The International Monetary Fund has appointed Dr. Boileau Loko as the New IMF Mission Chief for Zambia.
Dr. Loko replaces Mr. Tchidi Tsikata.
But people close to the issue have said that Mr Tsikata has been moved for failing to close the deal with the Zambian government over an economic recovery programme.
“Organisations like IMF pride themselves on performance based targets. Tsikata failed to get a deal with Zambia and he was blindsided by GRZ. so why keep him. Make a change and get the process revitalized,” the source said.
Commenting on the appointment of Dr. Loko, Finance Minister Felix Mutati paid tribute to Mr. Tsikata for his dedication to duty and pledged continued support and cooperation with all the missions to Zambia which will be led by Dr. Loko in order to ensure that Zambia ascends to an IMF supported programme as soon as possible.
Meanwhile, IMF Director for the Africa Department, Dr. Abebe Selassie accompanied by Dr. Loko will soon conduct a short outreach mission to Zambia to meet with the authorities and discuss recent economic developments and policies.
The Zambian Government, led by Mr. Mutati, and the IMF, had a number of meetings on the sidelines of the IMF/World Bank Annual Meetings which were recently held in Washington DC, USA.
During these meetings, discussions were held on the way forward following the completion of the Article IV REVIEW by the IMF Board.
On conclusion of the Washington circuit of talks, both the IMF and the Zambian Government Authorities were generally in agreement with the outcome of the Article IV Consultations, particularly the concerns raised with respect to the rising debt risks and the recommendations made on fiscal consolidation and the need to lower debt risks.
The two sides discussed the importance of redefining Zambia’s borrowing plans going forward in view of the risks associated with high levels of debt, the need to continue fiscal consolidation, and the need for reassessment of the priorities of the 2018 budget.
The two sides also agreed on the inevitability of reviewing and redefining the macroeconomic framework in order to anchor the path towards debt sustainability.
The Zambian Government delegation agreed to provide data on recent developments in the economy, on the 2018 budget, and on borrowing plans. Once this data has been reviewed and validated, the IMF will field a staff visit to Zambia with the objective of redefining the macroeconomic framework.
Seriously how much debt does the Zambian government want to accrue. Zambia needs home grown economic Solutions. In as much as Zambia is part of the Global Village we need strategic home grown solutions to our challenges. 53 years after Independence with I don’t know how many economists UNZA and CBU have produced without giving them the challenge to come up with solutions to revamp our ailing economy.
I’m not an economist but Zambia shouldn’t be celebrating approval for more IMF debt.
Fuseke!
Under Mwanawasa, we had forgotten what IMF stood for. Under VISION-LESS lungu’s PF, chinese, Eurobond, IMF kaloba make newspaper head-lines everyday. Mxxxxxxxxxxxxxm!!!!!! STYOPET 1DIOTS!!
Mr. Tsikata is HH’s friend and was deliberately trying to sabotage the deal…
IMF is apposition in Zambia, they refused to work with PF government. Even this Solo, Solo or is his name indeed Loko? He will not stay.
110% of GDP
One year on and a deal can’t be reached is it going to happen? Because it was on the last budget and now their is a new budget be serious people
I’ve said it before and I will say it again: we are fed up of IMF and their hidden agenda to keep Zambia on the debt hook forever. We need to get rid of them and attain financial independence as a country, cost what it may.
53 years down the line, we cannot be calling ourselves “independent” and allow foreign institutions to come and dictate to us how to manage our economy.
IMF FROM was created to keep African countries poor. If you are poor, you are easily controlled.
Why somebody disclose Zambia’s true debt. It’s meaningless to talk about “rising debt” without stating a figure. Mutati should inform the Zambian Debt Stock as of September 2017. Is the Debt Stock figure $7.2 Billion,$17.2 Billion, or $ 11 Billion? We heard had concealed $3.2 Billion. We need to know what the true figure is and what loans were contracted for. Transparency and accountability is needed in quantifying the Debt Stock.
Don’t you know where to get facts from. What’s the point of surfing the net and fail to check what you want. You think Internet is fir watching naked pics of girls and boys. Besides these online medium can’t be trusted about accuracy of information.
They can not trust Lazy Lungu & tins with 1 ngwee…
Poor Fools is the worst government
What we need is a change of administration in Zambia, IMF is not the answer to our incompetent, overspending, corrupt leadership.
The question I have is, why should a bank be pursuing a country they think is useless to lend it money? Who is pursuing who here? All IMF should do like any other banks, is to come up with a check list and give it to Mr Mutati and tell him that once you have these in place then you can come we talk. Aren’t there other countries in Africa or the world that need money from IMF? Is it only Zambia that needs money from IMF. If I was Mutati I would rather borrow from China, Japan, South Korea on a government to government basis. Infact if theres anything Zambia owe IMF its better to borrow from somewhere and pay them off. Mr Mutati money is here with the mines don’t waste time with IMF. Learn from your Tanzanian counterpart instead of frequenting USA.
Want the difference – KK was cornered by economic-hitmen, became dictatorial and we let FTJ in…the First cabinet did their best for our reborn country…manje ife we have chosen “sangwapo” since FTJ…all fell for MCS’ lie of “chinese chaser”… I won’t bore anyone my generation with KK’s “seeds” – INDECO, FINDECO; MINDECO,ZAFFICO..THOSE WERE SEEDS! ..he had to react when they had him cornered but HIS TEAM including Choma Declaration were “Top Crop” ! HAPPY INDEPENDENCE DAY !!
