“The recent participation of a huge number of foreign investors on the local bond market whereby US$ 52 million was raised in a single day is testimony to the rising confidence of the global community in the measures taken by the Zambian Government to stabilize and grow the economy in an inclusive manner,” he said.
The Minister said a key target is to implement structural reforms and release resources locked in subsidies “in order to restore fiscal fitness and attain macro-economic stability through implementation of economic diversification programs in the agriculture and infrastructure sectors among others.”
“In tax administration, we are going beyond enforcement and compliance by offering amnesty and addressing structural issues in order to create efficiency in domestic resource mobilisation,” said Mr. Mutati.
The Minister was speaking in Livingstone today when he officially opened the IMF organized High-Level Conference on Managing Capital Flows in Developing Economies.
He said government is also looking at legislative reviews to enforce fiscal discipline and establish a fiscal policy environment that is consonant and supportive of monetary policy.
“This action will help us to move in the right direction and facilitate injection of cost-manageable liquidity in the economy so as to accelerate private sector growth and make Zambian businesses more resilient and competitive in the grand scheme of the global economic landscape,” said Mr. Mutati.
And speaking at the one day conference at Avani Hotel in Livingstone, IMF Deputy Managing Director David Lipton has said the global economy is at a challenging time.
He also stated that, “hosting the conference in Zambia is a great opportunity to exchange experiences among developing economies with regard to raising and dealing with capital flows.”
Meanwhile IMF Deputy Director for Research Jonathan Ostry has said the current lean times of the global economy are offering an opportunity to developing economies to test the robustness of their policies.
He added that, “delegates to the High-Level Conference on Managing Capital Flows in Developing Economies have an opportunity to engage in peer learning from IMF member countries and the speakers who have been drawn from a wide spectrum of competencies across globe.”
“As an outcome of our engagement, we will take advantage and offer specialized advice based on the circumstances of each country,” he said.
Contributing to the topic for the day, Mr. Mutati reiterated that Zambia had developed a home-grown economic stabilisation and growth programme which will be implemented in partnership with the IMF and other development partners.
‘We are glad that Zambia has become a point of focus for the international financial and monetary community due to the positive demonstration effect which the active participation of country has had in international events such as the recently held IMF/World Bank Spring Meetings,” the Minister stated, he also added that, “this event is a confirmation that Zambia has not only become the preferred destination for corporate tourism, but also a point of positive demonstration for the international financial and monetary community.”
This is contained in a statement signed by the ministry of finance Public Relations Officer Chileshe Kandeta, this evening.
But is there any chance of bail out from IMF?
Why go to IMF if economy is okay?
IMF temunobe! They cant’t give you dollar for nothing. You have to sweat for it. They will parade conditions as a bait for their mula!
Mutati is a smart cookie
He has proved us all wrong.
It is important we trust him now and in the future
Thanks
BB2014,2016
They were chased at the IMF like dogs.
Wake me up when Mutati gets a deeper voice.
The sale of govt stake in ZCCM-IH to an Israeli shelf company needs to be investigated.
Who are the real buyers? We being robbed in broad daylight by lungu & his cronies.
Hell NO..!!! IMF/World Bank gave you guys one bail-out already! You borrow,you pay!
Felix Mutati is very childish and will remain so for his remaining years of his life. That’s why he is so excited as Finance Minister. He never dreamt of having a salary again after MMD fellas unleashed his orgy video that shuttered his dreams for MMD presidency. He had to wait for that immoral old man RB to fund a pact of MMD insurgency againt the bonafide President Mumba.
Mmd president mutati who is a mere finance minister in pf, sometimes it is wise to remain quiet and do your job rather than keep issuing statements and showing yourself as a pillock. If Zambia is making that much money a day then why are you desperately seeking kaloba from imf. Be careful because by issuing such a statement the imf will think you don’t need the money since you are making millions every day. Please just keep your mouth shut. What a rat
What mutati was saying is too advanced for Tongas to gasp a thing. Instead they respond with insults as usual.
what a tongish response, whenever zambians say that you people speak and act without thinking you react and come out in a cow horn formation blazing with spear like the devil’s children. NEZ kuwayawayafye
thank you Mr. Minister of finance for the work done so far. however, we’re looking forward to bringing down the cost of living which any common man can understand.
