Kabushi Member of Parliament Bowman Lusambo has advised the International Monetary Fund Board not to approve the recently signed Staff Level Agreement with the Zambian government until full disclosure is reached regarding the contents of the agreement.
Mr. Lusambo has also advised the IMF not to disburse the US$1.3 billion financial bailout for Zambia until transparency is guaranteed in the negotiations.
Speaking to journalists this morning after delivering a Letter to IMF Resident Representative Preya Sharma at the Zambia Country Office, Mr. Lusambo accused the UPND government of lacking transparency in the manner it is engaging the IMF.
He said Zambians still have memories of the untold misery that the IMF Structural Agreement Programme in the 1990s inflicted on Zambians adding that the country does not have any more graves.
Mr. Lusambo also delivered the same Letter to Finance Minister Situmbeko Musokotwane and Secretary to the Treasury Felix Mutati urging the Fund and the Zambian government to disclose contents of the agreement reached.
Below is a full statement accompanying the Letter.
ZAMBIA AND THE IMF- A CALL FOR GREATER TRANSPARENCY
On December 6th 2021, the Zambian government and the International Monetary Fund announced that they had reached a staff-level agreement on a new arrangement under the Extended Credit Facility (ECF) for 2022-2025 to help restore macroeconomic stability and provide the foundation for an inclusive economic recovery.
The Extended Credit Facility is in the amount of about $1.4 billion. The IMF says the economic program aims to restore macroeconomic stability and foster higher, more resilient, and inclusive growth.
The staff-level agreement is subject to IMF Management and Executive Board approval and receipt of the necessary financing assurances.
Away from all the flowery language and gobbledygook, it is a matter of concern that the Zambian government has not taken time to fully engage the Zambian people on the true contents of this Staff Level Agreement that it has entered into with the Fund. Unlike in past economic programmes with the Fund, authorities through the Ministers of Finance were asked to submit a Letter of Intent to Washington D.C stating the country’s level of commitments. These Letters were published on the IMF website for all to see and scrutinize. Now the Fund in its own version of reforms does not demand for any Letters of Intents anymore. The Fund through the Country Office and the Mission Teams merely prescribes a set of conditions for countries to sign in documents called Staff Level Agreements. Once they are signed, then the Management and the Board in Washington merely performs a formality by officially approving these Staff Level Agreements.
With everything that has been said and the supersonic speed at which the New Dawn administration is moving to restructure state institutions, it has become imperative that we call on the IMF to release the Staff Level Agreement it entered into with the Zambian government in December. Attempts to get the government to release the full contents of this agreement have failed. In Parliament, I queried Finance Minister Hon. Situmbeko Musokotwane to lay on the floor of Parliament the Staff Level Agreement and he failed. It now remains our solemn duty to push the IMF Country Office in Lusaka to immediately cause to publish the Staff Level Agreement entered into with the Zambian government. This should be done before the IMF Board convenes to approve the agreement. This demand is made in the interest of transparency and the need for full disclosure when engaging sovereign nations on matters that will impact directly on the lives of its people. There is a global call for transparency around loan contraction and the Fund itself at the highest level has been calling on China to disclose the terms of its loan agreements with countries like Zambia as part of debt profiling. The hypocrisy with which the IMF approaches engagements with countries like Zambia should come to an end.
The IMF should be reminded that Zambians never voted for them in the August elections. They, therefore, do not carry any mandate to prescribe the economic future for Zambians over the next five years. The UPND Manifesto which was the basis of the social contract with the Zambian people did not promise harsh conditions for getting an IMF programme and President Hichilema never said he will relinquish our economic sovereignty to the boys and girls from Washington. He told Zambians that he was a good economic manager who will fix the economy. President Hichilema told us he will use his economic management skills to engage all our creditors and secure debt restructuring in the first 30 days of his tenure. He never said he would run to Washington to help him talk to our creditors, moreover, we still have Lazard Freres, the Consultant he criticized when in opposition still offering debt advisory services.
In any case, Zambians have rejected any form of IMF conditions. The memories of the 90s Structural Adjustment Programmes are still fresh. We lost many of our people because Washington came and told us to sell off our companies indiscriminately without a fall back plan. It was during this period that Zambia’s entire industrial base which was built by President Kaunda was destroyed and has never recovered. We buried so many of our people and we are sorry this time around, our graves are full. Today, we are more enlightened and we will not sit and watch the UPND take us down privatization 2.0.
