The International Monetary Fund says talks over an economic recovery programme for Zambia achieved some progress in Washington last week but that talks will continue.
An IMF Spokesperson said in a brief statement that “Progress was made, but program discussions have not yet been concluded.
The authorities and IMF staff have agreed that a mission will return to Zambia at the end of May to continue the discussions,” he said.
The IMF will send a mission to Zambia in May to continue talks over a loan of as much as $1.6 billion the government is seeking after they failed to reach a deal in Washington this month.
Finance Minister Felix Mutati had hoped to strike the loan deal to boost Zambia’s foreign exchange reserves while in Washington for the IMF and World Bank Spring Meetings.
The government first signaled its intentions to sign a deal in 2014 but has faced a number of delays since.
Comment:
Thank God , it flopped. Too much stealing!
Stealing and the current undemocratic rule in our beautiful country is what led to the failed deal !
Zambia is a third world country
You are organically undeveloped and your life style means your lifespan is perpetually compromised
You need to rely on IMF to go anywhere, meaning you need to condemn IMF collectively so they give Zambia the money to make strides forward
I know what I am talking, my name is Mushota Chimfwembe and I am 27
Thanks
BB2014,16
Mushota we’re is my $1000. Did i not tell you that the IMF will never give money to Zambia?????
Mutati with his memorised rhetoric is a wrong guy for this task. He cant convince anyone. We need someone in the build of late Ron Penza or Ng’andu Magande to lead this ministry. There are a lot of such guys who exude confidence & easy to respect in the country. Even the way Mutati sits while doing his recitals is boring.
Itizi turu, you are right. This guy likes memorising in order to appear intelligent. Managing the economy is not crunching numbers. You need serious economists like Funadaya, Magande, Musokotwane. At this rate, even Chikwanda is a better economist than Mutati
I would not expect anyone to give Zambia money, Just the whole cabinet is full of people who lack abilities. Its guess work than strategic plans. who would want to throw money in water?? well done IMF. Don’t give them until we have a proper government that believe in excellence and delivery.
Mutati?? a theft from MMD now finishing PF. go on, he will jump to another party soon. He and the Dora Gang are not even ashamed.
Fact is the IMF does not trust Lungu’s “DELINQUENT” PF government. They know how the Euro-Bondage was blown on ministers and cadres.
You cannot outsmart the Americans, they know how the country was swindled out of the Euro-Bondage.
Remember most foreign money transfers have to go through US banks, so we know who ate the Euro-Bondage.
When the politics is right and political risk removed then IMF will give money to Zambia.
It means drunkard Lungu should release HH and let the courts conclude the petitioners ‘ right to be heard.
Anything short of the above no one will risk their money to Zambia.
IMF is prepared to even give $3.5billion to Zambia if and only if HH is released and becomes becomes part of how this money will be spent.
I got this info from my friend who works for the IMF in New york.
Mutati has told Lungu all this but Kaiser says No way. We shall see where they will get money for stealing.
Release HH now or face harsh consequences.
PF is a failed experiment, Politically, socially & economically.
– Political intolerance is at it’s worst
– Tribal discrimination is at it’s worst
– Economically it’s a disaster.
– The people are crying of hunger but the PF are too busy enriching themselves.
Ati “they’ve built roads & malls”. At what expense? Are people going to eat roads? Malls sell goods made in China & RSA. Forex reserves left by Magande & Mwanawasa have been depleted with nothing to show for.
Another 5 years of PF will lead to Venezuela or Zimbabwe type of meltdown.
PF just get it right on the following:
1. Human rights records
2.Spending without planning
3. Appointing cadres in sensitive missions and government departments
4. Stop Mumbi Phiri from making tribal comments
5. Stop chasing after HH
TELL US WHAT LEAD TO THE FAILED DEAL. THE TRUTH WILL NEVER BE EXPOSED WHEN THE IMF ARE AFRAID OF CURRENT HAPPENINGS OF DICTATORSHIP IN ZAMBIA.
IF I MAY ASK BA MUTATI HOW DO YOU INTERACT WITH YOU FELLOW MINISTER KAMPYONGO THE CRIMINAL AFTER HE CHASED YOU IN SHUWANGANDU WITH PANGAS AND STAONES?
