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Tuesday, July 7, 2020

Engage profitably with IMF/World Bank, no time for shopping-Chibamba

Economy Engage profitably with IMF/World Bank, no time for shopping-Chibamba

Chibamba Kanyama
Chibamba Kanyama

Economist Chibamba Kanyama has urged the Zambian delegation attending the World Bank/IMF Annual Meetings in Washington DC to approach the meetings seriously.

Mr Kanyama said the team led by Finance Minister Dr. Bwalya Ng’andu and his counterpart at Planning Alexander Chiteme should not use the opportunity to be in the USA for shopping.

He said the trip is an opportunity for Dr Ng’andu to demonstrate to those international analysts that doubted his economic credentials that he has the acumen to strike a deal with cooperating partners.
“When such a huge delegation travels for such meetings, a lot is expected in terms of outcomes especially given our current need for a financial bailout. I am confident Dr Ng’andu and his assembled team of technocrats has sufficiently prepared itself with a data-backed narrative that will prove to various international stakeholders that Zambia is this time more than serious to engage the IMF,” Mr Kanyama said.

He added, “A number of economic watchers for Zambia, particularly investors in our sovereign bond, want assurance that the ‘stabilization trajectory’ Zambia has been preaching lately will be more than rhetoric.”

He said the cost of sending this large delegation is significantly huge and coming back empty-handed but for simple assurances is not in the interest of the nation.

“In certain previous engagements, corridor gossip in those institutions during similar meetings was about how huge the Zambian delegation was meeting only one person the other side of the table but without a clear engagement strategy, ‘They had no data whatsoever to back up their narrative, why did they all come here?’ a mission chief once whispered to me.,” Mr Kanyama narrated.

“I have confidence in Dr. Bwalya Ng’andu and am sure he is leading a highly focused team that seeks to redeem Zambia’s economic fortunes.It is simply not business as usual for them. If possible, Dr Ng’andu should divide the team into groups, each team focused on meeting strategic counter-parties so that we do not fill boardrooms with a large number of people who just take notes.“

He said, “ Everyone must possess the necessary collaborated data and articulate the economic stabilization strategy with clearly defined outcomes. We should prove to the IMF that the measures we have taken are not only there to massage negative investor sentiment but that we have the discipline and commitment to implement them.”

“There must never be time for shopping, we have enough malls back home. It sends a bad message to the partners when they see us in embassy vehicles visiting malls just after communicating to them about our commitment to austerity measures. Those little things are always observed and get talked about in those corridors. Come back with something Minister and make a difference. We are here to support you 100 percent in every way we can.”

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  1. Good advise. We need soldiers of the economy now. Otherwise we will all suffer. The problem with Zambia is the man at the top. If he resigns, that very minute economic fundamentals will begin to improve. He is the enemy of the economy!

    • @WisdomGreat i agree with you that the problem starts with the man at the top. Its sad that a lot of Zambian who are educated and can pump some senses economically into our country are frustrated and do not want to say like Chibamba Kanyama is saying, we are at a critical time as a country we all need to wake up and smell the coffee. Very soon will start paying back all these funds we borrowed, if we default they are coming to grab everything that is owned by the government. Terrible.

    • Usually these organisations target people with influence from these countries (Mr. Chibamba having been ZNBC CEO) and once they finish their stint they become lobbyists for them. Sadly, Africans never mature or learn the tricks. Chibamba is doing the same her.

    • Zambiano is missing a point, which country have you seen grabbing anything from another country? Debt s shall always be there my friend

  2. Timely advice and not good reading for the previous delegations to IMF and World Bank.At their level,really cant they make a private shopping visit to wherever they want at a time of their convinience instead of creating a perception as being on a shopping spree in D.C? Denny Kalyalya is a veteran at the Bretton Woods institutions and has rubbed shoulders with some key staff there and certainly should be in the know of what they expect from the Zambian delegation this time around.

  3. Ng’andu is a banker and he will be all at sea before IMF economists. It’s tragic really why Chagwa thinks bankers can do the job of economists, no, Ng’andu will just be an educated illiterate during the deliberations.

    • @4, Last time I asked University Professors if a U.S. Prof. could write the UN on his University Letterhead about a situation going on in their former country like Prof. NoInsoni did, they told me, “No! Are you crazy?” I told them Prof. NoINSONI in South Africa a UPND loyal TIBALIST did it! They said, “Wow!” Please say hello to your UPND professor.

  4. We have a good team working on what’s going to be best for the County. But the majority top government drivers gona look at what’s missing in their personal lives once that bail out comes in.
    #Trust issues..

  5. The IMF can’t bail out Zambia naimwe. Our leaders have messed up big time. And instead of being remorseful they even boast anti “..there is no country in the world that does not borrow…”. Really? I

  6. @sharon, not even 24 hours after praying, you are at it again, you really need to figure something yourself out, your life seems pretty sad that HH gets under your skin, live please live, God gave you a life to live and not to focus on another person because he is living his life

  7. Sharon is too consumed with HH, is it because he is a threat to her freeloading on taxpayers’ money. She needs to chill, go smoke a joint. You making yourself too miserable hating on one man night and day. You fear will soon be realized if you continue on that path.

  8. Like the UN General Assembly, nobody has time to listen to the delegation from such a poor corrupt country. Maybe they will assign a tea boy like Chinyama Kabamba to listen to this large useless delegation. Besides, the country is badly indedted, the IMF must not aggravate our woes by giving money to thieves.

  9. Sharon, I like your narrative, indeed the so called Professionals that Zambia has, are somewhat, half baked. They make too much noise but cannot bite. Chibamba Kanyama himself is a good example. Look most of the Professionals that work for international organisations, like the IMF will normally serve an average of three to four contract terms. Todate I have not inquired as to why Chibamba served the IMF just for one contract term. In fact the shortest contract. For that matter in the Communications department of the IMF. Far away from fiscal matters. So can he continue to blow the loudest of his horn. Of course not. His advice is excellent but must not always reflect his economic prows in the media. This is the reason he differed with the EAZ. There are a lot of Economic theoriests in…

  10. Chibamba Kanyama failed to perform at the IMF where he had a short stint…He’s not an expert in economics but a journalist degree holder who has just done seminars in economics…The media should stop referring to him as an economist…The media in Zambia has gone to the dogs because they lack research skills…

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