Finance Permanent Secretary Mukuli Chikuba says Zambia will resume talks with the International Monetary Fund on an aid program in October and hopes to get IMF board approval by the end of the year.
The country has suffered from the steep commodity price drop of recent years.
Last March, it began talks with the IMF about a potential loan package after agreeing that its budget deficit was not sustainable.
“The engagement with the fund is pretty advanced. We have addressed most of the structural issues and agreed to them,” says Mr Chikuba.
“The work that is remaining with the IMF includes spending plans for the rest of 2017. We will resume engagement with the fund in October and hope to get board approval by December.”
The IMF said in June it may grant Zambia up to $1.3 billion in a three-year credit facility to help plug a budget deficit of around 7 percent.
But it said Zambia needed to take concrete steps to achieve fiscal consolidation targets outlined in the 2017 budget which include improving revenue collection, limiting borrowing and scaling back on new capital projects.
Zambia’s economy will grow by 5.0 percent in 2018, 5.1 percent in 2019 and 6.1 percent in 2020, up from 4.3 percent in 2017, the ministry of finance said.
Lusaka- Ndola dual carriageway costing $1.2bn and $42m firetrucks …all inflated of course.
Do you now see why we need a bailout?
Excellent work by this regime.
They have created monumentous jobs. PF in one year he exceeded expectations.
The IMF is a forgone conclusions
Naysayers will continue to hate and they have always done so to each incumbent president.
They are keyboard warriors who think they are fit to lace President Lungu’s shoes.
The bottom line is Zambian has never been in a better state than what is happening. Everything is unprecedented
I hold a PhD so I have credence in what I’m talking about.
Thanks
BB2014,2016
@Enka let me explain to you how the $1.2 Billion has been raised.
What is happening in Zambia is that Chinese firms come up with these ideas of projects and tell Government but GRZ would say no we don’t have money. But the chinese companies promise GRZ that we can source funds for you from China. These chinese firms will do all feasibility studies and do up a business plan on behalf of GRZ once GRZ approves, the chinese firms go to a Chinese bank an arm of chinese govt to lend money on behalf of Zambia. chinese Govt promotes chinese businesses this way by ensuring that the companies are having constant jobs/business. The chinese bank representative will bring the paper work for the GRZ to sign. Yes it is possible money has been stolen by GRZ but also the chinese firms too.
Please IMF, don’t tolerate the nonsense of these pf thieves.They will steal the loan and our Children in the near future will suffer…lol
U.PNDonkeys, here is an oppprtunity for under5 to make money when the economy grows 5.1%.
.
For real job creation and to make a real change in living standards of people Zambia needs GDP of 8.3% and above, mwanawase and RB tried , not you thieves even after spending $12 billion debt you going back begging to the IMF……shame.
GDP growth under Zambian Presidents:
2008 – 6%
2009 – 6.3%
2010 – 7.6%
2011 – 6.6%
2012 – 7.3%
2013 – 6.5%
2014 – 7.1%
Then Lungu the visionless one came:
2015 – 2.8%
2016 – 3.3%
2017 – projected at 3.6% and then dunderheads like Terrible here who has an IQ lower than a donkey ati Lungu 2021??? Very sad
What is more laughable is those low GDP figures for lungu are also when Zambia has had the worst tribal violence, the worst corruption and the worst debt figures…..
Dudelove , you have made up these numbers and somewhat some dimwits thinks yuou are telling the truth.
All the gullible, Zambians who are backwards and retards.
Thanks
BB2014,2016
Mushota
Who ever gave you a PHD should sue you, you are discrediting their learning institution with your ignorance……..Glasgow uni have just dragged their name through mud….how did you get a PhD from them ? Seems like the award phds to any idiyoote….
we have seen ZAMBIA economy grow under the PF, this is the first time in the history of Zambia that we are seeing such development occur country wide, it brings a feeling of pride to be a Zambian and a Zambian at a time it’s blooming, of course we have those people allergic to development, they are more like vampires scared of the sun even though the suns rays give vitamins to the body others kufwafwa na no, anyway we are past that,we cannot drag u along , you will follow the day you grow up,mean time tullow oil exploration is working in the background.message approved
#HHLIES
Joe transgender
KK archived more development, and only landed the country with 7 billion debt, you thieves have landed the country with more than 12 billion debt and still counting with no jobs for the masses while you go back with your tails between your legs begging the IMF…..
GDP growth under Zambian Presidents:
2008 – 6%
2009 – 6.3%
2010 – 7.6%
2011 – 6.6%
2012 – 7.3%
2013 – 6.5%
2014 – 7.1%
Then Lungu the visionless one came:
2015 – 2.8%
2016 – 3.3%
2017 – projected at 3.6% and then dunderheads ati Lungu 2021???