Why does Mutati not talk about what happened at the IMF despite him camping there for 2 weeks? What are the conditions given by IMF? Are they too embarrassing for PF, like releasing HH over fake treason charges? #LUNGU’S RULE OF LOW.
Buck Teeth Lungu – IMF is back in the country in a few days. So you understand, the failure to quickly sign the bailout agreement just means the Zambian Government is being stubborn about protecting its citizens against harsh conditionalities – it is difficult for you to understand.
Good you can simplify these issues to these detractors whose hearts and resolve have been hardened by hate, bitterness and denial. Nice one , ONE ZAMBIA!!
Congratulation beggers.
Mr minister well said not done because all that money is going to foreign companies at the expense of the local companies and contractors who are not getting the big share of contracts.it would be good for the locals to have a be share of these monies raised .
Are you very slowly getting it into your very thick skull how PF sucks? You PF mutherFs have mortgaged Zambia for sh!t.
The earlier President Lungu realizes that Mutati is going nowhere with the Zambian economy the better for all of us. Ba Mutati today a bag of mealie meal can buy 2 bags of cement, meaning that its much cheaper to build a house than to put food on the table. This kind of voodoo economics of celebrating foreign investment at the expense improving people’s living standards needs to stop ba Mutati please! it doesn’t make sense that we continue to glorify abstract impact of foreign investment while ignoring the basic economic fundamental facts on the ground. The Minister continues to sing the IMF song without clearly outlining his economic plan to the Zambian public, no wonder even the President is not comfortable with the Minister’s IMF plan.
Keep raising million$$$ for more roads that are soon washed away ,PFools who keep spending $20 on a 50cts head.
Failed to manage the economy so we went begging, what a shame
STORIES!
Well said and done Hon.Felix Mutati!!please keep it up the good works.
Never listen to the opposition parties such as upnd who never want to hear any positive news about mother Zambia.
God is in control and soon our economy will be fine again.UPND celebrated when the evil Mast Newspaper reported lies that the IMF deal for Zambia has floped last week.today,they are quiet upon hearing that the IMF strong team is in Zambia.Zambian voters must know that the opposition parties are enemies of development,so never vote for them!!
Kwacha is gaining against the US dollar on daily basis!!load shedding is long gone,we have water in our houses 24/7,etc!!KEEP IT UP PF!!
THANKS AND VOTE PF IN 2021!!!
@Njimbu; Are you a participant in the local bond market there in Zambia? Do you even understand how the bond market operates?
Here is the whole MMD Finance Minister of a mineral rich country of 15milllion people boasting about raising $52m…really sad!!
Mutati is delusionary. Holding an IMF organised Conference in Livingstone, Zambia does not make Zambia bankable for an IMF Loan. Lungu and Mutati have to address Toxic issues such as a Breakdown of Rule of Law, lack of adherence to Constitutionalism, Poor Governance and Gross Violation of Human Rights. With HH still in Jail on trumped up Treason charges Mutati should forget about IMF Money or Loans from IFIs and Donor Aid. Mutati should budget for International Sanctions instead. No Petition Hearing,No Recognition and No Foreign Financing.# Release HH and let the Petition be heard in Court.
Uwanyapo tanyelapo but uwanya anyelapo
Uli kasushi
Kikiki kawiso
It is ” $52 million pledged “.
As someone said ….your lies only strengthen your defects
How many times has mutati being trying to sell Zambia with that ” over subscribed ” line….no one is buying.
And now the kaponyas hear the name IMF they think money has been given , sorry there will be no IMF money to steal anytime soon.
The IMF is like the devil. They tempt you to do what you want then they bite you afterwards.
Avoid them at all costs.
