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Monday, August 10, 2020

Fredson Yamba off to Washington D.C to engage the IMF for possible funding

Headlines Fredson Yamba off to Washington D.C to engage the IMF for possible...

Secretary to the Treasury Fredson Yamba
Secretary to the Treasury Fredson Yamba

Secretary to the Treasury Fredson Yamba says Zambia’s stable political environment has contributed to the country’s economic growth through attracting investments from many sectors.He said it cannot be argued that a stable political environment such as the one in Zambia is a prerequisite for any country’s economic growth.

Mr. Yamba said the economy is stable and the 4 percent Gross Domestic Product (GDP) growth recorded, was testimony that Zambia is on the right economic path.He cited the single inflation rate and the kwacha exchange rate against major currencies as some of the indicators that the economy was doing well.

Mr Yamba was speaking In Addis Ababa when he transited to Washington DC where he was going to attend the International Monetary Fund (IMF) spring meetings.He said government would use the IMF spring meetings to engage the fund on possible financing for the country.

This is according to a press statement released by Inutu Mupango Mwanza,First Secretary-Press and Tourism for the Zambian Embassy,Addis Ababa Ethiopia.

Mr. Yamba said government had put all measures in place requested by the IMF when they visited Zambia a few months ago and was confident that the IMF programme would soon start running.

He said he was confidence that IMF would now accept to start a bailout programme with Zambia.Mr. Yamba further said Government was encouraging more people not only to venture into the Agricultural sector but also into Value addition.
He also said the construction industry was booming in Zambia and he was confident that this too would attract investment.
He said the construction of energy plants was good as it would encourage more people to invest in production.

And on the Zambia Revenue Authority (ZRA) Mr. Yamba said government was happy that the tax authority was performing well.
He disclosed that Government had plans of broadening the tax base to ensure that more tax was collected for National Development.

Mr. Yamba however expressed concern that enforcement of Tax collection was still a challenge.He said it was unfortunate that some people were still in the habit of eluding tax.

On the Eurobonds, Mr. Yamba said government had put mechanisms to ensure that it pays back the first Eurobond that falls due in 2022.He said government had options such as refinancing which were still being looked into and that a position on the matter would be availed to the public soon.

The Secretary to the Treasury was received at Bole International Airport by Zambia’s Ambassador to Ethiopia Susan Sikaneta who expressed concern at the delay in the construction of the new Chancery and housing units for diplomats.
She expressed fears that the land allocated to Zambia Embassy in Bole, Addis Ababa maybe repossessed if construction is further delayed.In response Mr.Yamba reassured the mission that funds for the construction of the new chancery and housing units were available.He however noted the need of speeding up bureaucratic process in order for the funds to be released.

54 COMMENTS

    • Far above your level…..he would not be caught alive shopping in likes of top shop or H&M…..Yamba shops directly from Prada, Boss and Channel…….

    • I’m as yet to see a country that developed on debt. When the MALAWIAN DRUNKARD proclaimed, “I AM VISIONLESS”, this is what he meant.

      – KALOBA on top of KALOBA
      – NKONGOLE on top of NKONGOLE
      – LOANS on top of LOANS
      – BORROWING on top of BORROWING
      – EURO-BOND on top of EuroBOND
      – CHINESE LOANS on top of Chinese LOANS

      What is painful is that a big portion of the loans has been wasted on things that do not boost economic productivity.

      Now you invite the evil IMF when Govt has no capacity to repay the existing loans.

      VISIONLESS PF Bafoons have no agenda for Zambia besides shackling us, our children, grand-children, great-great grand-kids in eternal debt whilst they steal through cuts & kick-backs on tenders.

      2021 is too far. The sooner the MALAWIAN DRUNKARD & his…

    • CONT’D…
      The sooner the MALAWIAN DRUNKARD & his bunch of thieving violent followers are deposed & imprisoned, the better for our country.

