Zambia is on a constructive path in her quest to achieve full economic recovery-Felix Mutati

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“Zambia is on a constructive path in her quest to achieve full economic recovery, socio-economic stability, and reach greater heights of job-creation, prosperity, and country-wide poverty reduction,” Minister of Finance Felix Mutati has said.

Mr. Mutati said this when the Zambian delegation at the 2017 IMF/World Bank Spring Meetings in Washington DC, United States of America, commenced the Washington circuit of discussions with the IMF on the home-grown Economic Stabilisation and Growth Programme.

During the Washington circuit of discussions held at the IMF Headquarters, Mr. Mutati informed the Fund that the Zambian Cabinet had approved the country’s home grown Economic Stabilisation and Growth Programme, “following wide discussions with civil society, the private sector, trade unions, and the public service at various levels of its leadership hierarchy.”

“Our emphasis is to take the self-motivated initiative in implementing the Economic Stabilisation and Growth Programme while making progress to finalise discussions on the need for support from the IMF,” said Mr. Mutati.

In his policy presentation to the IMF team, the Minister assured that “consistent with the substantial removal of subsides on petroleum products, and the steady removal on being implemented on power related subsidies, the Zambian government has commissioned a Cost of Service Study for the energy sector, which is targeted at identifying crevices in the energy pricing structure, and implementing corrective measures.”

“The results of the Cost of Service Study will be ready before the end of the year,” stated Mr. Mutati.

Among those who attended the initial Washington circuit talks with IMF together with Mr. Mutati were Deputy Secretary to the Cabinet for Finance and Economic Development Christopher Mvunga, Bank of Zambia Governor Dr. Denny Kalyalya, Ministry of Finance Permament Secretary for Economic Management Mukuli Chikuba and other Senior Government and Bank of Zambia officials.

During the presentation to the Fund, the Minister also affirmed that President Edgar Lungu continues to be a symbol of positivity and great leadership as he had allowed his government to develop a home-grown Economic Stabilisation and Growth Programme which had been internationally acknowledged as it was intended to deliver sustainable benefits for the economy and people of Zambia.

Contributing to the discussion, Mr. Mvunga disclosed that the Zambian government is implementing measures aimed at improving the coordination and productivity of the public service through efficient, effective, transparent systems of service delivery and financial accountability.

“To improve governance standards in the public service, all government officials with the responsibility of managing public resources will be requested to undergo intensive transformational programs in corporate governance,” he said, and added that “we have activated the Smart Zambia Center under Cabinet Office to ensure ICT [Information and Communication Technology] takes up its full role in eliminating redundant public service processes and procedures not only to speed up output delivery but also to establish credible performance trails.

Zambia is seeking consolidation of discussions on the planned IMF supported Economic Stabilisation and Growth Programme and full conclusion once all policy issues and benchmarks are mutually agreed during the course of the year.

World Bank VP, Diop Mokhtar - AfDB President, Akinwumi Adesina - & Zambia's Finance Minister Felix Mutati sharing a light moment at the World Bank HQ in Washington DC
World Bank VP, Diop Mokhtar – AfDB President, Akinwumi Adesina – & Zambia’s Finance Minister Felix Mutati sharing a light moment at the World Bank HQ in Washington DC

Meanwhile Standard Chartered Bank Managing Director and Global Head of Public Sector and Development Organisations, Daniel Hanna, has joined the list of persons of international repute who are congratulating Zambia for developing a home-grown Economic Stabilisation and Growth Programme.

Speaking during a bilateral meeting with Mr. Mutati, Mr. Hanna stated that “according to feedback from our partners, Zambia’s engagement with the IMF is a strong statement to the international investor community that the country is committed to positively transform, stabilize, and grow the economy.”

Among the international organisations and institutional investors which the Zambian delegation has already had preliminary meetings with in Washington are the World Bank, African Development Bank Group, Deutsche Bank, and Atlas Mara.

Today, the Zambian delegation and the IMF are scheduled to continue the Washington circuit of talks on policy and benchmarks [a standard by which performance of a target is measured]. The delegation will also attend the World Bank Africa Group 1 Constituency Meeting for Governors [Ministers of Finance] and a World Bank International Development Association Forum on programme implementation.

