The Zambian Government has written and advised the International Monetary Fund of the measures it is undertaking to address debt sustainability.
This follows the last engagement between the Government and the IMF held in Lusaka from 13th to 19th November, 2019.
The IMF Mission was in the country at the invitation of Government to discuss recent economic developments and the economic outlook for
2020 and the medium term.
Finance Minister Bwalya Ng’andu says based on the outcome of the mission in November last year, Government will work with the IMF to define a working relationship with them and determine the nature of its support to the Government.
Addressing Journalists on the State of the Nation’s economy, Dr Ng’andu said the next engagement with the Fund will be held from 18th March to 1st April, 2020.
The Finance Minister said Government recognizes the support that Zambia receive from cooperating partners in social and economic sectors such as education, health, energy and agriculture and will therefore continue their engagement and interaction with cooperating partners as we value their support.
Dr Ng’andu reiterated that government will ensure that it implements the debt management measures as directed by Cabinet.
He said his Ministry will also enhance revenue collections whilst remaining mindful of the need to support private sector growth.
Dr Ng’andu said government will continue to engage cooperating partners to support Zambia’s growth and development agenda adding that through implementation of the measures outlined, Government shall return the country to debt sustainability and get the economy on the path to recovery.
He said the measures and policies are sound and should have the support of the Zambian people.
Dr Ng’andu said what is required is effective and sustained implementation. We are therefore, all called to action.
As if there are any measures……i personnaly wouldnt classfy contracting a second debt to cover the first one, as debt management.
Laugh out loud after the Bwalya Ng’andu joke and then go back to work.
naiwe mambala you have started…..as though tawasambilila
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The IMF is a western lead body.
The west are weary of supporting another Mugabe in the region. Lungu is exhibiting all signs of a budding Mugabe.
There will be no IMF programme while lungu is acting like a Mugabe student.
Maybe after the 2021 elections. And that imf support is contingent on free and fair elections.
The Chinese will not give lungu and more money.
Pope stays clear of married priests.Jesus may not have been married.But Jesus associated himself with many women.Mary Magdalene.Martha.Who wanted one of her sons to sit at the right hand and the other son to sit at the left hand.Jesus gave the parable of the 5 wise and 5 foolish virgins.Jesus did his first miracle at a wedding.Turning water in to wine.Well if the Pope stays clear of married priests.Then what does the pope have to say about the ordination of Women.Peter Carlos Hinds.
The pope is becoming like the Ostrich.The Ostrich is a flightless bird that buries its head in the sand when it sees danger.How could this be for a heaven bound minister like the pope.Peter Carlos Hinds.
You heard of the foolish doctor who told a pregnant woman.That she was too fat and needed exercise.Peter Carlos Hinds.
@pwii,where is stating that there will be contraction of another debt to cover another
If u can’t see that he’s issuing more debt to repay maturing debt, then u need help to decipher that.
IMF cannot support you as long as you have thieves in government. You need to be bold and tell your boss to stop stealing together with others in the ministries even if it is at the expense of your job.
Bwalya Ngandu needs support from every patriotic Zambian regardless of tribe, color, religion or political affiliation! He is a ray of hope in the PF camp of darkness and confusion! How I wish we could fire his incompetent boss for failure to listen to technocrats! Instead of getting advice from professionals, he wants to get advice from cadres? Zambia is not short of professionals! The people destroying Zambia are the political thieves! We need professionals in the mix to stop the downward spiral!
Let’s continue to develop the country. Good job!
Discussion with IMF whether bailout or restructure is good and something the minister should embark and soon seriously together with other measures of self Financing and austerity savings to repay other obligations from Revenues raised in those sectors
Any serious person will see that its like a hedge or insurance against any risks poised for repayments either in refinancing or revenues gaps
The minister should be encouraged to look to the IMF and find commonalities there also Its not a forgone conclusion
It’s important to understand that sovereign debt becomes a crisis if a sovereign fails to pay its bills or bonds or restructure with low interest rate flexibly with lenders who will often require higher yields for the additional risks taken in those refinancing or additional debts
Now to ensure that our country is not in crisis and is still viable and able to meet its obligations when due The minister has to come out more detailed and assuring
He will need to publish extensive data analytics on how the economy will perform with detailed from current baseline projections( January 2020 Baseline Forecast now)on how he intends to restructure and manage the debt repayments…
Particularly of important will be his Projections of revenues and critical economic variables that goes to show how he intends to do that. He needs to the Increase or Decrease that will be in the primary deficit as the Final Point or changes to baseline projects
There no harm in reviewing the Medium term strategy now when it matters and see clearly the path way and how We will navigate the debt and repayments on the euros
The performance of the minister will greatly be measured this year on how he will innovatively repay and restructure the Zambian debt below the 70% Debt to GDP and avoid the externalities that comes with the debt overhang and move Zambia towards a solid…
a solid sustainable path
He will need to review his past projections to now on outlays revenues, deficits and how they will impact on contraction restructure or reduction in debt and much more constantly proactively and not passively because like he rightly had said issues of debt this year must be addressed and resolved
There is no harm in looking at alternative projections and scenarios and arriving at common consensus and pathways with individuals and firms to see what strategies will work to re position and restructure the debt It should be beyond the atlas Mara event at the hotel and seriously reviewed and firmly analysed to Mapp up firm strategies that will resolve without…
fail USD 1 Billion on Zambian Assets in the Global Financial systems and Investments is not much money to reinvest and cause so much noise See the Municipal bonds issues and global green funds For-instance you can tap into municipal bonds and issue one USD2 Billion for municipals o councils and reduce the funding gaps to repay say for Kitwe Lusaka solwezi and ndola and others since you have the rates and also the greens
Then the Gold clause may work but it has its own implications and flexibility and the green back could be more flexible hedged with those gold commodities
April 2020