9.5 C
Alba Iulia
Saturday, May 21, 2022

US Treasury agrees to help Zambia with IMF program

Headlines US Treasury agrees to help Zambia with IMF program

Finance Minister Bwalya Ng’andu and the Zambian delegation in Washington DC during a meeting with the World Bank Group Vice President for the African Region, Dr Hafez Ghanem

The United States of America Treasury has expressed readiness of the world’s biggest economy to support Zambia in the pursuit of a program with the International Monetary Fund.

Eric Meyer the United States of America Deputy Assistant Secretary for Africa, Middle East and Multilateral Development Banks wished Zambia the best in its efforts to stabilise the economy and look forward to improved mutual trust in relationship with the Fund.

The US Treasury representative commended Zambia for the bold decision to maintain the VAT tax system, which decision, according to the observation by the US Treasury, helped to remove uncertainty in the business community in Zambia and among the country’s development partners across the globe.

Mr Meyer also commended Finance Minister Dr Bwalya Ng’andu for re-affirming the Zambian Governments commitment to address the debt situation.

He the Minister was also commended for the measures taken to dismantle domestic arrears.

Responding to the discussion points by Mr Meyer, the Minister of Finance reiterated that the Zambian Government fully recognises the role which the Fund plays in assisting countries to effectively manage their macroeconomic environment and stabilise their economy.

Dr Ng’andu invited the US to consider investing in the Zambian energy sector with special focus on solar and thermal energy options.

The Minister stated that Zambian authorities have been working with different partners to improve data availability and credibility in the mining sector to ensure that suspicions that arise on mineral production are eliminated.

He said further that his Ministry is confident of the capacity that exists at the Zambia Revenue.

Dr N’gandu said efforts are being stepped-up to ensure that the current efficiency challenges in domestic resource mobilisation, related to tax evasion, smuggling and other tax avoidance practices, are overcome.

Meanwhile, the International Monetary Fund has confirmed that they will field a staff visit to Zambia in a fortnight to exchange data and views on policies government is undertaking to stabilizing the economy.

This came to light at a bilateral meeting between the Zambian team led by Dr Ng’andu and the IMF Director for the African Region, Abebe Sellasie Deputy Director (Africa Region) David Robinson Mission Chief Dan Gura and other senior IMF officials.

Dr Ng’andu was accompanied to the meeting with the IMF by Secretary to the Treasury Fredson Yamba and Deputy Secretary to Cabinet Christopher Mvunga.

Others were Bank of Zambia Governor Dr Denny Kalyalya, Ministry of National Development Planning Permanent Secretary for Monitoring and Evaluation Danies Chisenda and Ministry of Finance Permanent Secretary for Economic Management and Finance Mukuli Chikuba.

The Zambian delegation also held a bilateral meeting with the French Executive Directorate to the International Monetary Fund and the World Bank.

The Minister returns to Zambia today.

This is according to a statement issued by Ministry spokesperson Chileshe Kandeta.


    • What about ba Kenneth Mwenda? He is a Program Manager at World Bank, he has no leverage? bunda bwakulandauka pa FB.

    • Why was (HH) pushing for sanctions on Zambia? Is he fair or normal?
      Under5 is always pushing for wrong things. He even pushes for the gay agenda.

    • Yes Chinteme is right there.
      That panel looks solid, am opposition but those guys there looks like real Zambians.
      You UPND should keep those guys.

    • Hahahahaha.

      Nubian Princess you are very funny atI “what about Kenneth Mwenda”.

      What about him? He is just an employee that gets a small salary every month.

      He has zero influence. For that matter, no one person is invested with making such decisions. It is not like zed my dear.

      Advanced economies have infrastructure setup to make these decisions, and a process which can not be breached.

      Thanks for making me laugh. We need more of such humour as we try to clean up the mess that has been created in zed.

    • I hope we do no have a QUID PRO QUO with Trump’s henchmen.
      Mutati and mutinta failed to bend these IMF thieves.
      The 1d10t tribal at the helm of a sunken tribal grouping was soliciting investment from some questionable characters in a grand quid pro quo fashion.
      The tribadist is concessioning our land and minerals for infestors lobbist electoral support. Sad.

    • NO good sign, this is a failed attempt. Actually, she was so diplomatic, I would tell them to go back and fix the corruption first. Asking for more money from IMF and World Bank to enrich themselves. Don’t give them wait for the New Government.

    • 25 PF govt officials travelled to USA to beg for $1-Billion IMF kaloba which we have no capacity to repay.
      HH also went to USA & got $25-Billion in investor pledges.
      Be the judge.

    • HH is a manipulative crony capitalist. He is a pawn of BOERS.

      The Hyena has been trying to change his true colors, but sone of his workers of 90s are still around to spill the beans He was exploiting his farm workers, rude to staff at Cooper’s and Lybrand.

