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Thursday, August 6, 2020

IMF Team concludes visit to Zambia and issues statement

Headlines IMF Team concludes visit to Zambia and issues statement

President Edgar Lungu speaking to Tsidi Tsikata Internatinal Monetary Fund Division Chief Africa Department (c) and Resident Representative Tobias Rasmnssen during a courtesy call to the President at State House yesterday 20-11-2015. Picture by ROYD SIBAJENE/ZANIS
FILE: President Edgar Lungu speaking to Tsidi Tsikata Internatinal Monetary Fund Division Chief Africa Department (c) and Resident Representative Tobias Rasmnssen during a courtesy call to the President at State House yesterday 20-11-2015. Picture by ROYD SIBAJENE/ZANIS

An IMF team led by Tsidi Tsikata visited Zambia during March 9-24, to conduct the 2017 Article IV consultation and hold discussions on an economic program that could be supported by an IMF financial arrangement.

Summary

  • Fund staff and Zambian authorities made progress regarding economic program that could be supported by an IMF arrangement
  • Economic growth is expected to improve slightly to 3.5 percent in 2017. Sustaining high inclusive growth in the future requires sound policies & reforms to improve competitiveness.
  • IMF team welcomed the government’s fiscal consolidation plans which aim at putting public finances on a sustainable path

At the end of the mission, Mr. Tsikata issued the following statement:

 

“We have had fruitful discussions with the Zambian authorities and made progress towards reaching understandings on an economic program that could be supported by an IMF arrangement. There is broad agreement on key objectives, targets, and policies, most of which are drawn from the Government’s Economic Program. However, further engagement is needed on details of measures and reforms to achieve fiscal consolidation targets while protecting social spending and clearing the large stock of arrears without accumulating new ones. We have agreed to continue discussions at the forthcoming Spring Meetings of the IMF and World Bank in Washington D.C. next month.

“The mission held wide-ranging discussions with a broad range of stakeholders. Topics included Zambia’s experience under past IMF-supported programs, reforming the subsidies in the energy and agriculture sectors, and policies needed to diversify Zambia’s exports, create jobs and make the economy more resilient to shocks.

“The mission projects real GDP growth in Zambia to improve slightly from about 3 percent last year to 3.5 percent this year, reflecting good rains which are expected to boost agricultural output and domestic electricity generation. Over the medium term, realization of Zambia’s enormous potential for achieving and sustaining high inclusive growth will depend on the continuous implementation of sound economic policies, and on reforms to boost productivity across sectors and enhance Zambia’s international competitiveness.

“The mission welcomed the fiscal consolidation plans outlined in the 2017 budget speech by the Minister of Finance, which aims at putting public finances on a sustainable path. However, in the first two months of the year, expenditures outpaced revenues substantially, with the deficit financed mostly by domestic borrowing. In contrast to most of last year when the government faced severe domestic and external financing constraints, so far this year government securities auctions have been consistently over-subscribed, with increased participation of foreign investors. The mission advised the government to steadfastly implement the measures needed to achieve the 2017 budget targets; this would reassure markets and reduce the risk of souring sentiments and associated outflow of funds.

“The mission welcomed the recent easing of monetary conditions by the Bank of Zambia (BoZ). The BoZ’s tight monetary stance since late-2015 succeeded in stabilizing the exchange rate and lowering the annual rate of inflation from a peak of 22.9 percent in February 2016 to 6.8 percent in February 2017. However, the ensuing very tight liquidity conditions contributed to elevated stress in the banking system. Monetary conditions remain tight; although interest rates in the interbank money market and the yields on government securities have started coming down, lending rates remain very high.

“The mission also discussed the findings and recommendations of the Joint IMF-World Bank Financial Sector Assessment Program (FSAP) mission that took place in July 2016. The assessment found that the financial sector was under considerable stress from the combination of external and domestic shocks. Financial supervision was not fully effective and several financial sector laws are in urgent need of upgrading. The authorities have welcomed the FSAP findings and recommendations, and have energetically initiated remedial actions. A resulting Financial Sector Stability Analysis report is expected to be published in the context of the Article IV consultation process.

