Copperbelt University (CBU) Head of Business Lusaka Campus Collins Mudenda has encouraged the Government to continue persuading the International Monetary Fund(MF) on bailout options for the country.
Mr. Mudenda said that talks on the possible bailout package must continue in order for the country to fulfill its various debt obligations.
Speaking peaking in an interview with ZNBC News in Kitwe, Mr. Mudenda urged authorities to engage its bilateral partners such as China for a possible debt relief package such as a complete write-off.
Mr. Mudenda noted that this is the only surest way of ensuring that the cash flow in the economy is stabilized due to a decline in tax collections.
He said Government revenue has drastically declined because activities at various border points have slowed down, further reducing the collection excise duty and other taxes.
This week, the International Monetary Fund has clarified that Zambia long with a few other African countries was 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 had 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.
they will end up sharing that money, what happened to monies borrowed from China, Eurobond the list is endless, that’s why the criminals today there smelling riches. Bali niba kapususu before they formed government within 2 years there worth millions of kwacha. Stup!d id!ots.
The Minister of Finance must put an end or give new direction to this debate by providing a detailed status of the debt situation, the economy and what he’s doing about it. Let him provide honest figures and a clear roadmap. Such a debate can’t be partisan with a line drawn for those for and against. And it’s not fair for Uncle Jimmy to refer to the letter by others as nonsensical. Zambia isn’t for PF alone
Look we will do what is best for us. Our minister of finance addressed the nation on the state of the economy and stated the steps we are taking during these difficult times. I would urge the blogger above and others to read or contact the ministry for detailed copy of speech. As for IMF, we are currently no considered in desperate need by them in comparison to other worse off countries. I believe this is a good sign. This lecturer is typical of the western dependent chaps who always want to beg,he should join those in diaspora
@ Kaizar Zulu, there’s a category of debt that govt hasn’t been honest about, it’s the debt the Chinese contractors borrowed and govt has defaulted. The list of projects adds up to around $22.5BN while GRZ is reporting around $11.5BN. The magnitude of debt service shows like we owe more than is being reported. This lack of transparency is what’s causing this debate. Even IMF expressed the same concern
No. Govt must first learn to work within it’s own means first and when they do that, they may just find that they don’t need to contract any unnecessary debt. We have had too many resources go into misplaced priorities so far. Resource wise Zambia is alright but we lack proper management and accountability or those resources. We don’t plan for our resources objectively, there is no control hence the rampant corruption and mismanagement seen today. Firstly build fiscal discipline.
We don’t talk about these things from without. For example when we say the PF are corrupt, we compare the lifestyle and properties of these individuals. We know how much they earn, most of you were with us in markets and bus stations. A person whose salary is 5 pin builds a lodge valued at K4.0M when he doesn’t even do any business, can’t we question that?
Zambia doesn’t need IMF bailout; it promote laziness. Begging is embarrassing; please find a Zambian solution.
And the reactions we get aren’t inspiring. Mr Alexander Chikwanda has referred to the letter written by Zambians as nonsensical, what does that explain? PF aren’t more Zambian than the rest of us. They’re in Govt today but they won’t remain there forever. So they shouldn’t treat us like all of us are political opponents. Umuchinshi usuma
Please DON’T encourage & give these P.F Mambala Nyan!’z ideas to further loot & plunder.
If one takes seed maize & gives the seed to M0nk3y’s, & clearly explains to the primates, “if you plant these 10 bags instead of feasting on the seed, you will have enough maize to eat / feast on for the next 3 seasons”.
The M0nk3y’s will agree with the seed provider, BUT as soon as the seed provider goes away, the M0nk3y’s will open the seed bags, have a massive feast, partying, drinking, & eating all the maize seed, whilst dancing to J.K & Dandy songs, then a couple of years down the line wonder why they are starving & call for prayers.
THAT LADIES & GENT’S IS THE STORY OF J0N4 CH4K0LWA’Z PATRIOTIC FRONT IN A NUTSHELL!!
That bus left a long time ago…surely these are people who you can not trust with simple donations such as Jack Ma’s face masks ….they want to profit from a donation meant for the poor what more hard cash, it’s no different to those Somalis who used to sell relief maize to their neighbours when there was hunger in their towns.
Non starter
Kaiza Zulu is so pre occupied with the diaspora that is brain is clogged. IMF were just being diplomatic. They know countries like Zambia money will just disappear into thin air
IMF will not give Zambia anything with lungus malinganous behaviour
Only after 2021 , and if lungu wins , IMF again will only bail out Zambia if a lungu win is free and fair election, otherwise expect Zambia to go the mugabe Zimbabwe route with even donner aid drying up
Not ifyo lets not encourage thieves to secure more money to steal from.
Iwe Mudenda we don’t need IMF!
It’s not fair, better economies like SA ,Botswana, Namibia , Ghana,Nigeria etc got the IMF funds, we need it bane. I urge GRZ not to give up. Natu broker bane.
I really like Mr. Mudenda’s take on this. Unlike the rest of us that keep fighting on Lusaka Times. He is offering solutions.