The International Monetary Fund (IMF) mission says the Zambian economy has fared well in 2012.
And the IMF mission says Zambia’s economy prospects of 2013 look good with real Gross Domestic Product (GDP) growth expected to be at 8 per cent while inflation is expected to at 6 percent.
According to a media release issued by the IMF, real GDP growth is likely to hit 7.3 per cent, a development IMF described as impressive, especially in the current uncertain global economic environment.
The IMF further noted that inflation is expected to exceed the Bank of Zambia target of 7 per cent by the end of 2012 due to rises in food prices.
However, the IMF says despite the rises of inflation, inflation will still remain well under control.
The mission further praised central bank for keeping inflation in check.
And on revenue, the IMF says improved revenue administration by the government has resulted in a better revenue performance than expected.
The IMF explains that overrun on wages and goods and services contributed in the expenditure of the budget going up.
Meanwhile, the IMF mission has welcomed the introduction of the policy rate by the Bank of Zambia.
The mission says the policy rate will greatly assist in modernizing the implementation of the monetary policy in Zambia.
And the IMF mission has congratulated government on the successful launch of Zambia’s Eurobond.
The IMF mission says it welcomes government’s decision to use Eurobond funds
in the 2012-2013 National Budget.
And the IMF mission has advised the Zambian government to keep civil servant wages in line with the budget.
The mission explained that any further increase in civil service wages beyond what has been budgeted will result in an increase in capital spending.
ZANIS
F, the IMF, they lured us into selling mines and privatizing companies. And where are we now. I believe there were smart enough Zambians to run those companies had they done their homework. What country have the IMF improved or can claim to have turned an economy around. Are we better in Zambia that we were 15 years ago?Â
We are at a point where the economy is growing at well over 5% per annum unlike at the time the mines where sold when it was growing at about -1.5% per year. And yes, the country is better off now than it was 15 years ago.
Ricky Bobbi, you are probably right. But are these developments taking place as a result of IMF recommendation or the economy is now being directed by the markets. If GDP is up, is there a downward trend in inflation? If they are going in different directions then I will be satisfied. Offcourse you expect a bias report from IMF, remember Zambia has to pay its fees to them. 60% of Zambians live below the poverty line ( they live on k 7,500) a day!! How many jobs have been created in the last 10 years to 15 years in relation to jobs lost?Â
Yes,economy doing great thanks to deft management and great policies engineered by MMD under LPM and RB yet these thugs now in charge only see as far as their political noses.RB surely was an economics genius like Lee Kuan Yew.
According to the IMF they are talking about Good policies by the PF government and the hard work of 2012-2013 and not about the previous administrations.Â
Just accept that you are out of power…How long are you going to cry.Yu said the koponyas will not run the economy.Yu are the same who complain over a realationship which never worked out after the lady is married.Move on.We know your families greatly benefitted,Let others enjoy also.
Real statistics that matter to the people is that are they having more food on the table? are they getting drugs when the go the hospital? are they being able to be attended by a doctor when sick? are their children being taught in schools by motivated teachers receiving a living wage? Are they being paid wages that takes in account the basic food basket cost for a month?Are they able to easily access loans for building houses, entrepreneurship etc from lending institutions without unrealistic requirement for their circumstance?
Zambians #1 has brought out very good points regarding empowerment, numbers and statistics. A personal friend in Spain is being paid for the next two years even when unemployed but the numbers are shrinking and there is strife on the streets (quite unlike what you would get in an already depressed social scene in Zed)… When companies were facing liquidation and privatization a number of well-intentioned Zambians proposed management buyouts and similar approaches that were aptly thwarted by governments of the day! We do have capable Zambian; what we don’t have is a tolerant government machinery willing to allow risk takers to take the stage. Â IMF figures rarely correspond with what the basic citizen is experiencing on the ground.
IMF knows that there business is in third world countries. That’s where they will make their money from. So they come and sing us the same songs they have singing to us since the 70’s or 80s. If people know the history privatization in Zambia, it’s a sad story. It was day light robbery!! Unfortunately a few greedy Zambian’s where involved in those negotiations with IMF and world bank and made decisions on behalf of the masses. They overlooked fellow Zambians that could have been in positions to improve operations of those companies. Infact, some of the guys that sat on Zambian negotiating table are well educated men, but they f.. Up and can never come back and fix the mess. They vomited and they can’t come back and clean up there own mess.Â
Zambians,
thank you Mr. for bringing this up, only fools think and believe IMF & World Bank mean well for africa.
Iwe IMF, why do you want civil servants to perpetually suffer? Why should government workers be subjected to slavery wages? PF please don’t listen to these evil people whose desire is seeing Zambians ever begging from their brothers the Investors? Where they come from, civil servants are paid well than those in private sector. What is needed is only to plan well as well as fighting corruption. Don’t listen to the evil IMF and world Bank. They are there to advance their own interests and not the interests of Zambians. We now know them well.
Peace and Prosperity to Mother Zambia.Â
ok fine. IMF what are your benchmarks when you have no idea what it is to miss a meal. You drive keyless airconed SUVs ..you work in airconed officess. you leave in precint enviroments. you guyys get real. we dont want texbookk theories here
I doubt if this 6% inflation is sustainable. There is the devaluation and then the kwachalisation of most dollar transaction that has lend to scarce kwacha. Rebasing will see more of kwacha scarcity and low inflation. Besides, Miles Sampa will do everything in his power to feed the IMF with cooked statistics to window dress the economy performance. So, these pronoucements from IMF are not very reliable.
I have seen some comments about Zambian being able to run mines and etc. I think what we don’t understand is that Zambians have failed to own or run big meaningful businesses, other than Kiosk one man show corner shops. We are yet to see an international trans-continental business entity with Zambian DNA. Pa Zed: katwishi. Chibuku na matalakwa na maule too much.
Ba IMF praises or no praises nimbwa!
#2Enka Rasha According to the IMF they are talking about Good policies by the PF government and the hard work of 2012-2013 and not about the previous administrations.Â
All that is because of the good foundation laid by MMD.