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Thursday, January 13, 2022

HH’s government has punished Zambians with IMF deal – Bob Sichinga charges

Headlines HH's government has punished Zambians with IMF deal - Bob Sichinga charges

The United Party for National Development (UPND) government has sacrificed Zambia at the altar of the International Monetary Fund (IMF), former commerce minister Bob Sichinga has charged.

Reacting to Finance minister Dr Situmbeko Musokotwane’s statement yesterday that in the IMF deal, fuel and electricity will reflect the cost-reflective tariffs as the subsidies will be removed so that money could be channeled towards other needy areas, Sichinga said this is not what President Hichilema and the UPND promised when they were campaigning, as they claimed that they had done their calculations on how they would reduce the cost of fuel and electricity.

“They are placing us at the altar of IMF and this they will regret taking this action,” Sichinga said, adding that the cost of production will increase resulting in more companies going downhill while making life more expensive and unbearable for the consumers.

“Completely ill-advised. Don’t follow the IMF approach.”

Sichinga said for electricity, the best would have been to address the inadequacies in Zesco while rooting out corruption in the fuel supply to reduce its cost.

“I can’t see how UPND can expect that they will revive the economy like this,” Sichinga said, adding that this has come on top of the repo rate by the Bank of Zambia which has squeezed the flow of cash in the local economy, while banks were making super profits from higher interest rates, with the government being a super borrower through the treasury bills.

“They are exacerbating the problem. Keep this record of the conversation and in two years you will prove this…And they reneging on the promises they made and they are simply following the IMF. And this is what has led to rebellions around the world when costs become too high,” said Sichinga.

Dr Musokotwane said the government is waiting on advice from the Energy Regulation Board (ERB) and Zesco on the cost-reflective tariffs. Those in the oil market are projecting increments of between K20 – K23 per liter in terms of fuel.

33 COMMENTS

  1. UPND said the cost of fuel under PF was too expensive adding that it was the most expensive in the region and when they come into office they will bring it down to K5 per litre and now we are told they are slotting a deal with IMF to remove fuel subsidies. Did we not endure stress under the Structural adjustment programme under the MMD government. Whose memory is too short to forget the political promises before August 12? Who can vote another window of suffering and who is fixing who? Chiwamila galu kuluma imbwa.

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  2. Is Bob speaking from the bottom of his heart or because like Tarino Orange’s uncle he has been overlooked? Tarino no offense please don’t crucify me.

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  3. Sichinga is full BS & hypocrisy. Why didn’t he speak against those more expensive Eurobonds that PF signed for?

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  4. A political party supporter will be able to point out mistakes to his leaders.
    But one who supports even wrong things is not a supporter but A POLITICAL PARTY SLAVE.

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  5. We had the Lecturer who was teaching us on how to reduce the cost of fuel. Now the lecturer has turned his back and back peddled. Liar Liar Liar.

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  6. No government at least not a newly elected government will want to punish its citizens with harsh economic conditions. We really have to understand that it calls for sacrifices to re build that which was destroyed by corrupt individuals who did not think there will be tomorrow again.

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  7. At least Chiluba & the MMD were honest enough by asking Zambians if they were willing to sacrifice before the economy would turn around. UPND lied to us with a straight face, the lies are already piling up. Use of expensive SUVs for ministers, Fertilizer prices, DCs & now energy cost increases.

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  8. UPND suppoters are people who dont see anything wrong with their pay master. Zambia is now fixed. What do you expect from those who belong to red colour?

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  9. To get better we must under go surgery, even to see Jesus you have to die first, something just has to give for us to get better, you can not employ over 40,000 workers and nothing gives, something has to give, so lets not be in a hurry to judge

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  10. UPND is in charge for five years as per mandate, so they have their strategy, PF can not even comment here because they were roundly rejected, a brother told me yesterday that he is happy bein in a corrupt free UPND era with austerity measures than in a corrupt PF regime with no direction

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  11. Even surprised to hear rejected PF cadre Habazooka saying we don’t need an IMF deal when PF was for years chasing an IMF deal which they could not be given because of their corruption record

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  12. Doing the same things because we think it’s UPND and it will work. IMF deals are usually longer than the presidential term. We need a new law which will lock up leaders who knowingly commit to bad deals for their selfish reasons.

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  13. Bank of Zambia increased the MPR by 0.50. Then ZANACO the Bank which gave me the Loan wrote me a message that ” following the MPR adjustment by BOZ, your loan repayment will increase by 0.50 effective 1st December 2021. Visit any branch or call 5000 for repayment option”. I got this loan four years ago and balance is K102, 000. then I calculated the increase and it is K51, 000. This has hurt me.

