Saturday, June 22, 2024

Nawakwi has warns Government against relying heavily on the pending IMF bailout

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Opposition Forum for Democracy and Development (FDD) President Edith Nawakwi has warned the UPND led Government against relying heavily on the pending International Monetary Fund (IMF) bailout package for the local economy recovery.

Ms. Nawakwi said the IMF package the Government is waiting for is not coming now and won’t improve the economic welfare of individual Zambians.

The economist and former Finance Minister in the MMD regime challenged the New Dawn government to come up with a plan that will improve the economy of citizens.

Featuring on Camnet TV’s National Matter, Ms. Nawakwi said many Zambians are going through financial distress.

“As a country we must accept that we are in the taffy and it appears to me that everybody is waiting for the IMF bailout. The country is heavily indebted. We are now in the poverty basket and I think for the past couple of months we are waiting for the IMF to come in and bail us out and when you are in that situation as a nation, I think we are ignoring some very very critical issues that are happening in families, in homes and those are issues of mental health arising from financial distress. You see that small businesses have folded, people are really stressed. They may not be protesting but you can see that they are hurting. When you ask the question as to how we are fairing, I think we are fairing very very badly and we need to accept that we have a problem and how are we going to resolve it,” Ms. Nawakwi said.

“I have been listening to many pundits discussing and it looks like the discussion is centred on the IMF bailout. As a country, I have not heard much from the public sector, from the government giving us an alternative, what if the IMF does not arrive with this famous package? What is going to happen to our country? What are we going to do? And these are serious questions and when you walk on the street people are hungry, people are really desperate to survive. You begin to think, to see traits of actual distress which can cause very bad injuries to people and the country as a whole,” she said.

Ms. Nawakwi continued:”You cannot have a country which puts all the eggs in one basket. I think for the entire eleven months of our colleagues being in office, we haven’t heard of an alternative development paradigm. Let me put it simply, a Zambian marshall plan. It is as though the IMP package is the saviour and everything that is required. That is not the case. The International Monetary Fund if we ever get that package, the way the numbers are going I can say with certainty that it is not coming in a few months, maybe in another two or three years because if you look at domestic debt, it is going in a different direction.”

“If you look at this, all the figures according to what I know. Having worked with the IMF I can say the famous package may not be walking in the next few months. I heard our President say that watch me by June (2022), read my lips and I am yet to read anything but the question that we need to ask ourselves as a nation. This package is meant for debt relief so that we pay our creditors. What is our programme that we Zambians have in place for my mother in Chinyinji, for my mother in Chama to put food on the table? That is the programme I am looking for from the Government and the Zambians. That is the programme that we Zambians need to sit and discuss a local martial plan. To get ourselves out of individual economic quagmire and get our nation out of abject poverty,” she said.

Ms. Nawakwi further observed:”Let us all agree and there is no debate about whether the Bretton Woods Institute was meant for bailing out international creditors. The IMF is not going to build a school. The IMF is not going to give us money for Agriculture or for fish ponds. Far from it, so, if you have a Minister of Finance whose only plan is based on’ well I am waiting for the package from Washington’. Then we are in trouble and I think that we need this open debate to discuss what the alternative measures as a nation should put in place since the IMF package is a farfetched idea. Even if it came it would not improve the economic welfare of someone in Misisi, or my relatives in Kalikiliki.”

21 COMMENTS

  1. I worked with IMF , 30 years ago ! Work Experience of 30 years ago is no longer relevant Mrs Hambulo. A lot has changed in international development financing and Multilateral institutions such as IMF and the WB.

    In fact you never worked for IMF , you just attended IMF meetings just as I did but can’t claim to have worked for IMF , Can’t even put that on my cv.

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  2. Musa what is your point as Ms Nawaki has just expressed her views to the current situation in zambia so what are yours?

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    • @ANGONI, what’s your issue, Now Nawakwi should advise us on IMF bailout? Where was she when PF thugs borrowed and stole like Mad Dogs? She did nothing during her tenure. Times have changed and we don’t need her silly bias opinions. Zambia is on the right track to overcome the nonsense that PF left.

  3. I agree every economic minded person can see that money doesn’t grow on trees. Our expenditure and budget is based on our tax regime and GDP. As it is ZRA I do believe is not meeting it’s targets. Someone is not telling the truth. Admission that a supplemental budget is needed is proof of this because everyone was asking how the new govt recruits would be paid. ?t means we are sitting on a ticking time bomb fueled by untruth.

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  4. I do not want to appear to be against the ruling authority in my comments so I will add my views on a proposed solution so I’m just not a critic because this government was not my preferred choice. But God calls us to respect the authority of the day because they are put in place by him. So here is my recommendations. The is an energy crisis in southern Africa because of drought. Export as much of the electricity we have to earn dollars and cover our expenses. Even if you have to put the citizens under load shedding. After all they don’t pay commercial rates.