Mutati said that Zambian delegation has “…succeeded well above expectations…” in the negotiations!!!
Who is telling the truth? Mutati or IMF?
@KBF
Yes, Kampyongo and Mutati. Politics of the belly.Sebana wikute. Ukwalolo mwela, eko balola.
IMF is insecure of the mess of PF/MMD mix, and then the hopes of HH & UPND to repay from treason jail!?
Its a flop government.
The IMF should not release any money to PF to finance PFolice pepper sprays and machine guns. Any new money will be stolen by PF. The IMF should ask Lungu how he and PF blew $9.2 billion on fake projects and how they will repay the Eurobonds. And as long as there are political prisoners (HH, Mwaliteta, and Barotse activists) Zambia should not be financed by multilateral financiers.
Failure not due to political happenings, its likely spending on political entities like ministry of religious affairs, consultations on pulling out of ICC.We’re too tight to spend money like this.
How you qualify “…spending on political entities like ministry of religious affairs, consultations on pulling out of ICC…” ?
Political happenings or private business decisions?
And property acquisition abroad, and Jameson, and b!tches
Waiting to hear about the loan conditions.
Precisely!! These 1diotic opposition supporters are happy that the deal “flopped” so it can look bad on ECL and the govt. but they don’t understand that these loans come with heavy conditionalities!!
“An IMF Spokesperson said in a brief statement that “Progress was made, but program discussions have not yet been concluded.”-it has nothing to do with the political standing of the country but the conditions IMF wants to attach to the loan…if the deal “flopped”, there were not going to send another delegation in May.
@ Zambian Citizen “these loans come with heavy conditionalities!!”….
Of course! Do you think the IMF is as incompetent, corrupt and dishonest as PF? The money they have comes from other countries Taxpayers, and they are accountable for its proper use. Just handing it out to thieves that will never repay anything is completely unacceptable.
Their organisation is committed to TRANSPARENCY and being ETHICALLY correct, with proper BUDGETING and REGULAR AUDITS!
They do NOT LEND TO countries that just borrow to steal. Mutati should go back to school and learn some lessons.
Loans are given june and december. If coming back at end of may if we get then december more likely.
We have negative current account, we have debt of $238 billion at 2021 and we have not paid our contributions to IMF for our membership. We are over 3 onths behind
Further we had to be FORGIVEN our debt once before .maybe a case of once bitten twice shy.
Our figures dont match the rhetoric by our politicians.
kwekwekwke…iwe kwena uli chikopo!!! Ema lyashi mushimika mu kachasu na bashikulu bobe….kwekwekwekwe….
First hurdle in the talks.
Zambia to dismantle existing arrears to IMF .
I hope there will be more hurdles from the IMF on the need for proper political governance and repayment plans for the stolen Eurobonds. There’s no need to give more money to crooked dictators.
Kikiki OK so can some one please give me even Just one simple achievement of lungus illegal government. Because they are even failing to beg successfully. This is an embarrassment and insult to all the hard work our late brother mwanawasa put in. Zambia is finished.
South Africa has a robust diversified economy yet the infrastructure projects they continue to run doesn’t affect their economy. If your hero Mwanawasa had left a robust economy, how can it be affected by moderate infrastructure activity by his successor Sata?? Sata inherited a single piston economy that has required diversification from KK’s time up to today. Mwanawasa’s “hard work” is nothing but a myth that was dependent on the high copper prices of that time, period!!
Mwanawasa/RB left Zambia with $3.2 billion of FX reserves, and a country classified as a lower middle income economy in 2010. Sata and Lungu blew and stole all that money and then even borrowed more through Eurobonds and local Tbills and GRZ bonds. PF blew through $9.2 billion and have nothing to show for it. Zambia is now the third hungriest country in the world. That’s the PF record for you.
Do foreign reserves mean economic ability?? Exports which lead to earnings is what classifies an economy doing well. Look at South Africa, go to shoprite today and see the South African products you are spending your money on, all that money ends up in South African coffers!! What did Mwanawasa’s “super” economy export apart from copper which was at an all time high of $9,500??? The minute the price dropped to $4,500 and some mines started closing, Mwanawasa’s economy flopped, how can necessary infrastructure projects affect a “lower middle income” economy?????