Other events lined up for the delegation today include a panel discussion participation by the Minister of Finance at the Spring Meetings Forum which will be exploring the policy environment, opportunities, the regulatory scape, taxation, and challenges of doing business in Africa. The delegation will also attend the Citi Bank Investor Forum on Zambia at which the Minister of Finance is scheduled to make a presentation on the Economic Stabilisation and Growth Programme and share a status brief on the current and ongoing engagement with the IMF.

35 COMMENTS

    • +1
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      PF with Mutati as facilitator is on a destructive path to borrow billions of US dollars they will not be individually or severally accountable for in order to again “dununa” clueless Zambians when in actual fact it is the American tax payer gaining interest as a result of our foolishness.

      It is every man / woman for him / her self, ine sinizalipila nkongole iyi, pass it on to the working masses.

    • +6
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      Like all of you I agree with Felix.

      How about a round of applause for the work pres Lungu is doing to ensure your futures are secure now and forever

      Thanks

      BB2014,16

    • +6
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      Forewarning is forearming this run is extremely bad for Zambia. In my right as a Zambian no matter how deafening my opinion yet consistent and defendable, I repeat, running to for IMF prescription is bad medicine for mother Zambia. The same is true with any Breton Woods institution. Remember they take leverage of distressed economies and structure them not to spike development but mere survival, stagnation and dependence. A closer review will attest that they are actually economic hitmen than solution. Ever wondered why they are controlled by industrialized nations yet the same will never borrow from these institutions. Deal with financial leakages and increase internal revenue drives, Zambia doesn’t these silos of toxic debts. We are in a terrible Debt risk ratio situation with nothing…

    • +3
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      Especially now that HH is gagged. All will be super peaceful, only sensible voices will be heard.

    • +5
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      Heading should have read, ”Zambia is on a destructive path in her quest to achieve full economic collapse-Felix Mutati”.

    • vote

      Mutati talks too much, he’s all puffy frog, hot air & zero. Then he tells Kandeta to send us this bullsh!t.

  1. +3
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    Can someone tell me how you can have a Home Grown Economic programme when you are broke and begging for money????

    • +2
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      So me and Bana Mulenga are broke at home. One night we seat down and decide on a Home Grown Economic Programme. We go to the local bank and tell the manager that last night we came up with a Home Grown Economic programme because we can’t feed ourselves since we owe the Banda’s K20,000. We tell the manager he needs to lend us money to survive but since its our programme you can not dictate to us.

    • +2
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      The truth of the matter is that the IMF will never lend Zambia the money.

    • +2
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      The IMF of the 80’s is long gone. They gave loans to poor countries during the cold war with USSR for political reasons. The now operate as shylocks….

    • +5
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      You sound shallow and can’t reason coherently engineer.

      I thought you are better than that. But then again you are one of many cadres on here that sees problems in a working government like PF.

      So I will not enlighten you. For all I care remain 5tupid.

      Thanks

      BB2014,16

    • +3
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      Mushota. Lets have a bet $2000 witnessed by bloggers here…. the IMF will not give money to Zambia.

    • +2
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      Send me an email, I might take you on that.

      I think Lusaka Times staff we are not allowed to engage in betting

      Thanks

      BB2014,2016

  2. 0
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    It sounds good and I hope its not just theories.any time frame in which we hope to see zambia’s economy to recover? Iam a petty businessman in my own right and I do appreciate a stable business environment and reduced interest rate which most banks are trying to do.good for planning.first quarter of 2017 was relatively stable for business though we had some challenges…

  3. +2
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    Mushota what economic policy about Zambia do you know. By borrow what economic policy is Zambia trying to achieve? How is the government going to use the money? What projects? Infrastructure or pay salary arrears? Please do just agree because someone tells you I am going to borrow are you’re there boasting. Have do economics?

