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Saturday, August 8, 2020

President Lungu optimistic that the discussions with IMF will continue yielding tangible results

Economy President Lungu optimistic that the discussions with IMF will continue...

President Lungu with the IMF Delegation at State House
President Lungu with the IMF Delegation at State House

President Edgar Lungu says he is optimistic that the discussions that the government is having with the International Monitory Fund (IMF), will continue yielding tangible results.

President Lungu said the government is resolved to working with the IMF, as they are among the partners that mean well for the country.

The Head of State said this today when a three-member team from IMF paid a courtesy call on him at State House today.

President Lungu explained that the on-going discussions with the IMF, will further enhance the cooperation and in turn propel the country’s social and economic development.

And speaking in an interview with the journalists at State House, IMF Advisor for African Department Dan Ghura, said his team is in the country to have discussions with the government through the Minister of Finance.

Mr Ghura said discussions which began on Tuesday, November 12th, 2019, are expected to be concluded on Tuesday, November 19th, 2019.

He pointed out that Zambia’s Agricultural sector has drastically been affected by the insufficient rains experienced during the 2018/2019 rainy season.

Mr Ghura, however, commended government for having put in place measures that are cushioning the effects of climate change.

Meanwhile, Minister of Finance Bwalya Ng’andu also emphasized that the discussions will border on the country’s debt sustainability among other cardinal issues.

He noted that the discussions follow a meeting he held with the IMF, in Washington DC, in October this year.

Dr Ng’andu further said the on-going discussions may end up in the funded program that is cardinal for economic development.

On Energy, the Minister of Finance said the government has paid US$27 million to ESCOM, a Southern African company for power importation.

He further said the payment is a one month fee for 300 megawatts, which once imported, will reduce the power deficit.


    • In developed countries a press conference does affect investor perception and as such leads to a positive economic situation. But our kwacha decides to worsen to 14+ to the dollar.

    • IMF is telling the govt where to pay attention: agriculture while ECL is talking about relationship. Listening is a great gift. I just hate being given guidance by anybody over my own domestic matter. I hate it!! It’s shameful to beg and be helped to do better as if we don’t have brains. Black people wake up please!!!

  1. IMF will never be a solution to our economic & social problems.
    If anything contracting IMF debts has created more problems in the past to many countries.
    We do not need IMF but rather appoint credible and skilled zambians in positions to manage our vast resources devoid of corruption.

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