The US$1.4 billion we are receiving from the Fund in exchange with our sovereignty is such a small amount that any pragmatic leadership can easily mop up from our domestic economy through a progressive tax regime for the mines and sealing off all channels for Illicit Financial Flows.
Since the New Dawn government has decided to work with the IMF in darkness, we ask the Fund to practice what it preaches and what it demands from China; transparency, transparency, transparency.
This just shows the lack of leadership in PF where is the Acting President of your Party? …here you have this boy who is your MP writing to IMF in unknown capacity. He thinks ACC will back off now he is putting pressure on the govt…I think ACC are getting closer to something.
This just shows the lack of leadership in PF where is the Acting President of your Party? …here you have this b oy who is your MP writing to IMF in unknown capacity. He thinks ACC will back off now he is putting pressure on the govt…I think ACC are getting closer to something.
“The US$1.4 billion we are receiving from the Fund in exchange with our sovereignty is such a small amount that any pragmatic leadership can easily mop up from our domestic economy through a progressive tax regime for the mines and sealing off all channels for Illicit Financial Flows.”
When Aunty Dizzy, Mutati and Ngandu were flying to Washington knocking on IMF door for 4 years why didnt you suggest these ideas? Really laughable
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Free time on his hands after not being allowed to attend parliament. He will be writing to the whole world just like mwamba another recent loafer.
Razor – He has always had the time …he has some unemployed CBU graduates who write all these letters for a fee.
Silence is golden.
Makaka iwe bowman. When did PF government ever tell the country how much you borrowed from the Chinese? Zambia agreement is available online. You are too dumb to know where and how to find publicly available information. You are irrelevant
This letter was written by Emmanuel Mwamba clearly lusambo cannot even construct a coherent sentence
Neither can Mwamba
Imwe Lusambo cannot write anything sensible, but it is good that he is even making an effort. Bootlicking is so dangerous that he was not able to see the wrongs in his masters and former govt. Now he is being used as stooge to demand transparency they never knew.
WE MAY HAVE ISSUES WITH LUSAMBO AND HIS BEHAVIOR BUT THIS IS JUST A STANDARD DEMAND IN A DEMOCRATIC COUNTRY AND IT IS FOR THE GOOD OF ALL OF US!! If the President and Ministers have not disclosed anything but keep announcing reforms thaa are catching the nation unawares, then they people are compelled to speculate and pushed to ask other actors (IMF) to disclose their dealings with the Government!!
Mwamba and Lusambo are like wolves howling in the bushes after being dislodged from the pack! Bafikala, mu kanya unomwaka.
Attention seeker, past shelf life this guy, and obviously it was written for him. This guy was very excited with power and even told us K2m was nothing, blamed the Kaunda children for not stealing during their time and was flaunting huge monies with questionable source to the public
Kulibonesha – Really laughable ..Mwamba will very happily write any letter/ article for any hapless sap even if its to do with astrogology or nuclear physics because he is an arrogant moron who thinks he can spin anything…didnt you see his article today on Truck drivers allowances he didnt even do any reasearch he will just plagariase blindly. PF at the moment is a case of the the deaf leading the blind.
This is what we call checks and balances. My brother is looking out for us and sacrificing his life by opposing the dictatorship of hh. Let us protect him and keep him in our prayers. They may try to assassinate him. To those criticising him, just shut that your smelly mouth
Arrest him, don’t just accuse him
Wooooooooooooooooooow! At long last. I salute you bulldozer LUSAMBO, what a bombshell! What a solid son of the land!
This letter is extremely welcome!
At least Zambia has gallant men, no wonder people of Kabushi need you more!
Transparency, transparency transparency! Indeed.
Where is f***ing TIZ?
Bravo Bowman Lusambo!
I need more action from CK! Hats off to Lusambo and Lubinda Haabazoka. I can feel you Patriots.
We can’t have a fossil Musokotwane and his demigod pushing us the rough swams of hopeless IMF. God damn it. We suffered in the 90s.
Wooooooooooooooooooow! At long last. I salute you bulldozer LUSAMBO, what a bombshell! What a solid son of the land!
This letter is extremely welcome!
At least Zambia has gallant men, no wonder people of Kabushi need you more!
Transparency, transparency transparency! Indeed.
Where is f***ing TIZ?
Bravo Bowman Lusambo!
I need more action from CK! Hats off to Lusambo, Emmanuel and Lubinda Haabazoka. I can feel you Patriots.
We can’t have a fossil Musokotwane and his demigod pushing us the rough swams of hopeless IMF. God damn it. We suffered in the 90s.