    • +2
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      This Government is in Safe hands, countries are queuing to borrow Zambia. You have seen Major road builds, seen Mall after Mall open in Zambia, tourism has never been higher, the Chinese are fighting to migrate to Zambia.

      I don’t know about you, but for me, that is a progressive Government.

      Thanks

      BB2014,16

    • vote

      Ati mall after mall? Is that something to be proud of ???.

      There are no countries queuing to borrow money to Zambia don’t lie. If there was why is mutati running to the IMF???

  4. +1
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    A Dull minister of finance who has never even run a tuck-shop or sido company.

    Getting $1.6 Billion kaloba for the sake of BOPs at a time when fiscal policy is in shambles is digging own grave. There’s nothing to show for Eurobond money except for Prof. Chirwa’s fantasies.

    PF00Ls only know how to hang zambians in debt by getting loan after loan.

    • +2
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      It’s easy to make irresponsible comments from a high place when you r not affected by the bad policies from your bad leaders.

      Ask your relatives in Zambia the hardships they’re currently going through.

      You obviously were too young to remember adverse effects of IMF loans.

  5. +1
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    This finance minister is a liar, a thief.He is busy making money in preparation for 2021 elections…

  6. +1
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    A “home grown Economic Stabilisation and Growth Programme” ???

    Really? Is that what you call a frenzy of looting the National coffers while the dull drunkard is busy touring the world on holiday at the taxpayers expense? A “home grown Economic Stabilisation and Growth Programme”??

    Please Mutati, we don’t need bull.sh!t like this. This euphemism for borrowing more money while allowing corruption and theft does not work anymore. Call a spade a spade. Zambia is broke. You are a beggar. Now that all the money has been stolen and your “budget” has been proved to be a complete JOKE, you want to pretend all is ok.

    WE KNOW THE TRUTH. Pay the pensioners first!

    • vote

      President Lungu or Mutati are NOt drunkards.

      Keep such terms and words for your parents if they are.

      Respect the Head of state and be proud of him. Your analysis is worthless

      Show respect to the President, or I will have you banned on LT

      Thanks

      BB2014,2016

  7. vote

    “To improve governance standards in the public service, all government officials with the responsibility of managing public resources will be requested to undergo intensive transformational programs in corporate governance,” he said

    Whatever this MMD Finance Minister smokes and drinks must be very potent…he thinks because he is new to PF everything starts afresh…really laughable..when was the last time he studied the last AG’s report.

  8. vote

    IWE FELI??WHAT IS IT THAT YOU ARE DOING DIFFERENTLY APART FROM CONTRACTING HUGE KALOBA/DEBTS????

  9. vote

    IWE FELIX??WHAT IS IT THAT YOU ARE DOING DIFFERENTLY APART FROM CONTRACTING HUGE KALOBA/DEBTS????

  10. +1
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    There is not a single country in the world today that developed by borrowing from the World Bank or the IMF. As KK and Chiluba learnt the hard way, this path is destructive. Mutati is indeed a fool while his Lungu boss is a maddening full cycle *****!

  11. +1
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    ” “Zambia is on a constructive path in her quest to achieve full economic recovery, socio-economic stability, and reach greater heights of job-creation, prosperity, and country-wide poverty reduction,” Minister of Finance Felix Mutati has said. ”

    When was the last time “job creation, prosperity and country-wide poverty reduction” resulted from the World Bank’s economic structural adjustment programs? This is merely a transfer of wealth, out of the country. The strategy has been obvious for years. They put the government in debt, the go to the IMF/WB and sign away the nation’s resources. This is the same worldwide. ESAP, SAP, HIPC, they’re all the same programs with the same policies.

  12. vote

    It’s not the work of the government to create employment no.The government must just create a good environment and then z ambians to create employment for themselves.sometimes you don’t need to go anywere in the world to look for opportunities .but you might be sitting on the gold mine without you realising.if people are facing hardship there must be an opportunity within the same people .find it and exploit it.when searching for problems then your eyes will remain blind and will never see any opportunity.there are too many opportunities in Zambia.The sad part of the story is that few Zambians see these opportunities but foreigners are enjoying and making millions of dollars .

Comments are closed.