The International Monetary Fund has clarified that Zambia long with a few other African countries is not in the priority bracket for accessing debt relief package from the Fund.
Zambia among with Burundi, Zimbabwe and Congo including Cote d’Ivoire are some of the countries that have missed out on the Covid-19 debt relief.
IMF Director of the African Department Abebe Selassie explained that Zambia missed out on the initial list of debt relief beneficiaries because it is not classified as most vulnerable and poorest.
Mr. Selassie was answering questions from Journalists during a virtual press conference when the Fund launched the Sub-Saharan Africa Regional Economic Outlook report recently.
“First and foremost, of course, is the financing we’re providing to countries to be able to pursue the supportive policies and have more resources to spend in health, have more resources to provide social protection to populations,” Mr Selassie said.
“And I’m happy to say that in the next 6-8 weeks, we will be — for the 32 countries that have already made requests and we are processing those requests — we will be providing of the order of about $11.5 billion for those 32 countries in Sub-Saharan Africa that are in the process of — the discussions are well underway.”
He added, “Over and above this, what we have done is to look for resources that would allow us to provide grants to countries that have debt service payments falling due to the IMF for the remainder of this year.”
“And these grants will offset the debt service payments that would otherwise have had to be made to countries. So, what this will do, of course, is create more fiscal space for countries to devote to higher health spending, higher social protection, that needs to be spent.”
“So, whether you’re a beneficiary of this grant depends, first and foremost, on countries — you know, we have enough resources for the poorest, most vulnerable countries; 25 or so countries — so, a per capita income threshold. And then second, whether you have debt service payments due falling this year.“
Mr Selassie said the Fund hopes to extend the financing relief should it generate more money in the coming months.
“But right now, we have enough resources, really, to provide this debt relief for this year. And the resources for this have come from donations from member countries of the IMF, including the United Kingdom and Japan, amongst others,” he said.
ELO LWANYA BA ZAMBIA…..!!!!
I don’t really think so. It means countries more in need will be helped first. The problem is this son of a flared cockerel p3nis KZ is abusing everyone in the diaspora. For you info ka ch1ka1a ka kz ask ka pastor ambassador we have just under 9000 and over 6800 recoveries and nearly zero case in a country continent six times bigger than Zambia. It seems you only way of interacting is bad language useless animal. you’re pushing everyone to the wall. When you start interacting with people normally we will too
I don’t really think so. It means countries more in need will be helped first. The problem is this son of a flared cockerel p3n1s KZ is abusing everyone in the diaspora. For you info ka ch1ka1a ka kz ask ka pastor ambassador we have just under 9000 and over 6800 recoveries and nearly zero case in a country continent six times bigger than Zambia. It seems you only way of interacting is bad language useless animal. you’re pushing everyone to the wall. When you start interacting with people normally we will too
I don’t really think so. It means countries more in need will be helped first. The problem is this son of a flared c0ckerel p3n1s KZ is abusing everyone in the diaspora. For you info ka ch1k4l4 ka kz ask ka pastor ambassador we have just under 9000 and over 6800 recoveries and nearly zero case in a country continent six times bigger than Zambia. It seems you only way of interacting is bad language useless animal. you’re pushing everyone to the wall. When you start interacting with people normally we will too
Not in the IMF COVID-19 debt relief list, drowning in unsustainable external & domestic debt repayments, ravaged by COVID-19 because of self denial, exposure to a massive kleptomaniac leadership led by president himself: just how can Zambia escape being FUC.KED UP?
What do all these countries that have missed out have in common? Bad, corrupt leadership with autocratic tendencies.
Lungu
Mnangagwa
Nkurunzinza
Ouattarra
Only fools blind in the most extreme like Kainyo Zulu, Dora Siliya, Tutwa Ngulunyo, Lusambo, Nkandu Lunyo etc can’t see we are falling off the cliff!
Yes because all the money they borrowed is unaccounted for….all we have is 48 houses and Massive land in Eswathini…plus a private useless jet which is used by Bandit President Lungu and Valdan Findlay and Sikanka Pakunya Kaizar Zulu and dunderhead Lusambo pompwe
We told you , under lungu the IMF will not give Zambia anything , they know he is a corrupt violent thug who just borrows and spends.
The Foote episode just confirmed this to the west.
Because of lungu many Zambians will suffer before 2021 , many , many lives will be destroyed.
Lungu and his PF minions need to pay back the money to the Zambian people…good job IMF…..now Zambians should hold Lungu accountable and he should be brought to Justice after he leaves office….Kawalala
We have been petitioning cooperating partners that this lungu you give money to , just diverts it to pay his thugs to gas and brutalise people ……..