It’s nothing personal, this is for the love of Zambia. Transparency, transparency and more transparency!
Hey sleepy joe in Washington DC, your IMF and the Zambian government are making us crazy. Why are you engaged in underhand deals with each other?
Zambians needs to know the concession, agreement and conditions tied to the money you have promised hh that has made his mouth wet.
These tuma suprises on our strategic national assets is making us unsettled. Indeed, the experience of the 90s is making our hearts jump and make uncountable misses. Hey you all illuminatis in IMF, make us understand! Halt that filthy deal.
The economic wiz at the top is not that smart after all.
Save our souls, our brothers and sisters at INDENI are having sleepless nights. Now ZESCO employees are sweating.
Why would anyone borrow you money to support loss making entities like INDENI ???
It only means they will lose their money ……
Icho, dumbwidozer…sontapo chabe.
Usually I am very measured in my contributions on platforms like this one but this time I can’t help it. This ***** and lowlife Lusambo has already forgotten how he and other Pf thugs and fellow *****s used to complain that HH was damaging the image of the country by meeting or interacting with our cooperating partners, other countries and multilateral organizations. What has changed. This is what happens when you have mediocre leadership like this terrible *****. Lusambo is a waste of political space, he’s a ‘missed call’. Did Pf ever disclose to Zambians the extent of the Chinese loans and conditions?
WHY ARE AGREEMENTS WHICH ARE SUPPOSED TO BE GOOD FOR US SECRET?
UNLESS THEY ARE NOT?
Bowman needs to be reminded that it was PF that began to engage IMF not UPND. IMF politely refused to give PF the money knowingly it would end up in private pockets of Lungu’s team whom he allowed to abuse public resources in broad daylight. I think he should focus on the DNA test and his other children. Stop waiting time and LT stop waiting space on such a chap.
MMD die hard youth chairman Lusambo says MMD made us suffer? Or was this another MMD? Anyway I never knew adziwa kulemba sure, kuli progress
Thankfully the IMF deals with government officials – not corrupt opposition thieves.
Some Zambians are really amazing, until now, everyone has been asking for transparency. But when the cult is asked to be transparent to the nation the Vasco dagama worshipers standard up and say they dont want transparency. My word if this is what patriotism means then God help us. Lack of Judgement exhibited by some by some Zambian electorate has landed us in the mess we are yet to fathom.
In all fairness, what the minister has raised is accountability. Other than the condescending tone of the letter, his is a serious concern. If the minister has other ulterior motives for this action, let time be the judge for that. Otherwise, the issues he has raised should be every citizen’s concerns about the economic recovery plan, especially when it is a well-known fact that the mining tax concessions extended to the foreign mining houses in the 2022 national budget stand not to benefit the country. It is common knowledge that the global demand for copper to power the global green economy is high, and the government should be positioned to benefit from the coming mining boom. The economic recovery plan should factor in the fact that the global economic wind of change favours the…
In all fairness, what the minister has raised is accountability. Other than the condescending tone of the letter, his is a serious concern. If the minister has other ulterior or political mileage motives for this action, let time be the judge for that. Otherwise, the issues he has raised should be every citizen’s concerns about the economic recovery plan, especially when it is a well-known fact that the mining tax concessions extended to the foreign mining houses in the 2022 national budget stand not to benefit the country. It is common knowledge that the global demand for copper to power the global green economy is high, and the government should be positioned to benefit from the coming mining boom. The economic recovery plan should factor in the fact that the global economic wind of…
The IMF has no time to read monologues from a known thief in the vanquished looting PF who stole money belonging to the treasury
…continued
The economic recovery plan should factor in the fact that the global economic wind of change favours the seller of green economy resources, like copper, not the buyer. And this is the time when the benefit should be optimized. In short, the economic recovery plan should rely heavily upon mining taxation and creating local value-adding chains to the mining industry.
this is proper checks and balances. I thought this man is not wise but he is a very wise person. Lusambo he is a hidden gem. why should this be a secret?
Privatization phase 2 …..
Wondering who wrote for him, just saying.
@Nabilungu, which minister? Are you from the mars?
Where was Lusambo when the PF was recklessly getting credits and Kaloba. Be serious Lusambo, don’t play double standards.Where was he was PF was busy getting and signing credit facilities at night.
You can tell that some relatively better educated coward wrote this letter and gave it to Lusambo to sign and deliver. And knowing this illiterate’s love for publicity, this letter is exactly what he needs to divert people’s attention from the ACC’s probe into his corruptly acquired wealth