“The mission met with Minister of Finance Felix Mutati; Governor of the Bank of Zambia Denny Kalyalya; Minister of Health Chitalu Chilufya; other senior government and BoZ officials; members of parliament; and representatives of the private sector, labor unions, civil society organizations, and Zambia’s development partners.

“The mission expresses its gratitude to the authorities and stakeholders for their openness and the constructive spirit in which all discussions were held.”

90 COMMENTS

  1. “However, further engagement is needed on details of measures and reforms to achieve fiscal consolidation targets while protecting social spending and clearing the large stock of arrears without accumulating new ones.” This is where they got cornered!!!!

    • That is good to hear.

      We need the money to up our economy.

      This is the cheapest finance government can ever find.

      Look, even government bonds will no give the benefit to government this financing gives.

      The issue is about how you negotiate your terms.

      Let the government have clear position, one that is well studied and appropriately projected so that they can calculate the benefit well in advance.

      Not saying let us see how it works. We don’t need experiments. That is why we have been rejecting under-fives.

    • Where are the people in this story?
      I see rains, I see agriculture, I see power generation, blah, blah, blah but I don’t see human development & yet that should the cornerstone of an economy like ours. That’s what Rwanda’s urugwiro village is doing. Putting people at the centre of development.

    • In simple English.

      IMF are worried and don’t think zambia should be borrowed Monet from what they have researched.

      There is an elect of risk borrowing to Z.

      Thanks

      Bb2014,16

    • “However, in the first two months of the year, expenditures outpaced revenues substantially, with the deficit financed mostly by domestic borrowing.”
      These chaps never learn as they think they can continue doing things willy nilly without any consequences. Lungu has assembled for his management team, individuals whose qualifications in economic management does not “cut the mustard”. Lungu is not an achiever by any measure; but a chancer who has just sailed through life like a drifter who goes where the wind blows. His record of achievement is wishy-washy and Zambians must realize that they man is taking them down the drain with him.

    • @1 So it delights you to see government fails. Failure of the negotiations will not be selective :everyone will be affected. you think it’ll make you win?

    • We should even have more worries than about the mere refusal of the loan by IMF. The IMF has exposed the incompetence of Mutati – he produced a Budget which has huge holes and doesn’t balance as now exposed by the IMF briefing.
      Only last week, the talkative Mutati told us his Budget includes US$500 million to be borrowed from the IMF in Budget Support (BS). But the IMF only gives loans for BOP (Balance of Payments).
      So the question is where will Zambia get the US$500 million for Budget Support in addition to another US$500 for Balance of Payments support?
      Mutati is a big Joke – please call back Chikwanda before things fall completely apart!!

    • Really laughable ..those two IMF officials in the photo are simply wondering to themselves …can we borrow money to such an individual who does not even understand what he is talking about because Lazy has never publicly discussed the economy or policies!!

    • IMF are no saviors. They are Shylock piggy banking on poor countries.

      Take your Statement and shove it up your collective ass.es! Bye

    • “Don’t think Zambia should be borrowed money”
      ba mushota umusungu wenu tamifundako me chisungu? Borrow is to kongola as lend is to kongwesha

  2. Its been an economic downhill from RB’s impressive 6.3% average growth to PF’s comatose 3% stagnation and now the IMF has to come and give us an electro shock to restart the Zambian heart.

    • Money in the bank us useless if you are not using it. Under RB infrastructure started collapsing and no new infrastructure was being built. PF went ahead to build and reduced cash in the bank. That was cash well spent with long lasting benefits.
      What are 2000 cows on the farm for if the owner cannot use them to improve his welfare?

    • John chinema

      Stop lying. RB started building roads and hospitals without borrowing and blowing 10 billion US.

      Ati money well spent ? Where are the investors who needed those roads ?

    • Countries like Tanzania do not need IMF making visits every 3 months to see how you are progressing like a wayward child at school as record speaks for itself in actions by the President, very serious on stamping out corruption and waste..in fact IMF begs these countries to borrow from it.

    • Ati RB…..It was Levy Mwanawasa and Magandes economic success.RB ruled for less than 3 years after LPM passed on and even failed to get re-elected because he let of corrupt FTJ off hook in exchange for Luapula votes..