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  14. As predicted, the PF want to increase fuel pump prices and electricity tariffs to new unaffordable margins. These services are a lifeline and engine with which any economy is driven and spurred. The adjustments will therefore have a telling effect for both big and small scale entrepreneurs, including the ordinary citizens who are already severely strained by the never ending increases.
    We are currently experiencing excessive electricity load shedding. Businesses and households that could afford resorted to electricity generators as alternative source of power, especially for huge industrial and domestic equipment. These measures are regrettably coming at a critical period of the ongoing agriculture season, where farmers are busy in the fields using these same services.

    HH speaking…

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  15. HH speaking during a radio programme on SUN FM 4 December 2019

    As predicted, the PF want to increase fuel pump prices and electricity tariffs to new unaffordable margins. These services are a lifeline and engine with which any economy is driven and spurred. The adjustments will therefore have a telling effect for both big and small scale entrepreneurs, including the ordinary citizens who are already severely strained by the never ending increases.

    We are currently experiencing excessive electricity load shedding. Businesses and households that could afford resorted to electricity generators as alternative source of power, especially for huge industrial and domestic equipment. These measures are regrettably coming at a critical period of the ongoing agriculture season, where farmers…

  16. There is only one expert at the moment and that expert is the one who was given the mandate during the August 12 elections, so stopping making noise here

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  17. WE KEEP ON DISCUSSING POLITICS INSTEAD O SOLVING THE PROBLEMS THAT WE ARE FACED WITH AS A NATION. HOW DO SUBSIDIES HELP US REBULD THE ECONOMY AND JOB CREATION? BOB HAS BEEN THERE EVEN THE PAT GENERAL EECTION HE PARTICIPATED AS AN INDEPENDENT AND MISERABLY LOST.WE SHOULD LEARN TO WORK HARD AND SORT OUT PROBLEMS.

  18. All those who are saying don’t increase can
    You give us options? Should we continue
    Paying subsidy? Bally should not have removed minral royalty tax from mines .
    As this should have cushioned the subsidy.

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  19. They were shouting and their prophets said we want change yes change has come, no God, no prayers, no rain increased prices complaining government, liar government company closures, higher prices on fuel and electricity

    No salary increase, confusion every where, nation given to *** ancestral spirits, hardships increased, who shall deliver this nation, this nation has hit a brick wall, every voice has gone silent IMF has come mightly, on this economy to saffocate it as they did in 1991.
    Sichinga knows very well.

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  20. #13 and 14 Ukulanda kwalyanguka… only once you enter into the arena will you realize what difficulties your friends were facing.

  21. The PF did not fulfill their promises for ten years but they now want their colleagues to fulfill promises in 3 months. We had no money in our pockets for 10 years as promised by PF

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  22. flag Jigga Kayama Simangulungwa (formerly Corruption scandals: 48 Houses Social Security Cash Luxury Presidential Jet Ambulances Fire Trucks Mukula Trees Ndola-Lusaka Rd Malawi Maizegate Fuelgate Swaziland landgate Zesco Loans Honeybee)

    Yupping and criticizing without offering viable alternative solutions. Zambians are a fun lot. So you want cheap fuel and electricity that is heavily subsidised. So where do you think the govt will get the money to continue paying for those subsidies; while the same time creating jobs and reducing poverty? You can’t have it both ways.
    The massive debt that the corrupt PF govt left behind had to be refinanced. With refinancing comes conditions and your ability to pay back the loan.
    Please don’t use emotions to analyze issues of national significance. So what if the UPND promised Paradise and heaven while in opposition? Reality is what matters… and so long they are not doing this to steal and enrich themselves. Get real people!

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  23. The decision on subsidies should have been more thought out than it was. It should not have been rushed to meet a timeframe, but the Government should have aimed at the best outcome.

  24. Laban.
    If you live in Zambia you must remember how PF used to dish out money as it closing into campaign period we all saw the advent of the popular empowerment funds coming out in every province and district including in Lusaka, if you wanted you would have been been given some cash but, foolish cadres like you, you refused because you thought there would come anything better with liar government.
    In the nutshell PF fulfilled it’s promises by filling your pockets with money , the clever ones got the money and have started businesses while you are still questioning how your opposition ever fulfilled their promises to the Zambians.

  25. Bob Sichinga A.K.A Bashi Nono ,all we can say is ,because of these measures UPND are putting in place,Nono has a bright future.
    Edgar Chagwa Lungu and his Corrupt Criminal Enterprise of a Government tried for 7 years to get an IMF Bailout Loan,HH has secured that in 90 days.
    The time has come for Zambians to pull up their Socks & tighten their belts ,it’s time to get the country back to Work.

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