IMF bail-out will not bring untold misery to Zambia-Mutati

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FINANCE Minister Felix Mutati gives his speech during the official opening of the Batoka Gorge Hydroelectric Power, Investors Conference at David Livingstone Safari Lodge in Livingstone yesterday. Far left sited are Vice President Inonge Wina (l) and Zimbabwean Finance and Economic Development Patrick Chinamasa.
FINANCE Minister Felix Mutati gives his speech during the official opening of the Batoka Gorge Hydroelectric Power, Investors Conference at David Livingstone Safari Lodge in Livingstone yesterday. Far left sited are Vice President Inonge Wina (l) and Zimbabwean Finance and Economic Development Patrick Chinamasa.
Minister of Finance Felix Mutati says the proposed financial bail-out to Zambia by the International Monetary Fund (IMF) will not bring about untold misery in the country.

Mr. Mutati says Government under the leadership of President Edgar Lungu does not want to see Zambians experience hardships arising from unfavorable conditions form the IMF package.

He has also assured Zambian workers that IMF financial bail-out which Government is seeking from the institution will not bring pain to them.

Mr. Mutati notes that President Lungu is on top of things regarding the IMF bail-out package to Zambia and urged Zambians to have confidence in the PF government in handling the matter.

He adds that the proposed IMF package will be premised on a locally developed- implementation-plan aimed at addressing the aspirations of the general citizenry.

The Minister was speaking in Kasama when he graced this year’s Labour Day Celebrations.

And Mr. Mutati has revealed that Northern Province is destined to witness economic transformation in the next five years following decisions by Government to accelerate investment in sectors such as Infrastructure and agriculture.

Speaking at the same function, Zambia Congress of Trade Unions representative Misheck Nyambose appealed to Government to take into account the interests of all workers when negotiating for a bail-out package from the IMF.

Meanwhile, a representative from the Zambia Federation of Employers Phirriad Chisenga appealed to government to continue providing a conducive environment where the private sector can thrive and add value to the national economy.

34 COMMENTS

  1. +4
    -13
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    There you have it. The man holding budget of the country knows one thing or two we know.

    IMF can get lost if they want to play hard.

    Is not the end of us. We have monumental reserves in the bank.

    If anything it’s their prerogative to help us as we are doing free publicity for them.

    Thanks

    BB2014,2016

    • +8
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      Mutati said “IMF bailout will not bring about untold misery in the country” BUT the misery which is well known by all of us …

    • +11
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      “Monumental reserves” ??? …. Madam you suffer from Schizophrenia heightened by Delusions of Grandeur. This is my fair assessment of your mental state. Kindly consult your medical practitioner I humbly appeal to you.

    • +9
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      MMD president Mutati is the misery to Zambian leadership. We thought he will bail out PF, kanshi naena chipuba fye.

    • +9
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      During the election campaigns lungu proclaimed: “HH claims he’ll fix things when there’s NOTHING BROKEN” wwwDOTtimesDOTcoDOTzm/?p=87557.

      Running to IMF with a BIG BEGGING BOWL is an admission of failure to run the economy.

      Why the fixation on IMF loans? It’s like PF only knows KALOBA/reckless borrowing.

      Listen to the people’s suffering. There’s serious hunger, listen to their crying.

    • +2
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      OKAY!! SO, WE ARE STILL LOOKING FOR, “A LONG ROPE…”, FROM IMF? I THOUGHT THE LOAN NEGOTIATION FAILED AND MAYBE IN FAVOUR OF ZAMBIA. SO, WE STILL WANT TO COMMIT SUICIDE?

  2. +12
    -1
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    All this man sings about is IMF bail out..why? What is the state of affairs…the sooner you accept that Fossil Chikwanda and Lazy mismanaged th economy the better.

    • +6
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      Mutati says “that the proposed IMF package will be premised on a locally developed- implementation-plan aimed at addressing the aspirations of the general citizenry….”

      What rubbish! What a LIAR! Does this man really think Zambians are all so dull as to believe this BS???

      The IMF BAILOUT is just to PAY THE INTEREST on the kaloba that PF has ALREADY BORROWED! It will do ABSOLUTELY NOTHING to help Zambians, and they will be HEAVILY TAXED to pay even more on all this DEBT!

      And the useless Lungu is happy to open more TOLL PLAZZAS that will take even more money out of Zambians pockets! SONTAPO POVERTY NOW!