  3. With God im control of this Christian nation even IMF will be surprised by the significantly larger rate of growth that will be achieved this year. God Bless Zambia

    • Yeah IMF will be very surpRised to read that we are about to spend K2m on unbudgeted exercise for the ministry of Justice to go round the country collecting views about whether we should withdraw from ICC or not! How can you achieve fiscal consolidation with this king of unplanned expenditure!

    • @The Chosen Fool:
      Stop showing us your PF stup.idity – where will your “significantly larger rate of growth” come from?
      GBM and HH have consistently told you that Lungu and PF have NO PLAN for solving Zambia’s economic problems and your lamentations are just proof that.
      You don’t grow an economy by closing The Post or Killing people in detentions or taking the whole cabinet to Israel or creating 3 unfunded districts…that is unbridled fo.olishness!!

    • @The Chosen Fo.ol:
      Stop showing us your PF stup.idity – where will your “significantly larger rate of growth” come from?
      GBM and HH have consistently told you that Lungu and PF have NO PLAN for solving Zambia’s economic problems and your lamentations are just proof that.
      You don’t grow an economy by closing The Post or Killing people in detentions or taking the whole cabinet to Israel or creating 3 unfunded districts…that is unbridled fo.olishness!!

    • God bless you [email protected] Chilyata. I’m a believer. No matter how you insult me. God loves Zambia. You can deny that all you can but He doesnt care. I can’t hide that I & many million Zambians pray for this country every day. Unlike you I don’t depend on any politician or circumstances. When I see someone fearing the Lord I see a beautiful road to glory. While drought, power shortages, food shortages, economic downturn were threatening this country you were celebrating & hoping your god would win in 2015 & 2016. But the real God JEHOVAH proved you wrong on all those scores. Here we are talking about economic growth, bumper harvest, no load shedding & many more. There’s nobody greater!\

  4. This is just talks about talks.The economy is on autopilot and the MMD Mercenaries in an Illegitimate Lungu and PF govt have no Plan. Chipante pante all the way. The govt has no priorities in the allocation of Financial Resources. Instead of allocating money for Student Bursaries they allocate K2m for ICC consultation. In any case its absurd that IMF could lend $1.3 billion to a corrupt, criminal and Illegitimate Lungu govt which has No Respect for Rule of Law, Constitutionalism, Social Justice and Good Governance. The Petition remains unheard and as such Lungu is an illegitimate staying in State House illegally. No Petition Hearing. No deal.

    • @james

      You should have told us that you are a retard in your first sentence than to waste my time reading your stupidity only to discover for myself that am reading trash. Concourt threw out that stupid petition and there is no court that is entertaining it. The only thing which is in high court is right to be heard. And this one too is going nowhere because it lacks merit. Concourt sat to hear your petition and for 14days your sa’tanist leader didn’t say anything about election irregularities except the preliminaries. Tell us how concourt failed to hear your petition you foooo.

    • @ Iwe Amafi HH OVAL HEAD:
      What more do you want? IMF have already proven to us that you and your PF President are the RETARD and raised 2 middle fingers at you!!
      That is why discussions will continue so that your RETARDED OR “slow learning” President can learn and understand how things work in the real world. Believe me, the IMF just like HH are feeling the frustration of teaching simple economic theory to the drunkard who enjoys dancing to Dununa Reverse more than finding economic solutions for his country

    • @James,
      You are right on. Any honest, normal functioning and well-meaning adult with Zambia at heart will agree that allocating money for STUDENT BURSARIES SHOULD HAVE PRIORITY OVER ICC CONSULTATIONS. Period.
      From the tale-tell signs, it is as clear as daylight current Govt is hiding the rot and dishonest, hence will go at any length to cut off / block / neutralise Rule of Law. And it is equally clear there are a lot of bloggers on this site who are beneficiaries of this Govt rot and dishonest.

  5. Hahahaha discussions will continue! What a polite way of saying we cannot give you the money now, until you do 1,2,3 and 4.

    • Napapa: I was also confused. I can’t see the conclusion of this discussion. I would rather they hug on the other side because this idea of being put a snooze around our necks for us to receive funding is also not good for this country.

