Mr. Mutati has since announced that the Vice Presidents of World Bank and the IMF are separately scheduled to visit Zambia to consolidate the outcomes of the meetings.
He says the World Bank Vice president will visit Zambia in June to explore means on how Zambia can accelerate the absorption rate for close to One billion U.S dollars of the Bank’s portfolio covering poverty reduction, agriculture, irrigation, Water and Sanitation.
According to Mr. Mutati, the World Bank delegation will also engage government on IDA 18, a program under which the country is set to secure additional resources to help stabilise and grow the local economy.
Mr. Mutati has explained that the IMF vice president will next week be in Livingstone to discuss how Zambia can use Capital markets to scale up investments.
He says the two high profile visits by the IMF and World Bank will put Zambia on the global sport light as a key destination for increased investments.
Speaking in an interview with ZNBC News in Washington, D.C, Mr. Mutati also disclosed that the International Finance Corporation team will next month visit Zambia to engage the Private sector on opportunities for long term financing.
Mr. Mutati said the financing opportunities may be provided through the Development Bank of Zambia and other banks.
The Finance Minister led the Zambian delegation to the Spring meetings in Washington, D.C where negotiations for an IMF financial package for a home grown stabilisation and growth program were concluded pending the board’s approval.
Mr. Mutati was accompanied by Secretary to the Treasury Fredson Yamba, Deputy Secretary to the Cabinet Christopher Mvunga, Permanent Secretary in Charge of Economic Affairs Mukuli Chikuba and Bank of Zambia Governor Dr. Denny Kalyalya along with other senior government officials.
There is NO Country under the sun that has benefited from IMF and World Bank programs. These institutions always win in any deal and the country always looses. You can’t make a deal with the Devil.
That is the absolute truth. The World Bank and IMF cannot point to a single country in the world that has developed because of their programs. PF blew away a golden opportunity of stepping into power in a middle income country that had reserves of over $3.2 billion. Instead of prudently managing those resources, they went on a reckless spending and stealing spree and now Zambia is a broke ass, third hungriest country in the world. PF have no excuses for bankrupting Zambia.
That small speaking voice of ba Mutati awe sure.
Mr Mutati, why can’t you be honesty to your own people and tell them the truth? If I can help you: The truth is the two Brenton Wood institutions have denied or refused to give Zambia the much sung about money! You have said a lot of things in your interview but you have said nothing. My question to you is this and I need an honesty response: Has the IMF given Zambia the 1.6 Billion Dollars like you had told the Nation earlier before you departed for D. C. (washington)? All that you have said are simply semantics Mr Mutati!
You didn’t mention that that $3.2bn was a result of over 5 years of sustained high copper prices which pumped money into our treasury. If that economy was robust, infrastructure projects shouldn’t have affected it. By 2012, the copper price had halved and that meant a reduction of money in our coffers. The PF was not at fault by initiating infrastructure projects (infact their dream of a revamped railroad infrastructure is crucial to our economic growth!!) as the MMD during Mwanawasa should have invested all that money they were boasting about in power projects for example, and we wouldn’t be crying about loadshedding today! South Africa has a robust diversified economy and they continue to upgrade their infrastructure which is already world class but their economy doesn’t get…
…affected by these projects. So that Mwanawasa superstory about a thriving economy is a myth that was based on the prevailing copper prices and Sata inherited a single piston economy that has required diversification from KKs time through to Chiluba and every other president to today-A SITUATION YOU CAN’T SQUARELY BLAME THE PF ON!!
How many negotiations before landing the Kaloba/Loan?
IMF has been here 3 times already (Mar & Sep 2016 and Jan 2017 and Mutati & Co have also been to America 3 times over the the same loan!
So who is paying the travel & Per Diem bill?
If the $1.5BLoan is awarded it’ll be less the travel costs plus less singing ‘cuts’ and ‘loot’!
It’s only Mutati & Co benefiting.
Let’s calculate the cost of contracting the loan.
Zambians lose out, Better not borrow it at all!
@Lombe:
You fcking LYING PF Cadre!!! Britain Benefited from both IMF and World Bank loans when Chancellor Denis Healey solicited their support in the 1980s! Also, Germany is one very good example that immensely benefited in their economic reconstruction after the Second World when inflation had reached 1000%. Other beneficiaries of IMF and World Bank Loans recently are Italy, France, Portugal and Greece!
The only REASON why African Economies don’t grow with such loans is because of THEFT and bad Governance. Recently, Zambia (under Sata and Lungu) borrowed more than US$6 billion from the Open Market (not IMF) through the Euro Bonds – has Zambia developed with huge amount of money? The answer is NO – In fact the Zambian economy retrogressed because that money was STOLEN and Lungu is…
Contd…..
@Lombe:
…….STOLEN and Lungu is one of the thieves that stole it!!
It’s back to HIPC.
It’s common sense.
If IMF is selling Vitumbuwa to Zambia, how can IMF give you resources to start making your own Vitumbuwa?
How are they going to make money if you, their customers become developed and you don’t need them? IMF survives on poor countries. Develop your own Country or borrow from China, not IMF?