Don’t give him any money , especially hard earned tax payers money from the USA and Europe, unless you want another mugabe
KZ, come here
Lungu and his bandits must pay back the money.he has made things to be so high. HH please make sure you arrest them put more pressure on them like how mwanawasa did to FTJC mhsrip
The article clearly states that Zambia missed out on the initial list of debt relief beneficiaries because it is not classified as most vulnerable and poorest. And yet those in diaspora above think this is a bad thing. You might have left Zambia while it was classified as a poor country but things have changed here. Let us get away from thinking that we are poorest and always begging when there are countries that need help more than us. I understand that most people in diaspora rely on government handouts in their adopted countries abroad and that explains why they are jumping up and down to this news thinking that we are in trouble. No we are doing so well even the fight of Corona such that IMF don’t consider us desperately in need. In UK and EU thousands are dying every day, they need…
It seems being in diaspora makes most people dunderheads and donkeys. The writing is clear, beneficiaries are the most vulnerable. “Zambia missed out on the INITIAL list of debt relief beneficiaries because it is not classified as most vulnerable and poorest.” Meaning the sh!t you donkeys and upnd have been spewing about collapsed economy, third hungriest country etc is simply HOGWASH that exists in your pseudo-upnd charged world!!! Wake up, donkeys, this is the real world!!!!!
CONTINUED: the help more there. I am actually receiving calls on a daily basis from some of my friends who moved to Europe and other countries in diaspora asking me for loans. So we understand that we are not the most vulnerable. Kz
Yes, KZ, in England they have about 125,000 cases, 16,500 deaths and only 371 recoveries!! SIMPLY SHOCKING!!
Now let’s wait for N.3.z /Mu2h0t@ come here spewing useless typh0id sh!te.
The dumb L.T bot, has given himself extra work now as he’s currently doubling as K@!zar & Cheeseboy Ch!losha.
You wonder why the Continent never develops? It’s cause of wasters like this N.3.z G©©n -C©©n, who has lots & lots of time to impersonate others, instead of using the advantage he has to do something productive, now that the British taxpayer via the N.H.S pay to treat some of his personality disorders free of charge & pay him benefits in the process. Kaya?
Zambian citizen those are my exact thoughts. You see those slaves in diaspora cannot read anything that puts Africa or Zambia in good light. They have been taught to despise their own selves. They believe that we are reliant on handouts because for them abroad they live hand to mouth on government handouts. I know some who save for 5 years just to visit Zambia and to come here to show as if they are living the dream and yet they are just scroungers . Why you think the British voted for Brexit? It was a signal that they have had enough supporting these leeches. Kz
youre worse than cow dung in you head. cant interact. we will bring down ourselves to your level
Just a comment the British voted for brexit cos they thought immigrants from eg Zambia were better than Eastern Europe. So ba kaizer check your facts.
“The Exchange opened on 21st February 1994. The LuSE’s core mandate is to provide a fair and efficient platform through transparent and equitable trading of the listed securities. LuSE contributes to wealth development, financial services and a platform for investment for foreign and local investors.”
1. Economic Barometer:
A stock exchange is a reliable barometer to measure the economic condition of a country.
@ Kaizar, whoever you are
For weeks now you are hammering Zambians “in diaspora” and have absolutely nothing good to say about them.
Why are you so obsessed with them? How come you “know” so much about them?
Since you seem to be all-knowing, can you tell us how much money is sent by those in diaspora to support their families back home
and thus also contributing to the country?
“The stock market helps to value the securities on the basis of demand and supply factors. The securities of profitable and growth oriented companies are valued higher as there is more demand for such securities. The valuation of securities is useful for investors, government and creditors. The investors can know the value of their investment, the creditors can value the creditworthiness and government can impose taxes on value of securities.”
PF and UPND time-out.
Oh come on you people, the IMF is just being diplomatic. If Zimbabwe is not vulnerable, then there is no country on this earth that is vulnerable. You have been left out simply because of your corruption…period
Daniel Chisebwe: did u know that dreaming is for free?
IMF Director of the African Department Abebe Selassie explained that Zambia missed out on the initial list of debt relief beneficiaries because it is not classified as most vulnerable and poorest. It means we are not one of the worst as some of you may have wished. Go go ECL 2021, let them gnash their long teeth.
Education is important. IMF is clever it doesn’t want to sound political. That’s why it hasn’t said the true reason why zambia has missed out directly. When a thief asks for help the best answer is sorry I could have given u but I need to give those that are not doing better than u. Meaning if u can steal why should I continue entertaining theft when there others in true need?
If u are doing well why crying about the economy why afraid of closing borders. Why afraid of closing public transport why load shedding?