    • @Miya:
      Come on, how can you papa and be confused about this outcome that was entirely predictable. The problem with you PF Supporters is that you are living in the PF cuckoo land of lies and deception.
      Do you think the IMF is not aware of such stu.pidity and lawlessness going on in Zambia when they have their resident representative? Examples: Lungu decides to take the entire cabinet to Israel when there is no money; Zambia Open Dora Siliya is implicated in the Malawi scandal but Lungu remains mute and retains her as her minister; Lungu goes to create 3 more unfunded districts when there is no money; Lungu decides to close the Post and other private media to suppress criticism; the petition case remains unheard; murders in the Police cells etc. Lungu can fo.ol st.upid PF cadres like you…

  6. With IMF coming, the following shall happen.
    1. Boom in tailoring business coz we shall take all our cloths to be adjusted to slimmer sizes.
    2. Increases in business for the tutembas coz we shall revert to pamelas instead of the expensive 25 kgs
    3. Increase in infidelity coz now alot of bana mulengas will be bonked by Mini Bus drivers since its only
    only them who will have little money.
    4. cheap sex will be on the rise in bars .no more 1,000 we are charged at the KEG and the cloud 9.
    5. Mushota will not win the blogger of the year coz bundles will be out of reach.
    These are my economic analysis

  7. We are looking for a solution to real problems facing us. Give us the workable alternatives.
    At UPNDonkey rally today hh will offer us UTOPIA, he does not seem to learn despite us making it clear to.him in 2016 that we dont believe in Utopua but reality

    • will your POLITICAL FARTING pf parliament choir and their choir master matibini ever come up with good solutions to the economical challenges this country is going through, or will they continue with the points of orders, dance and song.

    • @Terrible ka nio:
      The IMF ahs just told you that you PF minions are living in Utopia or Cuckoo land or False world – how come you have not realised this?
      You can lie to PF cadres and sycophants and no one else….NOT even the IMF and World Bank because they have resident representatives in Zambia and know very well that as long as Lungu retains his stolen presidency Zambia is going NOWHERE!!
      That is why they (IMF) will not lend the PF Govt the US$500,000,000 which YOU want to steal and squander on useless 3 districts Lungu created; while the drunkard pays no attention to Dora Siliya Maize scandals and the lawlessness promoted by the thief Kaizer Zulu; Sugar Daddy Rupiah Banda; Vote thief Mwanakatwe, etc

  8. This is the smart way of saying, our money is out of reach for now. The so called home grown economic initiative to revamp the economy does not inspire the IMF. Discussions will continue? They came with instruments of control and probably put the fight against corruption on top of their list, fiscal discipline, no more unplanned expenditure and other measures. This PF lot cannot subscribe to these stringent measures because they know that once they borrow $1.3billion, the IMF periscope will be monitoring everything and this they don’t like.We can only solve this economic downturn by being truthful to our intentions and not trying to fool the people who are trying to help us. The sooner we realize that the better.

  9. At least all bloggers have realised we need imf money.

    Previously there was sentiment that imf should be shunned as imperial neo-colonialists.

    An empty stomach over-rides all principles.

    A crazy guy above says at least PF activated the cash that RB was just accumulating in the bank. It was not cash in bank, but eurobonds and every type of ngongole you can imagine.

    Does the guy realise that the political genius of PF was to divert their 90 days promises of more money in your pocket into the Sonta (look at what we have built…. with borrowed money)

  10. IMF directly influenced the Kafupi regime to sell amongst many other state assets Luanshya Copper Mine at a pittance. This was a serious criminal offence they committed! And may their souls be cursed for eternity! They sold the equipment (conveyor belts, drill rigs, mine elevators, excavators) vehicles (vans, trucks, buses etc) houses (over 10,000 units ranging from 1 bedroom houses in Mpatamato to 6 bedroom villas for mine managers etc), smelter, hospitals (2 hospitals and with expensive medical equipment), recreational facilities (golf course, olympic pool, rugby and football pitch) also huge tracts of land (thousands of hectares) – the true value was over 1 billion dollars but it happened! This is why I will never forgive IMF or anyone that benefited from that sale including HH who…

    • Ctn… including HH (Hungry Hyena) who acted as a crooked liquidator on behalf of ZPA. To you IMF- just tell the govt to cut on allowances for all top govt officers including all MPs (PF and UPND) and money spent on Luxury Suvs etc and we will save over USD 100 million a year! But you can’t and you won’t because you want to see us fail! For you guys in top govt search your souls and do the right thing, park that Luxury Suv and return those allowances because they serve no purpose! You are already well off- use those funds to develop our nation!