Zambian citizen
“..how can necessary infrastructure projects affect a “lower middle income” economy?????…”
You don’t just build for the sake of handing out contracts to PF caders.
where is the necessary infrastructure that has attracted investors ??? Zero investors todate. Only shopping malls have been opened.
Zambia Breweries opening their malting plant at Lusaka South MFEZ??? Then Matero and Chilenje clinics being upgraded to district hospitals?? the bridges in western province like the one to Shang’ombo?? Was all this infrastructure built by PF cadres and was it unnecessary?? If you want to be in leadership, you have to give credit where it is due, not just follow the dogmatic narrow view of the upnd and the cartel. Remember, the same country you are wishing ill is the one that has voters who can put your strategy-less incarcerated leader in power, right now your attitude is isolating you people from your would be voters!! The same Zambians who put ECL in state house are not fools, they are watching your behavior!!
Who ever can not see the levels of improvement in infrastructure development in this country and is busy commenting on this issue, simply shows that they do not stay in Zambia. All these money reserves issues can not hold any ground now. The reserves are depleted because of a robust program towards infrastructure development. For starters, worldwide studies shows that only three countries ( Zambia +two others) have been spending 40% of their annual budgets on infrastructure development so that diversification can be realized. Just a question: would you rather have money in the bank but your kids can’t go to school?
Miya
With all the so called infrastructure projects kids can’t afford to go to school, what’s the use of that ??
Really laughable…surely IMF how many missions are they going to send and flight tickets are you going to waste…nothing has changed since the last visited.Lazy and his tins are even more wasteful than ever this is a bum who gives away unaccounted cash as if its his own money from a safe.
These people will simply waste and steal that $1.6Billion…Mutati you simply have to use your head for once and accept reality.
Lungu doesnt know what it takes to access an IMF Loan. U need respect for Rule of Law,Good Governance, Constitutionalism and Human Rights. Lungu and Mutati are naive to expect that IMF will give them money to finance the brutalisation of the Leader of the Opposition in Zambia,HH. With HH in Jail on trumped up Treason charges No IMF Money will come to Zambia. Lungu and Mutati must know that u cannot have the Cake and eat it. The root cause of the problem in Zambia is the Disputed and Petitioned Election. Lungu’s strategy to force the Petitioners to recognize his illegitimate Rule will not work. Lungu can kill HH but his body will not recognize Lungu’s Presidency. More than half of the Zambian population will not recognize Lungu’s Presidency and Lungu cant kill all of them to gain…
THE CHICKENS HAVE COME HOME TO ROOST!!
IMF know Zambia is currently unable to repay the $1.6 Billion. The Chinese infrastructure loans created a false illusion of an economic boom. Because of high illiteracy levels, most Zambians could not see through this false illusion & voted for PF.
Eurobonds are maturing in 4 years time & Zambian Govt needs to create enough reserves to pay the unnecessary loan or else Kwacha will crumble like Zim-Dollar.
What a reckless PF regime.
Don’t give Lungu anymore money; it is used for oppressing the opposition and putting the country into more debt.
Just wait for 4 years. You will rebase that stinking tissue again.
Dont give pfools money without restriction to cut its unsmooth spending on its resident musicians.Pfools must cut its cabinet,cut its unscrupulous expenditure and please IMF feel pity for the poor,social funding epecially the health and edu sector must continue.
This is the kind of news upnd cadres love.whether this kind of news will give HH the presidency or release him from Chimbokaila,i dont know!!
Zambia has been negotiating with IMF since 2014 and negotiations are still going on,now can a normal person say it flooped because of the arrest of HH?UPND CADRES ARE DULL.was HH arrested in 2014 when negotiations with IMF started?wake up from your tribal tag lads.HH made a big mistake in mongu.so just allow the courts to clear or convict him!!
PLUS STOP BRINGING HH’S ARREST ON EACH AND EVERY ISSUE.THAT MATTER IS IN COURT NOW SO ALLOW JUDGES TO DO THEIR WORK.