Just admit failure and resign. Sometimes it’s important it even shows how much u care about the people. U have tried your best u have failed. Show good faith and maybe you will be forgiven
The problem is the balance sheets or statement of financial positions known by Chartered Accountants for these countries are not impressive. Zambia is in big trouble very soon we shall see riots all over the country and that’s what is making Edgar Chagwa Lungu sick and hiding when he thinks about all these problems on his table. It’s only that pride and arrogance has enveloped the man he is no longer thinking rational.
why why why are you insulting people in Diaspora when we love our country you little head kz
@Kaizar Zulu
Whoever is out if the country becomes your enemy. It’s really worrying that you were given a position at State House with such mentality. You even use termsike slave. If someone from the Diaspora insulted you, that was wrong, apologies. Why can’t we get along? We are all after a better Zambia, I don’t see the benefit of this fight. Even the US has citizens outside who sort opportunities on other countries and are helping developing the US, leaving ones country should not make them enemies of those remaining. We can work together.
“Zambia not on priority list for IMF debt relief-IMF”
And debt repayment to the IMF/WB should also not be a priority for the Zambian government. In fact they should use this opportunity to default on the Eurobonds. And then take back the mines, for reasons of ‘national security’ – which would be right. They would be securing the world’s supply of copper from the dangers of bankruptcy. 🙂
And end the lockdown as soon as possible to minimize economic damage to the middle class.
Really laughable you are being sidelined by an impostor who is based in the UK busy quizzing him instead of focusing on the article. You are simply making him the news, wake up and just ignore this man child.
Please forgive @Zambian Citizen he is a daft chap he thinks that’s the Presidential Adviser…the chap has only gone as far as Nakonda, Pweto and Chirundi for his travels.
You’re right I’ve ignored him several times, we are hear to pump sense to those who need to hear divergent views and stand on truth. He is known to argue without substance.
PEOPLE NO NEED TO STRESS….@Kaizar Zulu IS JUST A LUNATIC IMPOSTOR… I AM NO FUN OF THE REAL KAIZAR ZULU BUT THIS TWIT WHO BLOGS ON LT IS A TOTAL WASTE…. HE IS HERE FOR COMEDY. NOW MAJORITY ZAMBIANS VOTED FOR PF. I DID NOT. SO LETS SUFFER TOGETHER BECAUSE OF THE MAJORITY VOTE. AT LEAST I AM NOT REALLY SUFFERING. I EVEN HELP SOME OF THE PEOPLE WHO VOTED FOR PF SIMPLY BECAUSE DESPITE THE MESS THEY HAVE PUT US IN, THEY WERE EXERCISING THEIR DEMOCRATIC RIGHTS. PLEASE VOTE FOR PF AGAIN IN 2021 AND BEYOND. ECL FOR 2021 ,2026 ,2031 ,2036 , 2041 etc etc…HE HAS REALLY DONE A GOOD JOB!!! ALL THE BEST…. AM OFFICIALLY OFF BLOGGING… NEED TO CONCENTRATE ON MY SELF…. BYE BYE
Seriously how can someone even wonder why Zambia is on the list …have you not seen what has been happening over the last 7 years with IMF in Zambia; first it was the IMF Country Rep, then followed by countless visits by teams from Washington who didnt see no sign of improvement just wastage and more borrowing from China….now who in their right mind would learn money to such characters
Kaizer is telling lies, which friends are asking from Europe because in UK the government is giving £2500 per month for any one whis facing challenges
Look at it philosophically, IMF know giving money to Zambia will lead to a demand for austerity which Zambia refuses. End of.
Zambia can retaliate by giving disfavourable investment opportunity to those countries that veto us on grounds of a demand for a regime change. The solution for Zambia is simple, NATIONALISE all our Mines so we control our GDP from our resources.
As for the blogger named KZ VS Diaspora. KZ 99%, Dispora 1%. KZ has turned the tables on Diaspora they are now suffering the same insults and lack of respect Disprans display on ordinary Zambians. If you love your country you empathise with its difficulties and support it govt.
@cat power I cannot engage with a lunatic like you. It seems those burgers you are consuming are not only making you fat but also blocking the sense in your head. You ran away after insulting me last time and said you would never blog. Yet again here you are throwing insults. I am blogging the facts here. Zambia does not desperately need help in comparison to other countries because we have been very proactive at reducing the effects of covid 19. Now you can cry all you want but that does not change a thing. I live in Zambia and work for my government and know more than you will ever do about the state of our country. I am sure you know more about your adopted countries which appear to be suffering at the moment
@Kaizer Zulu
“The article clearly states that Zambia missed out on the initial list of debt relief beneficiaries because it is not classified as most vulnerable and poorest.”
How did Rwanda,Mozambique and Malawi make the list?
Compare the debt levels and economies of these countries with Zambia.