WE HAVE FAILED TO GROW THEM BECAUSE FTJ was backed…A PEARL OF AFRICA DIMMED…Happy 53rd Zed, that YOU FINALLY GROW UP – CHEERS !!!!!!!!!!!!!!!!!!!!!
Why do our governments keep doing the same things over and over that only leave us worse off? Stop begging already and start building up reserves little by little. Put monetary controls in place by cutting unnecessary costs. Encourage people to produce local and sell local, without being greedy by trying to get rich quick, before we think of exporting since we’re not in a position to compete. These are baby steps we can use to emulate Asian countries. Before we know this country will be in a position to sustain itself.
I second your views @ Lobyolo.. I believe deliberate policies to cut spend and increase
savings could chatter a new course for our country. There is need to conduct research that addresses inward focus i.e what could drive the economy from within the country and how will it be implemented?
What do zei want? These Africans who sell their countries appall me!
He is even smiling as if he is “cleaning!”
If government wants money we have money in Zambia. All you need to do is as minister of finance come up with a business plan. The so called diversification of economy e.g business ya nsomba or nkunku for export. Then convince 5 million Zambians to be contributing US$20 per month. At the end of twelve months you will have US$1.2 million. Then Zambians will be the shareholders of this vehicle. Use this money to set up fish farms and poultry farms also goat rearing in each provinces. Also for accountability’s sake private auditors should be engaged to manage this company. You will create employment Mr Mutati, You will have revenue from taxes like PAYE and VAT Mr Mutati. Since you want to borrow to invest not for consumption.
With PF in power I doubt it for us to get IMF funds soon.
“Economists have been exploring people’s behavior for hundreds of years: how we make decisions, how we act individually and in groups, how we exchange value. They’ve studied the institutions that facilitate our trade, like legal systems, corporations, marketplaces”.
To give funds to the administration that want national service to grow food in the country, that means you don’t believe in lowering uncertainty about one another so that we can exchange value.
Inkongole Shibi please tighten your belts to avoid this seemingly free money, the chain of slavery that accompanies it are more than the short term benefits. It’s always easier to borrow but very difficult to make a profit and pay back.
HH ovalheadsaid check the internet ror onformation…… IMF is not chasing Zambia , zambia is chasing IMF
IMF is the international monetary fund,,,not a bank,,,,zambia is a member….IMF loans are at about 1.5% interest.
If you can attract an IMF loan thenyoue credibility on international money markets improves hence abetter interest rate. IMF releases money in April and October each year.. so we are gone til next year.. To infer that the Chief of IMF was recalled because no deal done with Zambia might actually hurt our case. The lwnder of money dictates the terms. Russia, Brazil hva ereceived IMF loans ,they used money wisely and the economies grew.IMF part of world bank part of United Nations
Google this link from the express tribune, headline asmuch as one hates it IMF borrowing isnt a bad deal..
It refers to pakistan but instead of reading Pakistan read zambia.
For those of you who want chinese money are you are you aware that by 2030 chinese population will be too big for china to feed, so they are giving money to poor nations desparate for money, but they will ultimately own Zambia because we will not be able to repay, their conditions for loans are you use chinese contractors, chinese goods chinese staff. Wake up Zambia . The silk road around the world is a way of getting access to land and resources.
Their silk road diverts to Dar ,Zambia is not part of it
In Dependency we celebrate our Inndependence. Happy 24th everyone!
How does getting the NS to grow crops EMPOWER tbe poor. It actually makes it more difficult for the poor because government resources are diverted from social projects to the armed forces. Then any sales fron armed forces sales will disappear apparently this is provide food for the armed services, what is there to stop govt from exporting at the expense of the small holder farmer…, very cunning government
IMF have changed their number eleven because the earlier failed them. Now we should also open our eyes and ears to see why and hear what other analysts say over the issue of the IMF. Do we need this IMF thing? I do not personally benefit unless you can educate me how I do. They have been on us from time in memory and we seem to in a stagnant position despite the many years with the IMF.
MALOZA YOU ARE WRITE DURING MWANAWASA WE FORGOT ABOUT WHAT IMF LOOKED LIKE, WE STOOD ON OUR OWN. MWANAWASA WAS A VISIONARY LEADER. THAT IS VERY SAD.
Yes Maloza, we forgot what IMF stood for but we quickly “knew everything” about China. The Chinese hurriedly set up cheap explosives factories, to avoid buying from Kafironda and contributing to Zambia’s revenue. One such factory on the Copperbelt blew up and killed many Zambians! The Chinese President even visited the country, to show his appreciation in person for Zambia embracing China but the people would not have any of this nonsense – they demonstrated against this visit! Remember the expired ARVs that were supplied to the Ministry of Health by a top lady and billions actually paid for this consignment, etc?! Surely the man who was in plot 1 at that time cannot be described as an angel. There are always good and bad attributes in every mortal man – including in those who are…
Where is Magande? He is the only learned economics boss in Zambia. We have seen it in USA and Europe, the calling back of the economical brains to revamp the erring systems.