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.