@Tarino to you I am 10 different people. It boggles the mind how anyone can have a brain capacity as slow as yours for some one that makes a lot of noise here. If you have to post 20 comments to get your point across then it means you are useless and lack any substance worth posting here. I don’t need to prove to you that I am kaizar. In fact it appear to me like you are troubled by the fact that I am getting more attention than you are. It seems before I joined this website you were some sort of champion for the angry diasporans. Well daddy those days are over. Live with it. Kz
Independent you compare them, I am not here to do your homework for you. IMF have used their criteria to state that we are not in desperate need in comparison to those countries. You refute those assertions. So you do the research and come here with comparative numbers to prove me otherwise. Don’t be lazy, I am not here to do everything for you. This is not diaspora. Kz
@patriotic zambian remember that not all diasporans are employed in meaningful employment there which qualifies under the so called furlog you mention. Just last week I transferred the equivalent of 1000 pounds to a friend who is struggling in the UK. I am willing to help people that agree they are in need and do not just bash their birth country out of malice. Kz
Madilu system – Yes.. This is a man child ..really laughable ..he thinks this is a competition, that’s how simplistic this juvenile is…just look at the debates above its all diatribe – its an embarrassment to Kz himself but LT are just as guilty for perpetuating it on their forum as this is defamation of character…when all fails he clones your account to tarnish you. Next he will come back as Bowman Lusambo this is a very sick individual
That person posting as KZ to thinks Zambia is PF and lungu , when you hate PF and lungu you hate Zambia ?
You wanka , PF and lungu are not Zambia , I can love Zambia and hate PF and lungu at the same time
It would be fooolish on IMF to assist the reckless Lungu govt the same way someone who walked out of NDF would allow themselves to vote on Bill 10.
Spaka – This impostor doesnt even like PF …he is simply decamping them… there he is talkin about “so called furlong” forgetting that three weeks ago the chap was defining that very word. This is a sick man child…just ignore it.
IMF are being diplomatic when they say no money because Zambia is not poor , when the UN agencies state child growth rates stunted in Zambia from lack of nutrition, you know things are bad for the common man.
I am off to eat late lunch with one of my business partners while you angry losers above continue talking and hating on your birth country over things you have no idea about . Kz
Lol I make more legitimate money than you and you can take a ten year bet you crazy f001 and see who will be stadning
And for your information ka ch1k4l4 here in Australia we are second in the world best to NZ were have almost eradicated this covid and you are starting you f001. were laughing here
Stop eating tax payers money iwe.
Forget the ka chap called Kaziya and discuss real issues to assist the situation. Remember that’s the chap who misled his boss to land us where we are and what he will try to do is to try and justify that all is well. Meanwhile all economic indicators are upside down
FYI @Kaizar Zulu,
Nigeria, Ghana and Cameroon have all qualified to get IMF relief. Can you compare Zambia’s economy to that of Nigeria??. Unless your brain is as small as a pea. Zambia has lost out to get IMF relief due to high corruption and mismanagement by the PF government simply. Now the majority of Zambians will suffer at the expense of dimwits such as Lusambo, Kapyongo, Siliya etc etc….
@ KZ, you are a Politically Exposed Person (PEP) mentioned several times in the Auditor’s reports of 2012 – 2019 as having defrauded and misappropriated and failure to account for huge government financial resources. You are one of the cases in point that has made Zambia miss IMF relief funds because currently, Zambia is incapable to account to itself and the international financial markets where it over borrowed. IMF would not put more pressure to a financially struggling nation with more burden. Diplomatically, ‘You are not in desperate need in comparison with other countries’. Countries that have missed IMF relief Zambia included have a poor cv of -Good governance, Rule of Law, Transparency and Accountability. KZ, you don’t have a big homework to find truth about cv of Burundi as…
an example. To begin to cerebrate that Zambia has been classified as not desperate in need of financial resources is delusional as worker go without salaries for months. Only crooks mentioned in PEP can send money outside Zambia to impress people who stole little compared to them. As one outside Zambia temporarily, work and send money to Zambia to help the economy and not deprive Zambia to impress thieves.
Dear friends, followers, supporters and the minority haters from diaspora I have just upgraded by mobile phone. Please let me know if you can see this comment
@ Vote Him Out
“Daniel Chisebwe: did u know that dreaming is for free?”
Yes for those who like to use alias names.
Then carry on dreaming, i can guarantee u that come 2021, u will wake yourself up.
There is a serious issue with the likes of @KZ and the supporter @Zambian Citizen. Apart from unashamedly spewing propaganda about Zambia’s economic picture, they even continue to celebrate the loss of life to the corona virus in countries like the UK. Really shameful and tiresome to respond to such excuses of humanity.