    • @2020vision Ar.sewhore!
      The IMF knows PF cant be trusted….your PF President is a thief and no one lends to a thief!! HH and GBM told you PF cadres that Lungu has no vision and plan to deal with Zambia’s Economic challenges but you were busy dancing to Dununa Reverse like empty tins!!
      Now you seem to be even more confused if not MAD with disjointed thoughts like “conveyor belts, drill rigs, vans, smelter, hospitals, golf course, etc.” The simple truth is that Zambia will NEVER EVER get better with your Drunkard PF president and his God Father Sugar Daddy Rupiah Banda; Concubine Zambia Open Siliya and Convicted Racist Margaret Mwanakatwe forcing THEMselves on Zambians….they rejected you – FACT!!

    • @chiyaya ati “kikikiki” as your fellow blood thirsty dunderhead animal Nez (New Evil Zombie) is my response to your usual mindless vomit….ba(dunderhead)daala is it true your mom and dad were brother and sister as the cretin gene you so easily display is clearly dominant whenever you type your incoherrent gibberish.. ati its either you were dropped in public toilet when you were born and the first thing you saw was an ars.e hence your love for those words or you were named ars.ewhore by your uncle or dad sorry your uncle is your dad I forgot! Keep it up I enjoy whenever you reply to my messages.. it gives a chance for anyone to see how much of a sat.anic blood thirsty animal you and the rest of the fleas feeding off the hairy ars.ewhore of your human hyena perpetual kaponya (HH) are…

  11. It’s simple logic. Go with the team with more brains.

    Zambia would be better run by the IMF than those visionless PF losers.

    • @Thinkers
      If a country is properly run then there is no need for IMF. Why do we need IMF? We have already been down this path.

  12. A White man said:
    “BLACK PEOPLE ARE STILL OUR SLAVES”. We can continue to reap profits from them without the effort of physical slavery. Their IGNORANCE is the primary weapon of containment. A great man once said, ‘The best way to hide something from Black people, is to put it in a book.’ They have the opportunity to read any book on any subject through the efforts of their fight for freedom, yet they refuse to read. Few read consistently, if at all. GREED is another weapon of containment. Last year Blacks spent 10 billion dollars during Christmas, out of their 450 billion dollars in total yearly income (2.22%). We can use them as our target market, for any business venture we care to dream up, they will buy into it. They function totally by greed. They continually want more, &…

  13. They continually want more, & hardly save.
    They’d rather buy new sneakers than invest in a business. Some neglect their children to have the latest Tommy or Jordan, & they still think that having a Mercedes, gives them ‘Status’. They’re fools! A vast majority of them are still in poverty because their greed holds them back from making better communities. With the help of BET, and the rest of their black media that often show destructive images into their own homes, we will continue to see huge profits like those of Tommy and Nike. Hilfiger has even jeered them, saying he doesn’t want their money, and look at how the fools spend more with him than ever before!. They’ll continue to show off to each other while White communities improve with the profits from our businesses that we…

  14. They’ll continue to show off to each other while White communities improve with the profits from our businesses that we market to them. SELFISHNESS is one of the major ways we continue to contain them. There are segments of their culture that has achieved some ‘form’ of success but they didn’t read that the talented 10? was responsible to aid The Non-Talented 90? in achieving a better life. Instead, that segment has created another class that looks down on their people or aids them in a condescending manner.Their selfishness does not allow them to be able to work together on any project of substance. When they do get together, their egos get in the way of their goal Their so-called help organizations seem to only want to promote their name without making any real change in their…

