. Less than 5 years ago Zambia’s growth trajectory was 7%. Its now 3% if we are lucky. Our currency depreciated 17% last year, the only ones doing worse than that were the Naira. FDI is down 55%, and yes $10bn is a small amount. Except the government is broke.

    Why would Mutati entertain an IMF programme, aside raising tax in the current budget to raise revenue. He doesnt seem to grasp the re-structure of the Eurobond and yet Zambia has improved away from UNIPs policies. Yes the days of a one party state, stronger currency and National Airline.

    Instead we are on the Sonta programme, and contractors are only being paid now, some of whom the…

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  23. @Terrible IS really Terrible. One track mind. Try broadening your thinking horizons – wait a minute, I mean if that is possible!

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