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Alba Iulia
Friday, April 30, 2021

Zambia and IMF to Resume Virtual Discussions on Outstanding Issues Next Week

Economy Zambia and IMF to Resume Virtual Discussions on Outstanding Issues Next...

The Ministry of Finance has announced that Zambia and the International Monetary Fund (IMF) will resume virtual discussions on outstanding issues, on Tuesday 30 March 2021 and continue into the first two weeks of April 2021.

Zambia requested an Extended Credit Facility (ECF) from the IMF, in November 2020.

Secretary to the Treasury Fredson Yamba in a statement made available to Smart Eagles says a team from the Ministry of Finance, Bank of Zambia as well as other relevant ministries and institutions will participate in the discussions with the IMF.

Mr. Yamba says the aim is to agree on an appropriate policy reform agenda to address the economic challenges that Zambia is encountering and support the country’s return to a sustainable macro-fiscal situation over the medium-term.

“A previous virtual mission took place between 11 February and 3 March 2021. During that mission, significant progress was made, with both parties agreeing on the causes of Zambia’s macro-economic imbalances and the current state of its public finances,” he said.

“Zambia requested for a formal IMF programme under the Extended Credit Facility window in November 2020 in order to stabilize the economy, severely hit by the COVID-19 pandemic.”

He recalled that in December 2020, Zambia launched its Economic Recovery Programme 2020 – 2023.

Mr. Yamba stated that the Ministry of Finance, with the assistance of its financial and legal advisors, continues to engage with all creditors.

“As of late January 2021, Zambia has requested a debt treatment under the Common Framework agreed by the G20 and Paris Club members, which is expected to contribute to restoring Zambia’s public debt sustainability,” he added.

20 COMMENTS

  1. Too bad IMF is discussing with ill educated,unskilled PF people who’ve put Zambia’s economy into deadzone.These discussions should’ve waited till after August after we’ve put a qualified new GRZ into place.

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  2. IMF is a useless organization that is encouraging thieves like Lungu to abuse the office of the presidency through corrupt activities. Do not give a dime to corrupt Lungu. He will take that money and give it to useless cadres and thieves like KZ.

  3. ZAMBIA HAS ONLY VAGUELY RECOGNISED COVID ……
    AND EXPECTING ANOTHER HANDOUT ????????
    IMF NO NO NO
    WHY PUT US IN MORE TROUBLE

  4. IMF should wait till election in August then who ever wins can
    Sign the Agreement. About five
    Months to go.I think IMF is just
    Warming up PF just to give them
    Some hope but I don’t think they
    Can sign just before elections.

  5. Why should Secretary to cabinet be issuing statements on PF Smart Eagles…when there is ZANIS…really laughable. ..this jus Sunday [email protected]’s propaganda. IMF already highlighted what the challenges were, this govt is incapable of resolving them now.

  6. What Policy issues can an outgoing ECL Govt discuss with IMF with 4 Months b4 August 12, 2021 Elections? This is just a waste of time. The ECL Govt doesn’t respect the Republican Constitution, Rule of Law, Good Governance and Human Rights so how cam IMF conclude a Programme with a lawless Govt? ECL is promising Election Observers a free,fair,credible and peaceful in 2021 Election and yet on the ground he is doing the opposite. ECL is not trustworthy and is even bulldozing an illegal and unconstitutional Third Term. Those discussions are just “talks about talks” but will come to Nothing. To make matters worse ECL doesn’t qualify to stand for a Third Term in 2021 Elections becoz the Republican Constitution forbids him to stand. Until Concourt clears him he cannot contest the August…

  7. Telecom companies are the winners from all this. Thank goodness for modern technology and Covid-19, otherwise they would sent a big delegation to Washington which would hv come back empty-handed.

  8. Even if an Agreement was reached now implementation of the Programme will be subject to the outcome of the August 12,2021 Elections. ECL has promised Election Observers a Transparent, free, credible and peaceful Elections in Zambia. This is a tall order as these Goals may not be achievable. Based on its Record this ECL Govt has no Political Will, Capacity and Competencies to implement an IMF Programme and meet IMF Conditionality. Time will tell.

  9. This is really good news amidst the pandemic. It is a tight slap on the face of everyone who is criticising the government for not doing anything to revive economy. I hope the cry baby of Zambian politics would be silenced forever. Enough of his false propaganda.

  10. Hakainde Hichilema must be disappointed. President Lungu is not leaving anything for him to do, if at all he comes to power. HH had plans to approach IMF for help in debt restructuring. But the government has already done that. Now what would HH do? He will retire from politics, perhaps.

  11. The negotiations with IMF started in November 2020 and the talks are still going on. There has been a remarkable progress in the discussions over the months. Economic revival is not an overnight process, as Hakainde Hichilema tries to project. It involved intricate discussions and deliberations on every minute aspect. No institution will restructure debts just because person like Hakainde Hichilema asks for it. After all the credibility of the person also plays important role! And the one embroiled in corruption and having ‘honourable’ mention in Panama Papers would be the last one to speak on such issues.

  12. It is a good sign that the discussions are making significant progress every time they are held. I am confident that the outcome will be in favour of Zambia and it will be achieved soon.

  13. The UPND stooges will naturally get upset by the news. Their master has egg on face. All is tall calims and false promises have fallen flat. That is the reason they are so violently reacting to it.

  14. Wow. Now IMF is useless because PF government is successfully negotiating with it. The same institute was the greatest when HH was planning to get financial assistance! What a high level hypocrisy.

  15. The outcome of the August elections is already decided. HH is going to bite dust for the sixth time in a row. No matter how hard he tries, he is not going to succeed. And by the way what record are you talking about? You seem to be disillusioned by the hollow claims of Hakainde Hichilema. I would advise you, not to depend on him too much, because his days are numbered. He is all set to go to jail for corruption. Panama Papers will hit the last nail in his coffin.

  16. In fact your comment is laughable. Since when UPND surrogates have started worrying about ZAINS? If the government was not able to resolve the issues, IMF would have stopped discussions. Do you think they are dull like you?

  17. What is your locus standi to advise IMF? Are you an economist or some expert on politics? There are learned people in IMF who are capable to taking right decisions. You seem to be worried that PF government is scoring over UPND goon called Hakainde Hichilema who is relying big time on IMF? FYI, he has already lost it.

  18. Can you give example of economic expertise of Hakainde Hichilema? What has he done for the people of Southern Province who voted for him? What transformation has he brought about in the region? What economic growth do you see in the constituencies of UPND MPs? IMF officials are not dull like you. They know what they are doing and whom they are dealing with. Why don’t you leave the game to the champions and you try and make yourself useful by keeping quiet on the issues you don’t understand.

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