  15. Their so-called help organizations seem to only want to promote their name without making any real change in their community.They are content to sit in conferences & conventions in our hotels, and talk about what they will do, while they award plaques to the best speaker not the best doer. They refuse to see that Together Each Achieves More (TEAM). They do not understand that they are no better than each other because of what they own, as a matter of fact, most of them are but one or two pay cheques away from poverty. All of which is under the control of our pens in our offices and our rooms. Yes, we will continue to contain them as long as they refuse to read, continue to buy anything they want, and keep thinking they are ‘helping’ their communities by paying dues to organizations…

  16. Yes, we will continue to contain them as long as they refuse to read, continue to buy anything they want, and keep thinking they are ‘helping’ their communities by paying dues to organizations which do little other than hold conventions in our hotels. By the way, don’t worry about any of them reading this, ‘THEY DON’T READ!! —————–
    Prove them wrong. Please pass this on! After Reading. We MUST rise from this post traumatic slavery disorder.

    This is what makes us think we should spend K2million kwacha tax payers money without consulting the tax payer to withdraw our politicians from ICC prosecutors for the many wrongs they know they have committed. The guilty are always afraid, running away from their own shadows!

  17. While mwanawasa worked hard to ensure stable economy this plonker called lungu and his illiterate thugs have undone all the hardwork by irresponsible borrowing with nothing to show show for it apart from amassing personal wealth. Lungu will die painful death

    • The noose tightens on the economy next month when BOZ squeezes liquidity further. Not sure what these guys are up to. They see everything with political lenses. No cheques of more than K25,000 from next month. The previous limit was at K100,000. This simply means transactional costs will go further up and we can forget about the ease of doing business in Zambia. Not competitive!

    • Kiki tantwe why so emotional. Is lungu your daddy. Everyone dies. All am saying is that evil people like lungu who do not care for poor Zambians die very painful deaths. They might live longer but when their day comes they will be reminded of all their deeds. Life had a funny way of teaching lessons. After all he is already sick

  18. HH used to say if he won he would borrow from IMF and World Bank.

    I don’t know whether he stands by that or he has changed.

    If HH has shifted his position then he is unpredictable.

    And if that is the case then it becomes very difficult to trust him.

  19. ‘However, in the first two months of the year, expenditures outpaced revenues substantially, with the deficit financed mostly by domestic borrowing’ – still spending more than they are earning. How can we improve economically as a country like this.

    • That’s because the Lazys and Doras live in an Ivory tower…where they go to Vegas with their toyboys and drive top of the range tinted Range Rovers. Domestic borrowing is going to increase when govt spending is increasing where the Lazy President is issuing silly directive after directive like Zambia Army going into construction and farming where on earth is all that machinery going to come from? Abroad…you need dollars for that you borrow. Turning Chipata into City status, you need more civil servants and more offices …all these littles things matter even in a household when money is tight you stop drinking mosi at the bar and start to drink chibuku at home.
      The mindset of these ministers and the lazy President is detached from reality ….you have ministers like Margaret who walk…

    • walk around at nite clubs with dollars, rupiahs, two passports in their hand bags for what? How would such a person know what is happening on the street.

  20. Further meeting is required……………… No agreement has been reached, thorny and worrisome issues at play. Zambians have not forgotten SAP – toxic to life.

    • @Shaka:
      Don’t blame IMF or anyone. It is st.upid PF cadres like you that stole the vote to put the DRUNKARD into power!
      Lungu wastes money on holiday with entire cabinet in Israel and keeps on Globe trotting when there is no money in Govt coffers. When the lenders worry that he will fail to repay loans then how does it become neo-colonialism when it is their money??
      No one will lend money to foo.ls like Lungu in this world – you PF cadres should realise that Zambia is fast becoming another Zimbabwe disaster!
      Out there, other countries will listen to Mmembe BUT NOT to Lungu (the convicted thief) or the corrupt Sugar Daddy Rupiah Banda and his crazy thieving sons…

    • Who invited them? Did they come on they own…its your lazy leaders who mentality enslaved and reckless, they dont have money yet they are giving themselves salary increments and declaring cities from districts. Just yesterday the dull Legal minister is using K2million to consult whether we should leave ICC of what importance is that and how is that a priority.
      All these bullet points above provided by IMF do not mean anything to that lazy canister Edgar…he is likened to an crack drug addict who will do anything just to get her fix. At the moment there is abolutely no leadership and fiscal discipline in this administration of Lazy and IMF are too polite to state that but its there in black and white.