      Kalaba and M’membe are better alternative to PF disaster and falling HYENA HYENA

  1. the ministers that must be removed to portray a good image of Zambian government.
    1 kampyongo,2 sumaili,3 given,4chitalu,5chama,6bowman,7hamukale,8sichalwe,9katambo
    10. siliyacharles, Vincent mawele, makebi,chiteme,nundwe,japhet , mulenga., sikwaze the joker
    mumbi and mwila must be replaced…. mwanza( wh want his cut) and chanda( the dreamer ) be demoted.Kaizer Zulu, your legal adviser
    MUDALA these are sell out….. watch their steps…… they want to impress you only but their motives are………….
    avoid rupiah…..

    • That is exactly what I have been saying. Zambia will begin to climb and grow immediately once president Lungu removes these ministers, except Sumaili. The nation needs its moral compass. Just like. China protects its culture, the deviil and his ignorant minions should never be seen as none existent. All others president Lungu should get rid off. Well written points and it makes me happy there are more of us with this mindset.

    • How Chitotela is not on this list, I am surprised.

      Could this blogger be Chitotela?

      I would not put it past him.

      Very crafty slippery fella that Chitotela.

  2. That upnd maggot Anthony Bwalya, tell us where are the HH sanctions?
    Kwena ba trible HH ni pwi pwi chabe, votes deducted.

    • So here’s what happened in America when he visited in case you never followed the story; HH went to America and met PRIVATE businessmen. One of those PRIVATE businessmen asked HH ukuti ‘Mune, if sanctions were imposed on Zambia, would you support them?” To which HH said he would not because it would only hurt ordinary Zambians. Are we together so far or should I re-type seeing as to how unbelievably dull you people are? Ok, keep up now. So fact is HH did not meet anyone from the US government. The US government is the one with the power to impose sanctions on countries and not PRIVATE businessmen. Ok wekapuba? Good boy, now run along and go get ice cream from mummy. M0r0n.

  3. HH must have paved the way for a good image. Let’s hope MOF will not disappoint them at the next stage. Its also good to note that the VAT issue was commended. Thanks to the team! Well done.

  4. What most people fail to understand is that the only thing blocking an IMF deal is PF’s failure to adhere to the conditions that the IMF set out because they are greedy and the main condition is fiscal discipline and suspension of these over-priced low quality projects. What has happened here is that Ngandu is asking the US treasury to help in sealing this IMF deal but what will happen is the IMF will tell the treasury ati ‘These are the conditions we have laid out cause the president there is a dull chap who spends money like there is no tomorow’ to which the treasury will say ‘Oh, OK’ and then call Ngandu and say ‘We managed to talk to the IMF and as soon as you adhere to their conditions, they will give you the buck’ End of story. So no need for PF monekys here to start jumping…

  5. This minister on this point alone has brought a breeze of fresh air. I repeat on this point alone. I am still monitoring him.

  6. Well explained Dude, HH gives these guys a headache. The moment he comes to the US you hear the embassy organize meetings for their diaspora crap. Ministers also forcing there way to the US. It’s like the guy is making them work. I bet they were also trying their luck to see if they can challenge his 25 billion figure which they cannot manage because they lack the business skills he possesses

  7. When you watch video clips of Prof PLO Lumumba,you realize that all this is still some form of slavery. We do not need IMF. We already have enough debt with the Chinese which we’ll most likely fail to pay…not to mention the 2 euro bonds…..Africa is never really free from slavery colleagues.The west,Chinese and now Russia have realized the potential that we still have and they are all rushing to Africa for a piece of the cake. We are simply dull and useless.Can’t govern ourselves and can’t solve our own problems despite being independent for over 5 decades. What are we going to do with the IMF funds that we failed to do with the 2 euro-bonds and all these loans we acquired from the Chinese ? it’s all about governance and political will folks!!

    • Yeah, it’s either you/we’re dull as you put it or they are all over you/us.
      But you kind’a politics of appeasement is a real drag.
      Ideally Africans are beggers, love FDI and Donations. Imagine an opposition goon already begging.
      When infestors get tired of stealing, they develop nostalgia/homesick and want to sell their investment to the Chinese.
      Our engineers are dull too. They can’t develop or recommend a master plan for our power crisis. At least EAZ under the bull is proactive.

  8. “Mr Meyer also commended Finance Minister Dr Bwalya Ng’andu for re-affirming the Zambian Governments commitment to address the debt situation.”

    What debt situation? Oh, the one created by not leving a Windfall Tax, and instead taking on interest bearing debt in the form of the Rothschild barons/IMF Eurobonds?

    The same debt that devalued the Kwacha from $1,- under Sata to $0,07 today?

  9. Some positive noises. The IMF coming to Zambia ‘to compare views on policies,’ is typical for an organisation that wants to hold poor countries by the noose. As far as they are concerned, they would like to just take over running our country to ensure the poor are squeezed to the max.

    This is good and bad.

  10. Confessions of an Economic Hit Man come to mind when applied to perpetually broke failed mismanaged and desperate countries with begging bowls. IMF World Bank et al do not give a damn as to the plight of such countries or its citizens. It’s all about geopolitics and naked capatilism. In short they are not going to do charity or favours to Zambia- all about CHINA.

Comments are closed.

- Advertisement -

Latest News

UPND cadres’ conduct amounts to intimidation and harassment of judges and magistrates

By Fred M'membe President of the Socialist Party The UPND cadres' holding of a press briefing at the court's premises...

More Articles In This Category