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Alba Iulia
Wednesday, November 25, 2020

IMF appoints new Zambia Country Rep

Headlines IMF appoints new Zambia Country Rep

The International Monetary Fund named a new representative to Zambia, two years after the post was vacated.

The appointment of Preya Sharma, a special assistant to the director of the lender’s Africa department, comes after the Zambian government asked Alfredo Baldini to leave in 2018, a move that marked a low point in Zambia’s relations with the IMF.

The nation had sought a loan from the fund since 2016 but failed because of concerns over its borrowing.

Sharma has not yet relocated to Lusaka due to travel disruptions amid the pandemic.

Zambia is pursuing a deal with the IMF for new financing under an economic program, which the country’s creditors see as a crucial step to restructure its $12 billion external debt.

The country is trying to convince bondholders to accept a debt-service holiday and skipped a coupon payment last week, moving closer to becoming the first African nation to default on dollar bonds since the onset of the coronavirus pandemic.

Africa department Director Abebe Aemro Selassie said in an interview that the approval of a new program hinges on the government’s commitment to implement policies to tackle economic imbalances.

“Zambia faces a very difficult debt situation and there is a need for all stakeholders to put their best foot forward for the country to avoid a crisis,” he said.

Mr. Selassie said the IMF has held discussions with the Zambian government and he met Finance Minister Bwalya Ng’andu during the lender’s virtual annual meetings last week.

13 COMMENTS

  1. Hakainde Hichilema now can you see that Zambia has a new representative from IMF you should also announce this one

    You love attention on negative staff

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  2. Ati we do not need the IMF you can go…..
    Now the chicken have come home to roost.
    The sooner Zambians kicked out that clueless empty jacket in statehouse the better

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  3. Or Maybe you what to blame HH for the travel restriction on the new IMF representative. That Monday Chanda will be on air blaming HH

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  4. I pray that this incoming representative will not grant this notorious hungry for nothing government that much desired bailout. Let them learn something…….

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  5. IMF is playing chess with Zambia. Treating us like a pawn. Forcing us to the edge so that we indeed become the first African nation to default on Euro bonds. It’s not a rocket science to offer financial assistance but why are they making it so complicated? It can only be because they expect us to implement their economic and political agenda in exchange. There is only one word for that in my vocabulary – Blackmail.

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  6. The new IMF rep school PF on how to budget ,spend and raise revenue cuz they’ve run Zambia like a roadside kantemba.

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  7. We are still asking IMF for loan help, while the PF hides US$500 million in loans through ZESCO and refuse to say where they got it from? Half. A billion. Hidden in ZESCO. Scum. Of course they won’t help us. They are not *****s. They know we are being run by thieves and criminals.

  8. Over Bill 10 does any average Zambian know what is means and how it affects their lives. I am appealing to NGOs and stack holders to come aboard and enlight the ZAMBIANS so that they too can decide their fate.

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