  21. “Economic growth is expected to improve slightly to 3.5 percent in 2017. Sustaining high inclusive growth in the future requires sound policies & reforms to improve competitiveness.”

    I dont know why such a meeting can be termed fruitful..its clear the visionless canister Lazy has no sound policies and its shameful that an emerging market should be recording such figures of 3.5%. IMF will not lend these lazy reckless empty tins, they have to just do with what they have and use their brain cells for once if they have any.

  22. PF Bloggers and the Illegitimate Lungu govt is mistaken to think that the IMF Board will approve a loan to Zambia b4 the Petition is resolved. IMF conditions include respect for Human Rights and Good Governance. So Lungu needs to prove to the International Community that he was Democratically, Legally and Constitutionally elected. Concourt should have heard the Petition and then declared Lungu duly elected. Concourt did not do this and as such Zambia has No Legitimate President. Lungu is in State House illegally. Wait and see!!

    • What these empty tins do not realize is that the selfsame people who created ICC are the same countries who are influential in IMF (excluding USA) so its laughable that this Lazy Dull Canister Edgar will be begging for money on one day and next day he is requesting that we pull out of ICC yet at the same time his MPs want to disband independent institutions like LAZ….he thinks IMF reads Daily Mail and TIMES and are foools.

  23. I don’t know why people expect IMF and World bank to develop countries.

    These are financing institutions, they are not their to develop your country.

    That mentality of expecting WB and IMF to develop your country is what causes many countries to blame IMF.

    Funy, you borrow money from the bank, without any proper plan, no business proposal, no strategy, no project in mind, nothing nothing at all.

    Then you want to blame the bank saying I will never borrow from that bank, last time I borrowed from them I did not achieve anything.

    You want the bank to do a plan, fund, implement, and monitor the plan for you?

    Then they would rather carryout the plan on their own without you. You are not required.

    • It is your duty to develop your country.

      Plan, implement, monitor, evaluate and re-evaluate.

      If it fails, then you are to blame.

      When are Africans going to stop the blame syndrome?

      Should institutions be hated for your failure to execute?

      Come on, work up!!!

    • If Africa has to develop our mentalities have to change.

      Stop waiting for someone to come and develop your country, do it yourself.

      The guys you are waiting for to come and development your country developed theirs on their on. Did they wait for you to do it for them?

      In any case why wait for someone who has not promised that they come develop your country.

      Even if they were to promise don’t sit idle and wait for them. Haven’t you ever heard of men who promise marriage to ladies but never show up?

    • Here is a typical example of a dull cadre contradicting him/herself…you dont know why people go to IMF, well ask the Lazy Bum in State house what those people are doing there? Ask you Dull leader to show to sonta where the reserves have gone to MMD left? The same MMD you were mocking are the same people running the economy now….mopping up his 5 year mess!!

    • @ Peace for Zambia nobody is blaming the IMF, but boma. Judging by the statement, Zambia has not done enough to warrant an agreement for a bailout. The competition for capital is tough now. Therefore as a government, if you cannot show fiscal discipline, they will not lend/offer concessions. Don’t paint Africa with the same brush like the rest of the continent is begging. 19 Countries in SSA will see growth rates above 7% and their currencies didn’t take a hit. The commodity rout did not affect them, yet they still managed to raise reserves in relation to potential external shocks. The $7bn that the Fin Min stated is the level of debt, was spent on road, schools and hospitals as we were told. Our counterparts spent that on rail(including light rail), road, transport (new buses), energy…

    • Are you also paid very well for complaining every day?

      You must be earning in millions for complaining.

      It appears it is a great business for you, very profitable.

      If I were you I would even stop working and just focus on comolaining and make money.

  24. All the removals on fuel, maize and electric subsides and other cuts the Political Farts PF have done were a condition of IMF to begin with…..but now they want an end to the degradation of press freedoms and rule of law.

    The Political Farts, PF thought they could meet out kaiezer zulu type of politics and morals on the piblic and still go begging to the IMF ??

    Sorry it does not go like that. Unless you are a dictator of a country of strategic importance to the west like sisi of Egypt , you get jack.