    • Why does Fredson Yamba even bother to go with his empty plate to IMF? The Developed world just wants the Third World to be quiet and stay where and how it is, they don’t care about us (That is why Baroness Patricia Scotland came to get HH out of detention and let clueless and visionless LUNGU to stay as President-The Commonwealth believes that AFRICANS have now gone to the lowest of lows and they should just be left that way). People in the Third world are now just expected to exist while those in the Developed world should live. Lungu is unsuitable to be President. He is a drunkard and an incompetent thieving lawyer and a KOSWE.

    • ZAMBIA has technically shut down on LUNGU’s watch, a fake President. The guy who is not even a Zambian! My word!

    • Where are the LT PF dingbats to post a contribution today…really laughable…the so called MIT financial experts.

    • analyser – Poor Yamba is a mere Civil Servant told what to do…he can not say no..if he had any brains he would have resigned.

    • Mushota his the Secretary to Treasure.. You are to small for him. You are like a tin fish in the ocean. Fredson Yamba is a big shot. His the one who knows all governent accounts for the Zambian governent thru Ministry of Finance. Treusaury. Zambia Revenue Authority,Bank of Zambia or Central bank. Falls under himm

    • Ignore Mushota she is talking through the other end. She’s stressed, she works in the home for the aged and she’s working tonight. Hard graft.

    • Really laughable …these fooools dont take no for an answer…I told them two years ago now they keep wasting money flying to Washington taking turns. No one trusts these thieves.
      Save yourselves money and simply send your US based LT PF bootlickers to IMF.

  1. The undeclared foreign debt is coming back to haunt this administration. You have tried to hoodwink prospective funders by being untruthful about the actual amount of foreign debt contracted. It does not help to do a “Mozambique” after you have borrowed recklessly. (Mozambique lied and suffered the consequences). Lungu bragged that PF would leave the country in debt, but will not stop borrowing! These are consequences of fiscal indiscipline. This is the same Brenton Wood institution that Lungu told to jump and now you having to eat your vomit, crawling back tail between the legs and begging bowl in hand!

  2. Where is Mwanakatwe on this trip. IMF want the Minister not a spineless, clueless Secretary to the Treasury. This is the same chap who has failed to control Government borrowing and failed to clinch a deal with Mutati naba IMF bamene. What new lies is he going to spin this time around when even the President and Minister are hiding from the commonwealth meetings where the likes of Ramaphosa are clinching big deals. Pa Zed lets be serious. This same Yamba sits on IDC board which has been buying loss making companies through corruption and now he is going to clinch IMF deal mulebako serious pa zed.

  3. But how can this man who apparently is our top economist deliver?Look at his own investments?Imidada sha ma bar nama night club like Kamis.He will definetly coming back with empty hands.And where is the woman with the irritating accent?She is also avoiding donors and the international community?

  4. If the economy is growing why should you continue borrowing instead of starting generating money from the euro bonds already borrowed. Is it a get a penny from Paul to Pay Peter (old creditor) and still owing to Paul even more.Please Mr Yamba debt freedom comes from a very simple principle i.e. stop spending more than you are generating from the earlier borrowed funds. This means atleast 20% to 30% of monies collected by ZRA should not be spent but put in your so called sinking fund account government earlier told us about. And its simple stop trips like this, you can put up video conferencing, start buying talk time and the like from salaries. If GRZ/Civil servants officials do not reduce extravagance we will not come out debt even with IMF.

    • Dominion
      Have you heard the latest austerity measures ati ama civil servants will don ifitenge on labour day because government is broke.Whilst Ministers continue enjoying what they consider to be their entitlements and even refusing to pay back salaries illegally earned when parliament was dissolved.PF is the sinking titanic indeed.

  5. Get onto – africa-confidential.com reveals the debt position of Zambia. With that alarming reporting what will Yamba achieve other than lucrative shopping.

  6. The usual PF resident rats on LT are conspicuously missing…….scattering and taking cover only to appear when they think they can mention the name HH ….

  7. Please Ba PF don’t do it! Kaloba from IMF is deadly! Ma witches. They are as bad as UPND. DO not seek to please those guys, they will hurt your programme of development.

    • Really laughable ..you think development programs are funded with stones, MMD left you reserves you ate everything!!