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    • Load shedding has some serious knock on effects on the economy…..

      The power to the local barber , the local welder and local shops all use the domestic supply ,……….

      load shedding of houses affects many small businesses…..

  5. Electricity is a luxury for most consumers and does not come cheap worldwide. Claw back some of the incentives given to the mines beyond gentlemen’s agreements so the ZMK continues to appreciate based on a sound foundation of policy rather than handshakes. ?t’s not worth the backlash from the people for you to support the mines at the expense of losing office. Lose some of the friends that helped you get in power. Say thank you and move on. Even president Mwanawasa through president Chiluba under the bus. Hope this helps

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  6. Some actions and words our politicians have used in their past makes me ignore them and their rantings. I would not give an ear to Kambwili for instance. Nawakwi is included in that list.
    However, I must admit this was a refreshing read and she does ask questions that need answers.
    We cannot be waiting on IMF (UPND was opposed to borrowing whilst in opposition). This supplementary budget is meant to pay for new teachers, are we paying them from IMF?
    What happens in the future? I wish the Min of Finance could tell us how the country will make money in 2024 for instance, especially that we continue to give mines away to private companies who hardly pay us any meaningful tax.

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    • TARINO ORANGE % 8

      The person who is laughable is you the so called residence blogger. Nawakwi is addressing very important debate and all you can say is its really laughable. Old man why does hatefulness trouble you all the time. ????????????????????????????????????????

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    • Tarino is a retarded African who thinks he is now whlte, after wiping the backsides of old whlte people there abroad. Ali na ma2uvi mumutu uyo kikikikiki

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  7. The madam said she worked ‘with’ and not for. There is a difference. You should know better. Working with is corroborative, working for is employed or contracted. Even those meetings constitute working with.

  8. I wish she could have given examples of the said alternatives she was talking about. It’s much easier to condemn than give suggestions I suppose.

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  9. Our current quagmire does not call for more borrowing it calls for prudence and diversification. The ‘saving’ that is said to be channeled to a supplementary budget is really more consumption. Lets channel the savings to a more productive sector and get a return on it..yes pensioners need to be paid but we are used to not being paid for long periods of time and yet it is only under 1000 kwacha after all those years of service…send the savings to zns for them to plant food for export…at least we shall get a huge return…invest in power so we export more…thats how to use the ‘saving’

  10. But this old dirty mouthed b.i.g must first give the houses back to the Children of the late. Secondly she must also be caged for the badmouthing HH throughout the whole of last year. She was everyday on national & Radio. She must also be caged for Hiding & kidnapping the Hantembos.All these cases am sure someone should soon report even one of them cos we need people who took money from PF to also pay back just like Esther Lungu is doing. These are equally criminals too, Sean Tembo, Chilufya Tayali(look how dirty he looks these days when no money is coming from PF), Fred Mmembe, and Edith Nawakwi etc.

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  11. The IMF bailout is only $1.4 billion.Zambia’s total debt(both Foreign and domestic) is around $31.74 billion.
    $1.4 billion vs $31.74 billion.
    So its $1.4 billion to rescue the country from $31.74 billion debt accrued by the PF in just 7 years.
    The PF put Zambias economy in the ICU, Even 1 tablet of panadol can at least help reduce the pain and suffering of the common man.

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  12. This woman just pops her head above water , makes a comment and disappears again. Testing to see if anyone is after her. Still reeling from the after effects of the hatembo saga.

  13. pleas just accept that HH has steered postive change. Even if yôu hate at personal level you should atleast appreciuate the nationa climate he he has fostered. some of you yyou occuied very high public offiçes but neve left anything to be remembered apart from insulting every winning republican presidents and compelling the youth to work in your pîggery and paultry farm despite theîr education and training becoz you never bothered about job creation. but hh îs well focussed.awe mulemfwafye inson and ealous

  14. They say that Nawakwi’s hate arises from the fact she wanted HH to be her boyfriend and he was not interested. Apparently, I was at UNZA with both and never knew either one. On this subject, Zambia was left in vicious debt trap by the PF who borrowed as wantonly as they looted that borrowed money. Now the country has to dance to the tune of the IMF. Only the IMF can keep the debtors of Zambia from cutting their pound of flesh from the country, and that is the terrible choice HH finds himself in.

  15. Let us give the new dawn to sort out this mess pf left. No more trying to be cry babies. New dawn dawn wanted to be in power and remove pf so that Bally could fix the economy and other issues. We need to move forward cos pf is not there . Talk about pf every day is not healthy at all. HH is ruling and is sitting on that hot pot of plot one.

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