@ Njimbu,
You ask:- “ ….. can a normal person say it ‘flooped’ because of the arrest of HH?”
If you were not so asphyxiated with this cadre-mania mentality you would have by now observed and understood from the OBJECTIVE POINT OF VIEW, and be asking: – “… can a normal person fail to see that it flopped because of the trumped-up treason charges to stifle opposition in Zambia?. IMF is funded by money from tax payers who live in pluralistic societies e.g. USA where rule of law prevails and safeguards their common interests…
For this is kind of news Pf hates as it confirms failure to develop through a dubious scheme, of borrowing in the morning and through out the night.
Zambia needs creative, critical and progressive thinking, not IMF.
We need to move very far away from the Zambian syndrome of excitement over ready made cash.
From individuals to government, there’s a luck of motivation to generate cash through hard work among Zambians. The exception is credit to only a small percentage of the population – farmers and others.
People are sitting on things that can be sold for cash, but will not get themselves to go and sell them for cash, instead, they are looking up to others for free cash help.
I hope we don’t get IMF money and begin profiting from what we already have.
@ Njimbu,
You ask:- “ ….. can a normal person say it ‘flooped’ because of the arrest of HH?”
If you were not so asphyxiated with this cadre-mania mentality you would have by now observed and understood from the OBJECTIVE POINT OF VIEW, and be asking: – “… can a normal person fail to see that it flopped because of the trumped-up treason charges to stifle opposition in Zambia?. IMF is funded by money from tax payers who live in pluralistic societies e.g. USA where rule of law prevails and safeguards their common interests.
As long as HH remains in Prison and the Election Petition unheard Mutati should just forget about IMF Loan and Donor Aid. With gross violations of Human Rights No cent will not come from IMF. Instead Mutati should brace for International Sanctions on Lungu and his Inner circle. ICC indictment awaits Lungu and Cabal for committing crimes against humanity and War Crimes. Tough times ahead under illegitimate Lungu.
surely how many times a u you going to negotiate IMF this is nonsence and this as a result of no telling the truth. This PFOOLS are all fools who are interested in corruption. Wait and see how much suffering u wil be in. Watch right away what is happening in south africa to J Zuma the youth who praised PF to rule Zambia 4 ever what a nonsence and an insult to zambians
1. The heading of the article belies the statement issued by IMF.
2. IMF statement confirms progress made towards a deal and talks to continue in May, i.e. this month NOT next year unless you are looking at a donkey calender.
3. Hon Mutati reported exactly the same that “….progress made but talks will continue, a senior IMF delegation of Vice president etc is expected to visit Zambia in MAY 2017….”.
4. If you are a UPNDonkey who thinks that the world revolves around HH and read in donkey language, obviously you see a contradiction between 2 & 3 above.
5. $1.6 billion is no small change and belongs to many people, IMF is simply a custodian. On the other hand Mutati and his able team of Dr Kalyalya etc also custodians fir the Zambian people and must get the best deal possible…
Hehehehe.
The email to the IMF decision and complaints committe was signed by hundreds of zambians fed up with lungus assault on democratic freedoms……we be live the IMF is a responsible ethical organisation that does not lend to regimes so they continue brutalising political opponents.
You!!!! they are being diplomatic. Yah ma cadres!!! aweh mwandi!!! They wouldn’t like to say your country is being mismanaged so we can’t lend you money. They say these things behind closed doors weh.
PF has finally CAPITULATED they can/will not get any money under prevailing circumstances in Zambia.
PF should not get hurt when truth is told in their face and more truth is coming of vote results stealing, fake treason charges on HH and finally losing elections. These truths will eventually come to pass, man up to face truths.
Contd…
5. $1.6 billion is no small change and belongs to many people, IMF is simply a custodian. On the other hand Mutati and his able team of Dr Kalyalya etc also custodians fir the Zambian people and must get the best deal possible. Both parties have to make sure all the dots and commas are in the correct places.
6. HH’s stay in a correctional facility is simply that, to correct him like all other citizens who have done wrong to society. HH is a very small inconsequential element in the IMF talks. If his name was mentioned by the IMF it was most probably to seek assurances that their money was safe, given the uncouth political ambitions of this rascal who can burn markets of the very people he wants to lead. The British government stated this very fact last week. They even continue…
Contd..