  8. I love Balaam’s donki. It was more sensible than Balaam. That donki was also more sensible than the current tribal ones we have in the nation.

    • Sharon I can liken you to the W…e of Babylon since you like using biblical terms. If you do not have a sensible contribution just keep quiet. Your cushy job at the embassey will soon come to an end.

  9. Not needed in a country without checks and balances. Baka shilya shonse and Zambians will remain paying. Don’t be deceived. Lenders don’t care how you spend. They care on how you will pay back.

    • Its called responsible lending …surely how can you lend your neighbour money for fuel and food every time when he drives a 4.0 litre gas monster and drinks are always on him at the bar.
      The chickens are coming home to roost for these reckless dingbats!!

  10. A poor country like Zambia needs an annual GDP growth rate of 7% and above to reduce poverty in the country. The current 4% growth rate denotes failure.

  11. This is now desperation. Remember a desperate person can do anything to survive the situation. They have said NO. Why go back 5 times? STOP STEALING you guys. These guys will agree to conditions that Zambia cannot afford in the future. Does anyone remember this news:
    Struggling to pay its debt to Chinese firms, the nation of Sri Lanka formally handed over the strategic port of Hambantota to China on a 99-year lease last week, in a deal that government critics have said threatens the country’s sovereignty.
    We have really headed that direction and soon China will take over all the roads and start charging tow on every street. This is what happens when you let bakaponya to dununa reverse. Reverse to neocolonialism.
    #ARRESTLUNGU

  12. Why even waste time going to DC to meet the IMF when you know only too well that your heavy indebtedness disqualifies you from any additional debt!

  13. Where is the plan to improve human capacity and policies that encourage and reward productivity, rule of law and independence of judicially? No please, IMF please say NO, there are no people to manage the country and its economy in Zambia at the moment, examples are everywhere, two Eurobonds, Chinese loans, over priced contracts on everything, extremely poor judgement by the President, his ministers. Please IMF say NO to bailout in order to save the future generation of Zambians. Please Washington do the right thing! These guys need need to go. Imagine with all this failure, they still want to form government in 2021 by any means.

  14. Right man to send to IMF , after all he was one of the main actors in the roadshows for Euro bonds remember? He knows those things in and out.

  15. Think of anything that Lungu and PF have done that you are really proud of. What if the IMF says no again as they have said in the last 20 meetings Lungu and team has tried to borrow? Zambians please, wake up. You did this when KK lost control of the economy. Where do you honestly think Lungu and PF is taking you? The team he has won’t solve any problem, but create more as you can see right now. Lungu is not going change anything apart from his net worthy. Keep dreaming, but please don’t work until you are ready to realize your dream. With Lungu, it’s not a dream, but a nightmare.

    • Kalos2020: The IMF are likely to say no again. They know about Chinese loans. The fact that these loans are dollar denominated means that settlement eventually takes place in New York. So the West through its institutions is aware of these financial flows from China to Zambia. Remember they set up the financial architecture that runs the world. So nothing, I repeat, nothing is beyond their capacity to find out if they go looking. With the bad news, it means all of Zambia’s Eurobonds are now held by financial garbage collectors. Not looking good at all for us.

  16. Why not soliciting kaloba from Chinese ur God father?plz IMF don’t entertain them otherwise all the money will end up in Chinese pockets.

  17. But last time our president was telling IMF to pack their bags and leave. The next time some bloggers were saying we don’t need IMF to develop. We want to know the truth Mr. Yamba. Why are we chasing IMF again for a loan if our economy is fine? We were also saying that we a a sovereign state capable of solving our own problems and we don’t need foreign powers. Really: What has changed? If you are a serious Zambian Citizen you can’t support what is going on in our country. Something serious is missing. Cry my beloved Zambia. I’m getting so frightened every morning with what is taking place economically. No political inclination but just telling the truth. Also warn Mr. ECL not to be careless in the manner he makes political statements. They are indeed frightening to lenders.

  18. I think we don’t need IMF let us continue mobilising our own funds no matter how painful we will emerge successful

Comments are closed.

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