We wanted independence from colonialism, we got . Why do we always go back to them? We have been through the route of IMF once and we are going down that route again. I think we Zambian electorates are so weak we need to start holding these politicians to account and treat them as our servants and not small gods.
no nononon no money for zambia frist put u record stright for humright and bring back all those who u deported for no reson and give them their properties back othere wise v will take IMF AND WORLD BANK to icc and this is coming up u thives no shame people r suffring in zambia and we who help them u deport us u have no sham and for no reson
it is a shame today early in the morning i have had 3 phone calls from lusaka they want money to bury their dead one for the funreal think what sort of country it is
Were they NOT dancing Dununa Reverse? Let them ask JK for the money!!
lar..crooked cadres..kekekeke..pa zed sure
The so called home grown initiative is a flop and has failed to inspire the lenders. They have seen through your lies Mutati and they have realized that you are a loose cannon together with your vision less lot and brutal regime, hell bent on inflicting pain and poverty on the masses. The earlier you accept that you have lamentably failed the better. They will come back to Zambia to do what? A senator has written a strong letter warning you goons to put your house in order before Trump pounces on you. What a clueless cliche of directionless lot with nothing to offer, this country deserves better.
Fellow citizens, our country is very much in need of financial bailout. No doubt about this. Our country is lacks the balance of payment. Meaning we can’t import.
But, the Financial minister was asked by IMF that Zambian govt need to recognize the importance of the Opposing party and the Media. Without this, nothing will provide Checks and balance to prudent use of funds. Why is the minister omitting to mention out this. Mr minister nothing to hide.
Furthermore, Mukulu tree resources is just lying idle for our foreign income. Banning means depriving our national GDP leaving a little people to pocket themselves huge money. For a long time Govt have failed to stop illegal animal hunting, illegal copper mining(Jalabos), and we think mukulu harvesting and exporting can be stopped? A Jock?
The way HH has been treated by the Illegitimate Lungu govt constitutes Gross Violation of Human Rights and for that Reason alone Mutati can forget about IMF Money. There is massive breakdown of Rule of Law in Zambia compounded by Poor Governance and lack of Respect for the Zambian Constitution and for that Reason the Illegitimate Lungu govt can kiss goodbye to foreign loans and grants. To the contrary Lungu and his inner Circle will be slapped with Economic, Financial and Travel Sanctions. With the continued detention of HH and Several UPND Supporters on trumped up charges Mutati and Lungu will not get any financial assistance from the West.
MUTATI HAS BECOME A CROOK. IT WAS YESTERDAY WORKERS WERE COMPLAINING OVER HIS FALSEHOOD THAT HE PAID ALL THE WORKERS WHEN HE NEVER RELEASED FUND TO PAY THEIR 8 MONTHS DUES AND TODAY THE SAME MOUTH STANDS UP CHEATING FROM WASHINGTON DC THAT ZAMBIA WILL BE GIVEN THE FUND AFTER THE IMF PRESIDENT VISIT ZAMBIA?
IN MY OPINION THE GUYS ARE COMING TO STUDY WHAT IS HAPPENING HERE IN ZAMBIA.
Mr Mutati, you talk too much – you talk more than you can deliver!! ALL TALK BUT NO PANTS!! We want to see the results on the grounds – and I am sure you also agree that there is none. You have been making statements like “…engagement with the IMF and the World Bank…has produced positive results beyond government’s expectations.” So how can you make such a silly statement as Old as you are? How can mere promises of visits be more than you and your PF Govt expectations because that is a LIE? You wanted a Loan of US$billion which was denied to you!! So why do you fo.olishly turn around and say you have achieved more than you expected after spending so much of Tax Payer’s money on that expensive ans st.upid journey?
We are grown ups and actually FED UP of those buzz words you have…
Contd……
We are grown ups and actually FED UP of those buzz words you have invented for yourself like “home grown stabilisation and growth program”, etc….WHICH don’t mean anything. Nobody will and CAN lend their money to your stu.pid Govt with a track record of Bad Governance; Lawlessness; rampant corruption and no vision. Shut up and stop spreading FAKE news thief!!
This is because they have seen in the last week that we have strong gov’t and disciplined citizens and that money will not be wasted in violence and wars because the gov’t has Authority.
To the troublemakers in Zambia (Loser Opposition), join us please to develop our country to create wealth for all and the international investors. Your ploy to disrupt the country has failed.
Yes that’s what Mugabe’s supporters used to say
Mutati is excited at getting kaloba from IMF. This an ingredient for perpetual poverty
With HH and UPND Supporters in jail based on trumped up Treason and Aggravated Robbery Mutati will not get an IMF Loan. Lungu blasted the USA,EU and other Western govts for criticising Lungu over the arrest and detention of HH on trumped up Treason charges. Lungu and Mutati should expect Economic,Financial and Travel Sanctions to be slapped on Lungu and his fellow Criminals.
We are members of IMF and currently we are over 3 months behind in our required payments to the fund.
Google zambia and the IMF google April 2017 country outlook for zambia
By 2021 we will have a debt of $238billion. Our current account balance now ie cash reserves is negative effectively we are bankrupt.
Everybody is interested on cadre conversations ,party and personal insults, party propaganda
The big issue is the ECONOMY. Find effective ways to improve our economy. We have many graduates in business and economics.