Zambia will today find out if its formal request for a financial bailout from the International Monetary Fund has been agreed to or not.
For the last four years, Zambian authorities have been seeking a resumption of formal engagements with the Fund.
The request was finally granted late last year and formal virtual talks started around February.
It is believed that Zambia is seeking up to US$ 1.3 billion in financial assistance to help the country overcome financial stress caused by high debt.
During a recent press conference, IMF Communications Director Gerry Rice confirmed that talks have been going on since February and will end today.
“I don’t really have that much to add on Zambia from what I’ve said before except to say that, you know, you’re right that there’s an ongoing mission. The dates of that have been ?- it’s been running since February 11 we expect it to run through March 3,” Dr Rice said.
“I can confirm that we will communicate after that mission; a staff ?- an IMF staff mission, we will do a press statement at the conclusion of that. And since that mission is in process I really don’t have much else to say. That’s where we are on Zambia.”
Zambia needs this to get out of the blues but my question is on the timing of the funds. I think it is better to wait for the election results to see the policy direction of the govt, whichever one. This will give assurance of continuity of policy.
On one hand we are asking IMF for a bail out package and on the
Other hand our ministers are buying helicopters. It’s like driving
A Mercedes Benz on Cairo road and stretching your hand out for
Food.
The Conclusion of the IMF Virtual Mission is predictable. With the stashes of Money being printed and dished out to PF Cadres and Minister Malanji buying a Helicopter while Zambia is defaulting on its interest payments there is no prudent Monetary Policy in Zambia. The lack of respect for the Republican Constitution by the ECL Govt, the breakdown in the Rule of Law, Poor Governance and lack of respect for Human rights point to one thing. IMF is unable to Bailout such a Corrupt and irresponsible Govt. The IMF position will be reviewed subject to the outcome of the August 12, 2021 Elections. The prospects for a free,fair,credible and peaceful Elections in Zambia are remote. A violent and disputed Election will produce an illegitimate Govt and IMF cannot be seen to be Bailing out an…
End in the end today, no positive results are expected, they will just say you have so much money which some of your cadres are using as blankets.
Where is that crook hiding KZ. Here we go again begging from white people.
The reason I’ve used this term white is because craft stupid cadre uses racists lines.
Zambia does not deserve any IMF assistance. Lungu has enough money printed which has been distributed across the country.
IF THEY GIVE THIS MONEY THEY ARE BLO*DY MAD
There won’t be any Cash bailout from IMF due to the reckless printing of money, wasting foreign Currency on Helicopters, corruption, mismanagement of the Economy, lack of respect for the Republican Constitution, Rule of Law, poor Governance and rampant violations of Human Rights etc. The situation will be reviewed after the 2021 Elections. The chances are that this Election is likely to be violent and disputed. If this happens IMF will not be able to financially assist an illegitimate Govt. The writing is on the wall.
IT IS BELIEVED A MEMBER OF THE IMF TEAM WAS ADVISED TO CHECK SOCIAL MEDIA SIGHTS TO GAUGE THE MOOD OF THE PEOPLE
TRUE OR FALSE I DONT KNOW BUT PAUSIBLE
No money to give lungu to splash out on his PF thugs……
Don’t give him anything…..
he has enough moneyfrom toll gates KCM and the gold deposits ,
just check the SM where his PF thugs are brandishing millions…..
I wonder what lies ECL and his team were telling the IMF.
IMF: So with the free cash going around and a Minister buying a helicopter, does Zambia need a bailout package?
BOZ: You see Zambians are just jealous by nature.Don’t listen to them. The PF government is in control and we need the money.
IMF: ???@#??%%$$
They wont give out anything, you can tell from the tone that something is amiss. How do you give money to an incompetent government devoid of any administration acumen? Its like giving money to a thief and expecting him to pay you back. Sell the helicopters you mappets and deal with the money being flouted by cadres all over place, one moron is even saying that I don’t know were to take the loot, imagine?
They need to buy helicopters for personal use…really laughable
Our priorities are upside down. Zambia is asking for Cash Bailout from IMF but u have the Minister of Foreign Affairs remmiting to South Africa USD 5 million to buy a Helicopter while Ministry of Finance has failed to pay interest to Eurobond Holders amounting to about USD 100 million. On one hand we have BOZ printing Billions of Kwacha to dish out to PF Cadres to buy votes during the 2021 Elections. The actions of the ECL Govt don’t make sense to any lender to say the least.
IMF needs Zambia more than we need them. How do you think IMF survives? They need our interest payments to survive. So don’t think this is free money.
If the IMF gives the money it will just disappear in Lungu’s pockets or of his cadre cronies
Don’t give these wasteful criminal tribalists any money. They will steal it.
In as much as zambia needs this money, at this time it will just be misused for campaigns and bribing voters. Better to wait until after elections and that too with strict conditions.
That’s was not wise to negotiate an IMF Bailout package 5 months b4 Elections. U cannot meet IMF Conditionality in an Election Season. The whole package will need to be re-negotiated after the Elections depending on the out of the August 12, 2021 Elections. If the Election is rigged and is disputed that will produce an illegitimate Govt. IMF is unlikely approve a Cash Bailout package with an illegitimate Govt. If anything an illegitimate Govt will attract International Sanctions. The writing is on the wall.
Ati the IMF needs Zambia…..
That’s what IMF needs fools who can not think and plan properly so that they earn a lot of money for a longer period of time,even when they know that these *****s will just misuse the money.
Some people on this blog will disappear after August 12. We used to have MMD Chief Bootlicker. All these bitter under5 supporters will be retired very soon. Milanji told you how he bought the helicopter but you bitter people are still bring his private property. We will teach your privatization thief lesson number six. Votes on social media do not count.
Don’t give them – PF cadres will just share it!
TheEngineer – these foooools have no idea what responsible lending stands for…really laughable
IMF will be doimg Zambia a diservice if they give money to this irrisponsible.governmemt which has shifted the BOZ into imdividual peoples pockets.
THE MINISTER WITH THE HELICOPTER WENT TO CHINA TO SET UP THE DEAL WITH AVIC TO DO DUAL CARRIAGE WAY TO COPPERBELT PLUS HOUSES FOR POLICE AND ARMY OK ?
LIFE STYLE AUDITS !!!!!!!!!!!!!!!!!!!!!!!!
STATE CAPTURE COMMISSION LIKE SA
WHATS EVERYONE AFARAID OF ????????????
LIFE STYLE AUDITS !!!!!!!!!!!!!!!!!!!!!!!!
STATE CAPTURE COMMISSION LIKE SA
WHATS EVERYONE AFRAID OF ????????????
AND MS THULI MODENSELA FROM SA TO HEAD IT
kaizer SAYS THE IMF NEEDS US AND WE DONT NEED THEM
THE CHAP IS MAD IMF THRIVES ON GIVING BAIL OUTS TO COUNTRIES
NOW WHY WOULD THEY NEED ZAMBIA THAT DEFAULTS ALL THE TIME AND WILL CRY FOR DEBT WRITE OFF
BECAUSE THE COLONIALS LEFT US WITH NOTHING ??
really ?????????????????????????
IMF will never give a Cash Bailout to a Regime which is printing money like confetti. PF Cadres are dishing out printed money to buy votes. IMF will never give a Cash Bailout to a Govt which is wasteful and allows scarce foreign exchange to be used to buy luxuries like Helicopters while failing to pay interest payments to Euro Bondholders. The writing is on the wall.
Put this one on hold , we don’t want the targeted kaloba money to be channeled to campaign materials ie vitenges, ma njinga, 50 kwacha/ head no bu unga…Nooooo