  25. Leading between the lines of Amos’ statement to Q FM and recent statement by ECL in Swaziland about the Post, i think IMF is pulling the string behind the scene. At first statehouse pretended like Dola, KZ and Post are non issue and they kept a blind eye, but now they have started taking.Help me think.

  26. Lungu ni mb.wa, a dog, Kabwa!! Mafi, Mazyu, ni Matu.vi – he has no brains, no vision and no mission for our country!!

  27. Lungu ni mb.wa, a dog, Kab.wa!! Ma.fi, Mazyu, ni Matu.vi – he has no brains, no vision and no mission for our country!!

  28. While a former North Western Province Minister Nathaniel Mubukwanu at one time said suggestions that the province was not getting a fair share from the mineral wealth it is endowed with are not true, it is becoming clearer that even the little hope of even having a durable road completed is quickly fading away.

    Speaking to Qfm in an interview, Mr Mubukwanu said resources such as mineral wealth belong to the whole country. We see this as a mockery as Western province is benefiting while North Western has to pay back the Euro Bonds and IMF debts.

    Mr Mubukwanu said it is government’s obligation to ensure that development is spread across the country equitably. This is not true as even football has become a ‘Two-Region’ affair.

    He stated that wealth regardless of where it is…

    • coming from should be distributed equally to all the parts of the country. Are you sure? You are not talking to novices, you know?

      Mr Mubukwanu stressed that if money generated from certain parts of the country is meant for that particular area alone, government will have nowhere to get money to develop other parts of the country which do not have mines. That is naive because Zambia is endowed with a vast range of resources which include wildlife, soil(for Pan Bricks/Tiles which most of our leaders are opting to import from South Africa and China) and even Grass to which value can be added to feed livestock in drought-prone areas like Ethiopia, Sudan etc

      Mr Mubukwanu further stressed that North Western Province has seen a number of developmental projects taking shape which are…

    • being implemented from the wealth coming from the mineral wealth. Such a joke speaking like someone talking to kindergarten toddlers. Now IMF has its own conditions and has seen a window to benefit from the same minerals. When shall we have Genuine leadership? Maybe North Western should just split and chart their own route of development. Patience runs out you know! Just being honest here.

  29. @Chilyata you can insult all you want but your ka god HH will never be President in fact the more you insult the more we love ECL. Your ka god is from the pit of hell look at the insults you are throwing at the head of state and you expect us Zambians to vote for him NEVER!. It is people like you and NEZ who ensure that we don’t vote for your ka god. You and Your fellow dunderheads think you know it all and have all the solutions sorry we all know that it is all lies you are full of hatred and malice just look at the insults

  30. Zambians , let us fear debts and plan to use our own resources…Yes we can.. It requires serious planning, hard work and sacrifice.
    A borrower is a slave to the lender. Children of GOD need not to borrow and above all usury (interest) is forbidden in the Bible.
    May we on individual level keep away from debts and purpose in or heart that we shall not borrow but live within our means.
    from an individual level , let us extend this financial philosophy to national level.
    I am doing farming(20 heactor of soya) on cash basis…
    I am encourage fellow Zambians to run their affairs(home and business) on debt free basis. In the end we wont need IMF

  31. Flex Mutati the MMD Mercenary in the PF Govt and Minister of Finance is wasting his time. The IMF Board will not approve a loan to the Illegitimate Lungu govt which has No Respect for Rule of Law, Human Rights and Good Governance. With all this PF violence and lawlessness Mutati will not get a Cent from IMF until the Petition is heard,determined and the Winner of the 2016 Election is declared duly elected. Zambia is on the Spolight following the Disputed and Petitioned Election. No Petition Hearing. No IMF Money. Simple!

  32. @chando IMF is not run by Upnd cadres who believe whatever their god HH says ,they know that ECL is President otherwise they wouldn’t have come so keep on misleading yourselves. And please for once use your briain the only court that can hear a petition is the ConCourt which is at par with the Supreme court not the High court

  33. imf is a very credible institution i dont think they can risk their money to un preidictable government which have no financial discipline. who time and again bring un budgted for programmes to try and waste the little resources available and fail to attend the need.

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