Wednesday, July 24, 2024

PF government finally bows to IMF, requests for financial help

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The Zambian government has finally formally requested a financing arrangement with the International Monetary Fund (IMF) to support their reform efforts.

In a statement from Washington, the IMF says it is currently assessing this request.

As part of this assessment, and following an invitation from the Zambian authorities, IMF’s Africa Director Mr. Abebe Aemro Selassie and Mr. Alex Segura-Ubiergo, mission chief for Zambia are visiting Lusaka during December 7-9 for high-level discussions.

This is the first time under President Edgar Lungu that Zambia has formally engaged the IMF for a bailout package after many years of procrastination.

Yesterday, President Edgar Lungu met the Director of the International Monetary Fund’s (IMF) Africa Department, Abebe Aemro Selassie, at State House.

In a statement issued to the media in Lusaka yesterday evening, Special Assistant to the President for Press and Public Relations, Isaack Chipampe, said the Head of State discussed wide-ranging issues regarding Zambia’s relations with the IMF going forward.

Mr. Chipampe disclosed that in the meeting, was Secretary to the Cabinet Simon Miti, Secretary to the Treasury, Fredson Yamba, Bank of Zambia Governor, Christopher Mvunga and Permanent Secretary in the Ministry of Finance, Mukuli Chikuba.

“Dr. Selassie was accompanied by IMF Mission Chief, Alex Segura,” Mr. Chipambe stated in the statement.

48 COMMENTS

  1. Governance issues and prudence will be the stumbling block otherwise we need this aid, I wish it could be handled by the new government

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  2. Its too late, the economy is in comatose, deep in the abyss of confusion, now that the reality has dawned on these charlatans, they think the IMF will extend a helping hand and bail them out. It obnoxious to even imagine that they will be given any credence following their maladministration of evil proportion never witnessed in the history of this country. They promised paradise but they have delivered hell to the core. What a shame.

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  3. Mwe Lesa tuchinjeni abanensu, please Lord help us change our friends because if we have friends like China no one will know how much nkongole we have. This IMF program might fail due to the hidden Chinese debt. Bazaulula a mambala

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  4. Economic surgeons reading the operating table. We are always to advised to keep a doctor away, but due to our unhealthy economic appetite here we are in a hospital gown about to go under the surgeon’s knife. SIMPLE RULES WE COULDN’T FOLLOW , EXERCISE REGULARLY, DRINK A LOT FLUIDS, HAVE A BALANCED DIET ETC..

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  5. Where are those reticent PF rats who were jumping and jeering when this incompetent excuse said the IMF can go to hell…….???

    This imf help lungu is begging for will only come after elections , you must know that from now untill then , every little production facility Zambia has will be geared towards free hand outs and bribes to the PF thugs…..

    without this , lungu can never win any free and fair election……

  6. Twenty twenty one is here. Lungu and his tandem of joy riders need the money to buy votes. There will be salary increments in the last budget.

  7. WHAT? This must be hurting the PF ego. I remember in April 2020 the former Finance Ministers advised this Govt to immediately engage the IMF for a possible urgent bailout plan. Then the exchange rate to USD was 1;K13, Inflation had barely breached the single digit, we had not defaulted on our loan obligations, we were not in this distress. I remember Chikwanda rubbishing the advice. Now look what our lives have became and thanks to the Lungu administration. But one may ask, does it take the Lungu administration 8 months to heed to professional advice?

  8. Can some one come on board to serve Zesco customers from where faults are reported and not attedend to in time using there No 0211363636/322 which are difficult to go through .

  9. Remember how they were shutting us up each time we advised on the reckless borrowing. The result is visible for all to see. The sooner PF disappears the better for this country, they are my good friends but work wise it has been a massive failed project. Failure in its totality

  10. Uwakalema takaleka.
    In 2011 Zambians engaged fake leadership in pf.
    See where sovereignty has landed us,am only hoping that I’d the IMF bails us out,funds will not be Channeled to fourth class road construction.

  11. And IMF will have a last laugh and tell you to legalize gay marriage….now take it in your assssss Makaka PF bandits

  12. And IMF is going to dictate policy. Devalue you’re currency by so much, down size your civil service ( more teachers and nurses out of work), abandon project A, B and C, sell off those two mines etc. I would rather survive on Kandolo and ibondwe than succumb to such. How can a neighbour assume the role of running your home? Atase!

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