Tuesday, June 25, 2024

Dr Fred M’membe: IMF bailout is not the solution to Zambia’s economic struggles

Share

Dr Fred M’membe, the leader of the Socialist Party (SP) in Zambia, has written a post on his Facebook page in which he argues that the International Monetary Fund (IMF) bailout is not the solution to Zambia’s economic struggles.

Dr M’membe states that previous IMF deals in Zambia have not led to long-term success and have instead exposed “our incapacity as a people to govern ourselves.” He also claims that the true beneficiaries of IMF bailout programs in Zambia are usually Western companies, South African finance capital, and local businessmen connected to those in power. These forces often buy state-owned enterprises at cheaper rates, taking advantage of the economic struggles the country faces.

Dr M’membe criticizes the current government for focusing on privatizing state-owned companies such as ZAMTEL and ZESCO instead of prioritizing the collection of fair revenue from the mining sector, developing the arts industry, increasing state support to agriculture and food security, and investing in social sectors such as education and health. The leader of the Socialist Party (SP) also accuses the current government of not thinking about the poor, the workers, and people in general, that are suffering the most.

Dr M’membe concludes by stating that the “lasting solution to Zambia’s economic difficulties does not lie in the IMF,” and that the country must instead focus on self-governance and supporting its own industries. He believes that if the government collects fair and adequate revenue from the mining sector, and support secondary industries such as manufacturing, the country would be able to sustain itself without depending on IMF.

Dr M’membe also calls on the government to look at the history of IMF deals in Zambia, and learn from the mistakes of the past. He also reminds the government of President Kenneth Kaunda’s famous question to IMF: “are you able to design a program that will not require me to kill my own people?” He believes that the government should not subcontract the running of its economy to the IMF, and return to the West to ask for help in governing itself, as it would be contradictory to the reason for which the country fought for its independence.

14 COMMENTS

  1. Funny how when PF was taking Zambia into economic hellholes this “economic expert” M’membe was silent.

    13
    3
  2. Where else do you expect money if yur post newspaper cant release taxes due up to now. Tax evader should not even participate in economic matters because they sabotage the economy

    9
    1
  3. One thing Membe and Co don’t seem to understand is……….

    You can not renegotiate mining licences from a position of a weak economy, where………

    The mining companies know your economy is totally dependent on the miners they employ, with any redundancies causing massive social and economic shocks………

    You need a strong diverse economy to pull those companies up on any contract……

    7
    2
  4. The truth is hurting the upnd tribal donkeys.

    I am in chilanga drinking uncontrollably and celebrating with my niece who has cleared g12 with 6 points. She can have whatever she likes. Uncle kaizer is here. Only approach me if you man enough I protect her

    1
    12
  5. Hypocrite Mmembe failed to pay taxes and running Post Newspaper yet he’s lecturing UPND govt on “supporting industries and adequate mining royalties” I don’t how M’membe sleeps at night with such irony.

    7
    1
  6. UPND – $1.5 billion
    PF(Under ECL)-$8 billion( Chinese loans)
    PF(Under Sata) -$2.5 billion(Euro Bonds)
    MMD-$2.5 billion( Total debt after write off)
    Fred is just crazy.What harm can the IMF bail out do looking at the reckless borrowing under the PF.

    9
    2
  7. The UPND government is spending lots of money on education but somehow Fred M’membe doesn’t see that. And this is despite facing a financial crisis occasioned by his relative Alexander Chikwanda who was always a phone call away from him when he was Minister of Finance. It’s amazing how he wants others to pay more in taxes but was reluctant ensure that the businesses he presided over were paying their taxes. What moral authority would a man with such baggage have to speak on tax issues?

  8. Ba Mmembe , collect the correct tax from who? People dont pay taxes these days sir, they evade. And am sure you make a good lecturer on Tax evasion yourself,having had your own post newspaper clumped on & shut down for the same reason. Arent you even ashamed to open your dirty mouth on such a topic sir?

  9. But pa Zed , awe mwe, he himself didnt pay tax but he wants others to pay! Zambian politics ended when HH stoped being in Opposition because now that vaccuum is only widening, and everyday!

Comments are closed.

Read more

Local News

Discover more from Lusaka Times-Zambia's Leading Online News Site - LusakaTimes.com

Subscribe now to keep reading and get access to the full archive.

Continue reading