The Lungu govt is very corrupt and IMF should put measures in place to make sure that rampant corruption is kept in check. The maizegate, Firegate,Roadgate etc are examples of corrupt deals the Lungu govt . IMF should also insist on the Petition being heard in Court money is disbursed.
@ Jobreaker: Kaloba is NOT economy growth. PF’s “development” through Chinese/Eurobond/IMF/World bank loans is NOT sustainable. If the contracts were given to Zambian contractors, it would have been slightly better. But the problem is that these loans is a way for PF is using to steal.
Try living luxurious lifestyle by borrowing for 12 months from your local Shylock & see what happens after that.
Jonathan himself told you “I have no vision”. What do you expect surely?
Stale news. We no longer need the bail out. The economy has stabilized already. IMF failed to strike while the iron was hot.
Now Kaponya (HH) and UPND minions are seething with envy and jealousy at the PF’s good performance. They were praying for the economy to collapse so that they could sneak their way into Nkwazi 1 during the confusion. Satamic Mansions
Whose begging from whom here?
Metal prices are good on the international market. Investors are flowing in. We have massive road and infrastructure projects under way.
We have always advised Under5 Kaponya (HH) to start from the grassroots. How can you just jump to the presidency without experience?
If he (HH) had a shred of political experience he would have entered State House by now.
But imagine being beaten by an “Ailing Dictator Urine Bag” and a “Disgraced, Poverty-stricken Drunkard Lawyer” from a dirty garage in Chawama.
7 times Under5 Kaponya has tried. 7 times the people have said NO!
Kaponya thought insulting our Presidents could win him the presidency now he’s just a cheap sodomised Ex Con.
@Gay Jay, Zambia put up a case and concept for the bailout which initially started at US$900 million. The IMF thought they could make a fortune out of us and throw in their dubious lobbyist agendas. They tried to destabilize us using Under5 Kaponya who ended up in jail for 4 months and has now been tamed like a mongrel dog.
We are no longer begging. Simply put we have enough resources to turn around our fortunes. We’ve made it this far and things are getting better.
We are no longer begging. IMF are the ones trying to reboot the talks.
Iwe kudos stop telling your kaponya lies, this is not ZNBC…..lungu desperately needs the imf bailout, he can only tax Zambians so much…..the imf never begs or forces anyone.
12 billion in debt and you have under 6% GDP ..? With the PF rats only hope is increased metal prices ?
You are no longer begging yet commisioning every project via Exim Bank loans…you know nothing about prudency. You are delusional…who is going to pay these debts?
Where is your lazy leader today…he is in NY with all his tins enjoying himself like a kid in a sweetshop. I am sure he chartered a whole aircraft to carry his 200 strong entourage again.
Emmanuel Mwamba aka Mr Kudos, however much you will try to runaway from the issues no one will follow you. You are so dishonorable Mr Funny pants. You work has constantly been deplorable. Your brains might use some worms to show some movement.
Really laughable…these lazy empty tins want $1.6 billion loan to balance their budget yet are more than happy to waste $1.2 billion on laying tarmac and $42 million on trucks, glad to waste millions of renovating MPs slaughter house … surely which responsible leader would give such a reckless sick dull govt more money.
* ..responsible lender….
IMF disburse loans twice a year and the next disbursement is in October so it looks like we have to wait 6 months more.
Kudos with your posts unrelated to the topic you really expose your lack of rational thinkiing amd demonstrate your blind following of ideology that will not enhznce the quality of life forvthe 78% of za,bisns loving in poverty.
A true patriot is not only interested in himself and his party but the well being of his nation.
My mentally challenged kudos you would be ideally suited to find dowry money for sharon….what a great union thst would be….
These are the thieves and looters in PF , we know them….
Oops meant zambians living in poverty……maybe a freudian slip thinking of kudos and sharon sharing the matrimonial bed.
Now is the time to make as much noise as possible to expose lungu and his corrupt boat of thrives….he will not touch anyone, he is desperate for the bailout and does not want to be labbled a dictator….
@Spaka you’ve stopped talking about the Petition? Don’t you want to be “labbled” a fighter for Under5 and UPND?
You always sing about corruption under the current government and yet it’s not there. Report the corruption that you have witnessed to the ACC and Zambia Police. Report it instead of talking. UPND is full of weaklings like you who just talk, NO action.
Why are you always wishing for the masses to suffer? Is that your strategy as UPND? For the masses to revolt? It won’t happen.
Bailout or no bailout President Lungu is doing a damn good job!
We still want the petition ? What does lungu fear if he won elections ?
Ati report to ACC ? What happened in the well reported case of the Chinese man reporting kiezer Zulu to the ACC for getting 200,000 from him to see lungu ? Lungu stopped the investigations….so stop talking rub.bish about reporting to the ACC….lungu has corrupted all crime fighting wings in Zambia..