No, that’s not true! Your government willing mismanage & then go to borrow
Mutati and PF are becoming alternative names for “debt”
When was ” recent” is this same bond money raised some months back,. Is it a new bond raising this week, when
The IMF came to assess things on the ground. Mutati thinks they came for the conference and busy trying to please them with fake lines to show confidence in a failed government led by a failure. If Lungu was smart he would stop this HH nonsense and let the petition conclude the whole presidential problem issue. If he won no need to worry. We will gladly confirm you were the true winner. HH in jail on made up charges is a sign of political instability and with these PF thugs everywhere. I doubt IMF is bailing us out
Thanx Mr minister .you seem to be doing a good job .for the past 6 months or so the K wacha has stabilised against the dollar and other convertible currencies .Very good for business planing.kqacha is gaining value on daily basis and please my fellow Zambians lets start importing machinery and equipment for production and not luxury cars .just imported machinery from PMSA in south Africa and I tell you am making good cash for myself because as foreigners invest in Zambia I take opportunities by being the supplier of goods and services .This is what I expect the government to do .provide a condunsive envwroment and not give me a job or food no.failuires nwver learn or improve their lives but complain and blame others .even if they live on gold they never see it but complain and complain.I…
Zambia is a failed Police State and no Foreign Capital will flow to a Lawless Country with Poor Governance and Gross Violation of Human Rights. With HH currently in Jail on trumped up Treason charges Mutati should just forget about Foreign Capital flows into Zambia. IMF Board will not approve a Loan to Zambia which will be used by the illegitimate Lungu Regime to further persecute the Opposition Leaders in Zambia. Mutati should be honest with himself and prepare to survive without any Foreign Aid and Loans becoz these are not coming to Zambia anytime soon given current Toxic issues.
kaloba after Kaloba, nkongole after nkongole. Remember how FTJ failed the economy with their high yield treasury bills.
Repair the economy, NOT focussing on borrowing loan after loan, bond after bond.
Print money so that the Kwacha is at its real value. Now there’s little money in circulation, which is suffocating the economy.
Listen to the peoples cries, we are suffering.
When finance ministers of so called developing nations ( they have been developing from the time they attained independence) use economics terminology of the DEVELOPED Western economies!! What Mutati is talking about is what he learnt in his economics class at varsity. Those terms don’t even apply to developing nations because those economies are too subsistence. Please sir,can you use simple terminology that is suitable for economics development studies of the third world…then people will understand….or you are deliberately using these words so that when you corrupt politicians steal that loan money,the common man would have already forgotten ? The beggar nation!
How can we be proud to say we managed to borrow $52m in one day
Guys please think the headline over
We borrowed that money through bond sales
We did not make that money or earn that money
It might show investor confidence, but debt is still debt.
GRZ annual interest payments chew 20% of the budget. We need to dismantle debt, not borrow more.
Mutati at it again telling lies to the nation of raising millions of dollars in a day for Zambia. Who can believe that? Its like Zambia is politically stable when people are being detained on politically motivated trampled up cases due to non recognition of Lungu as head of state. Sounds primitive, acceptable in PF circles but the world, IMF and world banks know the truth and will not give Zambia any resources. Mark the words of IMF chief Jonathan Ostry “We offer specialised advice based on CIRCUMSTANCES of country”. A tale in those words for Zambia.
Iwee Mutati tulipile indalama shesu we provided a service yet its 8 months now since elections were conducted namwikala namusulanako.If it was not for our motor vehicles hired by ECZ iwe wine pamo na Lungu including your fellow ministers ngatamuli muma offices lelo.So posako amano we need our monies bushe nganiwe ifyo ubumbomba taulefola kuti waumfwa shani?
Who I sent going to pay back all these millions these vandals are contracting like this?
” “In tax administration, we are going beyond enforcement and compliance by offering amnesty and addressing structural issues in order to create efficiency in domestic resource mobilisation,” said Mr. Mutati.”
In all fairness good Minister extend this gesture to the Post Newspaper so that those Zambians who lost their earnings can have jobs and will contribute to the increased tax collections. Let ZRA remove all penalties on all accounts and let people start afresh. Good lucky.