  3. +13
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    This is coming from a man who just returned with an empty BEGGING BOWL from IMF.

    Zambia has no capacity to repay the IMF $1.6 Billion loan, EURObonds, Chinese loans or even domestic loans from local banks & suppliers. Even civil servants are owed 8 months in outstanding allowances.

    Those loans should NOT have been acquired in the 1st place!! To make the mattress wet, you sell ZCCM-IH to Jews for a song. I suspect Jewish company is just a front for lungu & kaizer. No sane man sell for ZCCM-IH for $100 million.

    Zambia’s economic recovery now depends on a man who failed ACCA 3 times!! What a joke!!

    • +5
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      We are indeed in trouble but as usual for my compatriots, it has to get extremely bad to realize we’ve been taken for a ride all along.

    • +3
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      Even U-20 have not been paid bonuses for winning the Africa youth cup.

      Govt is so broke. Lungu & his PF00Ls need a Damascus moment & tembenuka.

  4. +2
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    Yaba! This IMF song is boring now. The couldn’t agree recently in Washington, so the “discussions will continue in May”. hahahaha

  5. +1
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    When national economic pain is knocking at the door, the Minister of Finance must dispense expired pain killers.

  6. +3
    -3
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    Mutati ka nyele mukamwa mwa lungu. You retard

  7. +2
    -7
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    How s.t.u.pid of these upnd zombies?? Today they insult and ridicule Mutati, the same people today say Mwanawasa was a great leader who created a strong economy. BUT WASN’T IT MUTATI AND MAGANDE BEHIND MWANAWASA’A ECONOMY???? ARE THESE PEOPLE NORMAL??????????????

    • +6
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      Mutati is in PF to take care of his pesonal needs. He is not interested in a poor Zambian otherwise he would not have killed MMD and joined a party that has mismanaged the economy. Yes in Mwanawasa’s timethe economny was stable that was partly due to the fact that LPM respected the technocrats, adhered to the budget and rule of law. What we see now is a circus free for all grabbing of land, unbudgeted expenditure ,the list goes on

    • +1
      -3
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      Always everything to suit your selfish needs!! When Mutati endorsed hh during the 2015 elections, he was a super hero. When fred m’membe insulted hh in his vile newspaper, he was an enemy; Today his is fighting for justice. When Kambwili was calling hh all sorts of names, he was bad cadre #1, today he is a hero to the upnd. When your cadres were beaten by police after upnd protested the appointment of Mutembo Nchito as DPP, Nchito was called all sorts of names, today he is an innocent man who was victimised by PF. Truth is, you people will never see any good in ECL and the PF, so why should ECL prove himself to you?? WE THE MAJORITY ENDORSED HIM, WE SHALL DO THE SAME IN 2021.WE WON’T CARE WHAT YOU LOSERS THINK, OTHER CREDIBLE OPPOSITION WILL COME UP, AND PLEASE, AS LONG AS YOU FIELD HH…

    • vote

      Very much like they too once suffered and have since then, learnt to do things better. How so true!

    • vote

      By contrast, we would rather not suffer. We would rather not get scotched. That is our Achilles heel, our predicament.

  8. +5
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    The optimism shown by Mutati is surprising after returning from Washington DC empty handed. With HH in jail slapped with trumped up Treason charges the IMF Board will not approve that Loan. Zambia under illegitimate Lungu has ignored Rule of Law, Good Governance, Constitutionalism and violated Human Rights grossly. IMF and other International Financial Institutions do not lend money to failed Police State such as Zambia. Mutati should be budgeting for Economic,Financial and Travel Sanctions. Lungu has Zimbabweanised the Zambian economy so forget about Donor Aid and Loans from foreign Western Lenders. Lungu should prepare for ICC indictment after committing numerous crimes against humanity.

  9. +1
    -4
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    Thats good. Zambia is not the first one to refuse the conditions attached by IMF, Tanzanian government also refused the conditions and they are doing fine. VIVA ZAMBIA

  10. 0
    -3
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    Mr. Mutati!! Does this mean that our options have dried up in-terms of borrowing from other financial institutions rather than this Neo-Imperialist IMF and its western sanctioned agendas??