The British government stated this very fact last week. They even continue to pledge together with USA and to continue assisting Zambia whose government they RECOGNISE as the LEGITIMATE government of Zambia.
7. I would not be surprised if the donors and IMF actually demanded an assurance that the donkey residing in HH and haunting him can be exorcised or kept in check. The British HC stated categorically but diplomatically that HHs behaviour since August 2016 does not belong to norms of human civilisation. No diplomat has demanded the release of HH from corrective custody, they just want him treated humanely and according to the law including reading material to follow their statements.
8. HH arrest may have raised some genuine concerns in various capitals but equally it also…
Contd…
but equally in the same capitals it raised quedtions of why would an innocent citizen hide himself in a bunker and as if he anticipated the arrest and was preparing to flee (so much cash with him accirding to Mrs HH Mutinta). Tell me, when the French raid a terror suspect in Paris do they go with cakes or lethal weapons?
Hhehehrhe Mr terrible….
Us activists paid our part in lobbying the IMF that the money they will give lungu will be used to oppress democracy…..now you kaponyas can also lobby the IMF as to why money must be given to lungu that won’t be used to brutalise the opposition.
The kaponyas don’t know the value of voiceferious lobby groups. Ask how Israel gets its way in the west. They think the oppressed have no voice.
Also the kaponyas think IMF gave money to dictator sisi of Egypt and think lungu can also get money , no, Zambia is of no strategic value to the west more a drain on their aid money.
Terrible would jt have anything to do with our pathetic economic situation that we will have debt of $238 billion by 2021, our current account js negative, we defaulted before and had our debt forgiven.
Politics of personality does not solve economic problems. Pragmatic politics does
You see , we told you that we the concerned citizens of Zambia are worried about the errosion of democracy and the moral and tribal abuse our country is slidding into.
We told you we will be complaining to the IMF en mass. You laugh at us and brush aside the concerns of more that half the voting population who voted UPND.
You will find that after all the west takes democracy seriously. As a hint the UK ambassador would have called the HH arrest a Zambian internal matter.
Ba Spaka naimwe, finshi muli bali mishiba ba IMF? Maybe mulandeko abana ba kwa HH abawina, noti imwe inchushi! Ba Donkey…..kikikikikikiki
Just wait patiently this is already May, IMF delegation is coming for further talks. Why would they spend money on first class airfares all tge way from Washington if they already know that there is no deal? Dont be surprisef if one of their conditions for the deal is to lock away HH until their money is fully repaid…….kikikikikikiki……For you baasa ba useless Spaka, we dont even have space in the correctional facility. Just continue ukuculila HH whike your own children are doomed to a life of labourers for HH’s children. Kaili mule oca ama sukulu yabana benu na ba yama benu……kwena bu donkey, awe sure!!!!
Goog luck with the IMF.
Hehehehe.
The IMF Board should stand firm and refuse to lend $1.6 billion to the Illegitimate Lungu Regime. The Lungu govt has spend $21 million in persecuting HH and they want IMF Money to fuel the repression of all those opposed to Lungu’s views and his dream of establishing a One Man Party Dictatorship. Lungu naively lambasted the USA and EU after they criticised him for imprisoning HH on frivolous Treason charges. The USA and EU have the votes on the IMF Board to block the Loan to Zambia.No Petition Hearing,No IMF Loan and No Recognition. Release HH unconditionally.
Lungu ‘s leadership has not been accepted by the international community no wonder IMF will not help this nation. Shame!
LT, please don’t confuse UPNDonkeys by erroneous headlines.
9th
IMF are not in the habit of, nor are they mandated to, negotiate with illegitimate governments or entities. Foe example they cannot negotiate with HH or his shadow finance minister if at all they have one since in UPNDonkey party all functions are reposited in HH.
I hope that HH takes advantage of the good correcting facilities made available to him and come out a corrected man. Oh and there is talk of dialogue in the news, unfortunately for HH the only thing that he can negotiate (rather plead for) for now is his release.
Pass my warm regards to him tomorrow morning those of you who are taking the newspapers and colgate to him.
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