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Wednesday, August 17, 2022

Former Finance Minister Ng’andu Magande welcomes IMF deal

Economy Former Finance Minister Ng'andu Magande welcomes IMF deal

Former Finance Minister Ng’andu Magande has said that the deal agreed between Government and the International Monetary Fund (IMF) gives hope that some difficulties that Zambia has gone through can be resolved, owing to the 14 billion dollars that the country owes
lenders.

Mr. Magande said that the agreement with IMF shows that it has confidence in some reforms being undertaken by Government in order not to fall into the same trap as the previous Government and that the agreement can also persuade other creditors owed under the Euro bond to extend the 750 million dollars repayment which is due next year.

Mr. Magande told ZNBC News in an interview that this will in turn give Government space and time to develop the country.

Mr. Magande said he is highly impressed that the new dawn Government managed to strike an agreement with the IMF within three months of assuming office, while the previous Government tried by all means.

Mr. Magande advised the Government to channel the resources towards the critical sectors of health, education, agriculture and Infrastructure.

He said Zambians should patiently await the decision that will be made by the IMF Board in Washington but is confident that the result will be positive.

The Former Finance Minister said long-serving civil servants can recall that for not receiving a 1-year salary increment in 2004, the 7 billion dollars debt the country had was forgiven.

Mr. Magande said that resulted in the country having a clean balance sheet between 2005 and 2006.

20 COMMENTS

  1. So the previous Government didn’t give in to some usually unreasonable Ts and Cs from the cr00ked IMF.
    Can you please spell out what you’re referring to as SOME reforms?
    MMD and h² got us to where we are. A begging country. This magadeconomics are useless as the old MMD and the current upn’down party.

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  2. IMF is business for the western world, they will take away what matters and leave this nation in shambles it will be very d to recover.
    We saw it in 1991 we lost all the industry Ndola was booming with industry but was all taken away up to this time it has never recovered.

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  3. Its clear from the comments above some are oblivious to the reforms IMF has undertaken over the years to become a responsible lender if they wanted they would have easily got ZESCO in exchange …and no Ndola was not booming in 1991 dont cheat yourselves those companies were struggling producing at a loss being kept afloat by taxpayer’s limited resources.
    No Mr. Magande is comfortable and retired …just give credit where its due, when PF was chasing IMF for three years in Washington you never said anything and no I don’t any affiliation to UPND or have any uncle looking for work from them.

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  4. This Thorn in the A$$ – How did MMD and HH7 get you where we are? Didnt MMD leave you as a middle income country? Do you really think that silly boy would have got that first Eurobond if we had a poor credit rating? Who flew to Beijing with all his cabinet to go and get loans from Xi Jinping…let’s be truthful

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  5. There is no country on planet earth which has ever succeeded with IMF. The most successful countries in the world have zero dealings with IMF. I wonder where we get this notion that ours will a different case. Even our late great leader lamented terribly after dealing with IMF and withdrew. There needs to be a paradigm shift in the way we tackle our problems. Blind application of economic solutions to our problems will not work. In the Western world subsidies are the in thing and sometimes free checks are issued to it’s citizens during hard times (Like in COVID times). IMF is an imperialist tool to further weaken the weak. IMF temunobe…

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  6. My nigga Tarino Orange.

    I can’t believe you asked me that s+up!d and low class question. Middle income country my cracked foot. Zambia was a shadow of itself looking like US beated Baghdad of the 90s war. The roads were almost impassable under MMD and magande. How dare you portray your danderhead economics here. That credit rating is in your nigga head and your croo-ked raters. Only kaponyas like you believe that jibberish.
    Guess what? Loans from the far east built you roads that paper based economics IMF and World bank can’t get you and your nigga A$$.
    20 years of MMD just got us rich on paper and a laughing stock infrastructure wise. Get a life and stay off my comments swine iwe.

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  7. This Thorn in the A$$ – Continue drinking chibuku come back when you sober up and wash your mouth young one!!

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  8. Neo-Patriot – There is no country that has succeeded from IMF assistance? For starters IMF loans have helped many countries avoid liquidity crisis, such as Mexico in 1982 and more recently, Greece and Cyprus have received IMF loans.

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  9. The only Zambia that makes sense is one that super Ken envisaged or envisioned. A Zambia that was dependent on white niggaz is extremely useless.
    They come under extremely weak governments these IMF chaps they rule you, rip you apart and before you realise, they are pating away with minerals worth billions of dollars. As it where, IMF is leading us. Why can’t this pseudogovernment tell the Zambian people the specific REFORMS demanded by these kaloba boys IMF? Bashailoko ba IMF. Bamikongwesha na nefipope pamulu.
    Your sovereignty under IMF is reduced to Zero. Pepe, taku, palibiletu!

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  10. The previous government tried for the IMF
    Loan several times but this government got
    It in three months.Is that not an achievement?

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  11. You’re making very important points Thorn. This political fossil, Magande should just shut it. He is not making any sense.
    This is scary.
    IMF is so wicked.
    What a wretch!

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  12. Just Imagine.
    This magande wanted to be president after the death of stammering LPM.
    Ati the chosen one.
    Icalo ici! Awe sure.

    Thorn, we’re with you apa so.

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  13. So since you bloggers are applauding Thorn in the A$$ and his unsavoury language can you tell us where you were going to get $1.4 billion for balancing up the 2022 budget at low interest rate? PF bankrupted the country do you know what that means??? Really laughable..you are the same people quizzing HH7 about his promises of free education
    Anyway goodnight …I didnt know people get drunk on Sundays!!

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  14. Thorn in the fimo fimo is a used contraceptive tool. The STD’ have got to his brain like KZ mental state.

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  15. Tarino and friends why are you not just debating instead of using insults. This demeaning. Insults will not yield anything positive.

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  16. problem Mr Hichilema is having now is the fact that he wants to cheat, to mislead, to show that he is what he is not.”- MWANAWASA MEMOIRS

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Comments are closed.

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