    Can’t we borrow from:
    1. The Asian Infrastructure Investment Bank (AIIB)- non Asian countries like the Republic of Ireland (Europe) have accessed some financial benefits from this Chinese controlled bank…
    2. The Export-Import Bank of China – which is the largest lender of loans to African governments (based on April 2017).

  11. +2
    0
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    It’s IMF, IMF and IMF again. Are we never going to graduate from this archaic Brentwood Institution?

  12. +2
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    Why do you numbskulls believe that a minion like zambia can tell thd IMF the conditions under which it will accept the loan. Ask GREECE with a lager economy than ours what they had to accept.
    Mushota we have no reserves we are in fact negative on reserves. Again by 2021 we will owe 238 billion dollars.
    We are over 3 months behind on our statutary payments to be a member of the IMF. Where are we getting the money to promote investment in agriculture and infrastrucure. If we borrow we are in deeper troubke. We bring investors.
    Profits go off shore concentrate on the economy not winning political points. Pf admit economy buggered the move on. Upnd present sound economic prgrammes Think-tank for for growth of economy from within zambia. Bloggers are fanning mistrust. Get rid of mistrust…

  13. +3
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    Remember how smart we appear to be when the IMF money is in our pockets? What has since happened to all our monkey tricks? Where has all the maize gone?

  14. +1
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    Zambia first, borrow from china and we will own no assets. You cannot repay no negotiation. Look at znbc.
    Look at bigger and long term picture. China is funding africa because they are running out of land to use to feed their pipo. They invested $1.4 billion in agribusiness in australia and sending the produce back to china.
    If it can happen australia imagine what could hsppen in zambia. This is how clever we are we borrow the money from china for infrastructure then we employ chinese contractors we pay them, money goes back to china then we still have to repay the loan and interest. Of course they will lend. Building new airport, we cannot repay the loan they take over the airport and then they have landing strip for army or to take food out of country on their planes. We miss out…

  15. +5
    0
    vote

    Once there was Alex, and now Felix. Alex came and went, taking all the loot with him. Then came Felix to preside over a vanquished treasury. Felix dear, your headache is not caused by a virus. It’s an outgrowth of PF piracy – PF greed.

  16. +1
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    this man is a liyer pls he want to steal some part of the IMF money pls people tell or show me one country in the world which has come out of problams surley do v need IMF for what get our house frist in order get the human right frist right bring in all those who r deported from zambia give them theit properties back and than v go to IMF or WORLD BANK like this zambia is not going to get any money no way zambians will be in good state like this

  17. +1
    0
    vote

    Why do we blame IMF we gor oursekves6 in this mess then asked for help. Is not this the second time.
    IMF is not the problem it is the countries mismanagement that puts them problems.
    Face reality

  18. +1
    0
    vote

    Mutati is making a Cardinal mistake of counting chickens b4 the eggs are hatched. The illegitimate Lungu govt has to attend to several toxic issues b4 the IMF Board approves the loan of $1.6 billion to Zambia. Apart from macro economic issues Mutati has to convince the IMF Board that the Lungu govt is adhering to the Rule of Law, Good Governance, Constitutionalism and Respect for Human Rights. This is not the case at the moment. The Barbaric raid on HH’s Home and his subsquent arrest and jailing on trumped up Treason charges constitute a Gross Violation of Human Rights. IMF and Multi-lateral Financial Institutions do not lend to totalitarian govts like that of Lungu. Without the unconditional Release of HH and Hearing the Petition in Court it is highly unlikely that the IMF Board will…

    • 0
      -1
      vote

      So the commonwealth, the EU observers approved a totalitarian government, the British recognise an illegal president. ISN’T IT IRONIC?? So the president must violate the constitution by ordering the ConCourt to reopen the 2016 presidential petition?? He must further break the trust of the Zambian people by ordering a Judge to release hh immediately?? YOU PEOPLE ARE SICK, THAT IS WHY GOD CONTINUES TO PUNISH YOU AND KEEP YOUR KIND AWAY FROM POWER OF THIS BLESSED COUNTRY BECAUSE YOU WISH EVIL ON THIS NATION!!

  19. +2
    0
    vote

    Well, I’m keeping my mouth shut! Just beware Men baring Basketfuls of Dollars. That’s repayment schedule, our kids and their kids, kids will have to foot.

    I think we should set a limit any gov’t can borrow in its tenure. Once reached, no more borrowed sauce to win votes. A Debt ridden country is not good proof of effective gov’t.

Comments are closed.