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Saturday, August 8, 2020

IMF team concludes visit meant to assess Zambia’s economic situation

Economy IMF team concludes visit meant to assess Zambia’s economic situation

IMF team with Finance Minister Margaret Mwanakatwe

A team from the International Monetary Fund (IMF) which has been in the country to assess Zambia’s economic situation has concluded its mission. The team was in the country to exchange information on economic data that will facilitate the development of a macroeconomic framework for use during the Article 4 Consultations, in the first quarter of 2019.

The framework will also provide a basis for determination of any policy adjustments required going forward. Finance Minister Margaret Mwanakatwe has disclosed this in a statement to ZNBC news in Lusaka.

Mrs. Mwanakatwe said during their visit, the team engaged the ministry of finance, the Bank of Zambia, Zambia’s Cooperating Partners, and Non-State Actors. She has described the meetings with the IMF team as cordial and grounded in mutual respect.

The team comprised David Robinson – IMF Deputy Director for the African Region, Dan Ghura – IMF Mission Chief for Zambia, and other staff specialized in various sectors such as the fiscal and macroeconomic framework, monetary and financial affairs, external debt, and real sector matters.

Mrs. Mwanakatwe said Government looks forward to the coming of the IMF staff team for Article 4 Consultations in the first quarter of 2019. The IMF team which finished its mission on Friday has returned to Washington, DC, United States of America.

18 COMMENTS

    • Only an evil & greedy organization can add more debt on top of the already heavily indebted Zambian population.
      – All money collected from TV licenses is going to China to pay DeadNBC loans
      – All the money from drivers licences, vehicle musonko & speed fines is going to Lebanon & Austria to pay off Ratsa loans
      – All money meant for drugs in hospitals is going to pay off debt
      – All toll gate money is going to pay off Chinese loans for roads
      PF00Lish govt is the worst thing that has ever happened to Zambia. Worse than even British colonialists.

    • maloza – When you even look at the money borrowed for those 60% shares you even wonder why we are poor as ZNBC could have done that itself I mean bring on an electronics partner to supply decoders…Lazy Lungu is spending more on a few aircraft than those 60% shares handed to the Chinks.

    • I smell a rat here … this whole meeting could have been just so IMF convinces Margaret not to refinance the Eurobonds with the Chinese.

      Please proceed with the refinancing with the Chinese … it’s a better option than waiting on the IMF who are not offering anything definitive at the moment.

    • #1.4 B R Mumba, Sr

      Me thinks There is something wrong with the Chinese direction, if that was forth comming , PF would have been there long time after being rebuffed by the IMF numerous times…..

  1. Does the IMF assess the US which owes China in trillion plus dollars? Just asking ’cause have never heard of such an exercise since its creation.

    • This is shows how simplistic you view issues with your comparisons ..I mean US is not a consumer like you they export and import as well …you have no understanding of such issues sit down.
      How can you compare a country that is funding your sanitation project to a tune of half a billion and supplements Egypt and Israels’ budgets to a tune of $6 billion …US has military contracts with Arabs worth trillions of dollars and you are here barking nonsense.

    • Where do you think IMF get its money from…Does US go to IMF to beg for money? Next you will say IMF is jealous of China

  2. This is a complicated situation for PF , the IMF is controlled by the west which in all terms, is in a trade war with China and is trying hard to shackle China’s 2025 drive to a robotics and chip giant from its current white goods producer giant status.

    The West thinks their aid money and bail out monies to some African countries only enriches China and entrenchers their position in Africa ,as those countries after getting western aid and bail outs are able to service Chinese loans…..

    I don’t see the IMF comming good with a bailout in Zambia.

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  3. The day Africa will wake up and realize it really does not need the west or the east, even God shall smile. These people are vile and want to keep Africa down, Africa is one Continent that is geographically sound to not need parasites AKA Berlin conference.

  4. Africans need to start fighting for positions on IMF committees, Indians have never had the best interest for our continent. The Chinese at least tell you they are about resources. In fact the Chinese have always built infrastructure; Indians just export money. This sounds harsh, but look at what they did to the Nigerian and Congolese students in India. Wait! two weeks ago they killed a Zambian student. Africans wake up and realize God gave you intellect and hard word. Plus the wealthiest continent on the planet. IMF head needs to be African, then we can talk.

  5. The IMF is politely telling Zambia that there is no basis for an IMF Cash Bailout on the Table now. The Fund will only send an Article 4 Consultation in 2019.Zambia’s Debt is unsustainable and the Re-Financing of the Eurobonds is not on the Agenda for now. Zambia is definitely heading for a Debt Repayment Default. For information China doesn’t deal with Balance of Payments or Debt issues so Zambia has to come to terms with IMF on these issues. China will not Cash Bailout Zambia. Period.

  6. Luck of foresight by this leadership that we have, when the convict gives his speeches on the run way he says he will continue to borrow and if no one likes that they should leave Zambia. taking all this into consideration the IMF wont bail you out knowing very well that you wont stick to austerity measures that they will set as part of the bail out plan and their measures are not easy. So the best is for these morons to go back to China and restructure the current debt that they over borrowed there and hope that the Chinese agree to this. I see Zambia defaulting on the debt with China and they will for sure repossess some state assets.

  7. Doesn’t sound promising.
    Africa is rich continent, but…… our situation was put quite aptly in a poem by Bishop Dr. Paul Bupe; “OH AFRICA”. This poem when read in local language is even so much more poignant. Bishop Bupe read his poem when he was being interviewed on CAMNET TV.

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