Emmanuel Mwamba aka Mr. Kudos, how is diplomacy in SA. You have run out of things to yap about. Soon we shall permanently retire you from politics.
Spake, the dishonorable high commissioner Emmanuel Mwamba aka Mr Kudos is worried about the current issues of corruption. He has realised his friends are really looting and he is busy fighting Malema.
With the level of corruption by the Lungu PF govt IMF will be pouring money in a bottomless pit. Lungu and his criminal Advisers are waiting to loot the money. B4 IM F disburses money they must make sure the Debt Stock Sustainability is completed and Lungu has sorted out his illegitimacy. Lungu without Concourt Declaration Certificate is illegitimate and in power illegally. International Election Observers should emulate John Kerry and the Carter Foundation for prematurely declaring the Kenyan Election free,fair and credible when they were not. In the light of the Kenyan Precedent they must tell Lungu to allow the Petition to be heard and determined in Court. That Court should declare Lungu Winner of the 2016 Election and duly elected President.
These guys are Mortgaging our country through their excess borrowing much of which is going to end up on their building projects and into their bank accounts. Countries including developed nations are now living within their means and cutting down on unnecessary expenditures while Lungu is making trips for allowances which are not going to help Zambia instead making it poor .
Zambia Already Mortgaged officially! It’s time to hire an expatriate president to help turn our country around. Zambia seriously needs Surgery! Tablets are not working. This is a crisis! We should not be sounding proud about the IMF bail out! We are literally telling the whole world that we have failed. We are begging our former masters to re-enslave us and our children. What a shame!
IMF is under the umbrella of the UNITED NATIONS and Zambia is a member of the IMF , even though our membership fees are delinquent, in arrears, so what is this rubbish about IMF trying to make money out of finamcially struggling nations. If ypu aren’t a member no bail out boys … Kudos terrible sharon please its time to take your rose coloured glasses off and admit that all is not good in zambia with the ruling party’s administration
IMF is a private American and British bank. It isn’t UN
All these charlatans like kudos ‘witch’ are delusional with corruption dreams. IMF is aware of Lungu’s cynanthropic rule as one of the corrupt leaders in Africa. IMF will never bail out rouge regimes, dictatorship regimes. For corrupt regimes like Zambia conditions prick to the heart of corruption, if granted with delays usually, IMF itself will supervise national projects. Zambia may fit here. However, Mutati’s optimistic picture has gone into gloom with this surprising resumption of talks, when its suspension was never announced to the nation to begin with.
Zambians! We should blame themselves for the socioeconomic/political problems our country is going through! We should stop blaming our leaders. The fault lies entirely with us the citizens. We are bad employers! Any company that employs people without proper screening interviews is bound to land itself into serious problems! That is exactly what we have been doing since independence. If a candidate tells you they don’t have a plan / vision for the company and you go ahead and employ them. Don’t blame them when they start stealing. It’s time to put in place a serious vetting process for all who aspire for different levels of public office. But before that, we need to decentralize power. We need a Federal state to start with. It is in our best interest to go Federal. More importantly,…
You are absolutely spot on my sibling..
More importantly, citizens must wake up and start performing their civic duties. Don’t be satisfied admiring other countries. We deserve better also but it all starts with change of our mindset! Let’s be good employers and our leaders must be made accountable to us the citizens!
Zambia is so ironic… we go running to an organisation that’s more than likely free Masonic to run our affairs.. something we claim to hate so bad.
Forget it, we ain’t bailing out crooks and tyrannies.
Please stop this just go to the European Union! We have been there and we know what this entails! Please!
If IMF does not believe in self-evaluation for Zambia, they will approve.
eye of horus and Lusaka times stop perpetuating the myth that IMF is a private american and british and has masonic connections. i posted this b4 showing pipo to google IMF yet you withdrew it IMF has 189 members of which ZAMBIA is a member so EYE OF HORUS you are saying Zambia is a masonic nation. Wake up and open those eyes and tell the truth you are trying to cause divisions
sharon YOU ARE ALWAYS ON ABOUT THE NEO COLONIALISTS THE WHITES YET WHAT DO YOU THINK THE EU COMPRISES. SOME OF THE WORST SETTLERS IN AFRICA LOOK AT FRANCE THE DUTCH, THE PORTUGUESE.
THE SPANISH THE GERMANS PRETTY BRUTAL GROUP OF RULERS AND YOU WANT ZAMBIA TO BEG TO THOSE COUNTRIES.. JUST SHOWS YOU HAVE NO UNDERSTANDING OTHER THAN YOUR PRO PF PROPAGANDA.
YOU ARE A HYPOCRIT