The International Monetary Fund says discussions with the Zambian government on how to support the country will take some time due to the complex nature of its debt profile.
Commenting on Zambia’s decision to engage bond holders for a six-month payment break, the IMF says it is keen on supporting Zambia and other members countries with their debt problems .
IMF Communications Director Gerry Rice said talks are continuing with the Zambian government on how best the country can be assisted.
“What I can say is discussions with Zambian authorities on how we can best support Zambia in the current environment are, indeed, ongoing. I don’t have a date on when those discussions may come to fruition,” Fr Rice said.
“So what I can say is that given Zambia’s complex creditor base, the debt restricting there is expected to take some time,” he said.
“We are working closely with member countries on their debt issues. You know, clearly there will be some cases where debt restricting will be required to help the countries recover from the crisis and restore debt sustainability.”
He added, “But currently, our main goal is to support the international community in working together to help countries avoid such scenarios wherever possible. But clearly, the costs of the pandemic have led to increasing debt burdens for a number of countries, and as I say, we are working with them closely to try and resolve those issues.”
Complex debt of course. Cant expect any better. What do you expect? End of days – yaba!!!!
Disaster!!!
IMF handles complex debt portfolios all the time across the globe. When they say Zambia has a “complex debt profile” I am sure its a diplomatic way of saying there is a “lack of transparency” in Zambia’s debt.
It’s mind boggling to think we had all our debt completely wiped off as part of the highly indebted poor countries (HIPC) program, only to climb back up again to the top of the list… how embarrassing! All because of these clueless thieves who only know how to steal and divert national resources. Pathetic!
while our friends are discovering complex rocket science, ise busy discovering complex debt borrowing.
Doom Sayers must be bitter that the IMF is talking to PF!
balilya indalama because they never suffered for it.Some of this kachasu chaps had only ama K2500 mu accounts but nomba they can afford nice watches and triple distilled whisky.
No debt profile is too complex to be resolved with the appropriate measures. Why not just say “No!” instead of “Maybe…” or “Later..”. If you’re keen to support someone, you just do it… you don’t keep them waiting and dangling on a hook while you watch them gleefully. How sadistic.
In other words we want nothing to do with Zambia. You are beyond redemption.
The people were breaking out into spontenous dances when they thought of the money Zambia could borrow……
some people interpreted that spontenous dancing , even in the absence of music , as being humble ??
Hehehehe…….
Zambia will never get out of the debt…..even 50 years from now, you will still be paying this debt.
Dependent on kaloba has not helped on any individual, company or country. Besides, IMF and its cousin the ‘World’ Bank have not contributed to an economic boom of any country. That said both IMF and World Bank have offered ‘white’ countries favorable borrowing terms. Greece received truck-load of money from IMF after her current collapsed with good condition.
My considered advise to our Government is; abandon IMF talks, instead lets get every ingwee in mining tax, empower Zambians to go into value creating ventures. Let increase national productivity… before we know, we will be able to pay inkongole shonse….
Dependent on kaloba has not helped on any individual, company or country. Besides, IMF and its cousin the ‘World’ Bank have not contributed to an economic boom of any country. That said both IMF and World Bank have offered ‘white’ countries favorable borrowing terms. Greece received truck-load of money from IMF after her currency collapsed with good condition.
My considered advise to our Government is; abandon IMF talks, instead lets get every ingwee in mining tax, empower Zambians to go into value creating ventures. Let increase national productivity… before we know, we will be able to pay inkongole shonse… CORRECTED VERSION
Well at least we all know how we came to this point due to few greedy and selfish so called leaders who thought borrowing to dupe people with a few roads that are already wearing out to win elections was key. The borrowers never thought this far ahead. Wise leaders do the right thing and always think as well as plan ahead for the wellbeing of the people.
Macro economics is complex. This is why we laugh when the self proclaimed billionaire crook hh tries to trivialise economic issues. Let us not give views on things we do not understand. First educate your selves. E.g diasporans please note that criticizing the government does not make you an economics expert.
Kikiki!!!!
@ KZ, enlighten us, please. I am sure you do have a PHD in economics.
He was calling for debt relief of African countries not knowing that they borrowed mostly from private bond investors.
Zambia is rich but the problem is that poor leadership. Mwanawasa tried to bring us out of debt burden but with coming mwankole party full of hungry and poverty stricken mwankoles, Zambia is in worse situation than ever before.
We must work hard to remove these Mwanks.
PF must go!
HH is not Zambia. The day you will realize that will be the day you will understand who is not happy with your thuggish way of running an economic. Most of you would crumble if you were to be exposed to the scrutiny that HH has experienced under different governments. I honestly see no reason a well off HH would waste his time complaining about our government if not genuinely doing it for the many citizens that are failing to make ends meet. By the way do you still go boating to Kafue and driving back like the law is nothing but part of the obnoxious fumes in designer pants?
There is no meaningful road development. The road from Lusaka to Ndola is purely fraud. The old road was far much better and should never have been removed but the current is far worse travelling on than a gravel road . No wonder they are many accidents on this road. In Lusaka, the so called decongestion projects are just the many other opportunities for fraud.
Skylab that is my exact point. I get advice and my views from experts in our ministry of finance. What about you and diasporans? What basis do you use to criticize us?
Personally i think we should stop being cry babies and start working immediately. Let us start by empowering all those interested Zambians with land through settlement schemes. Use NRDC to assess the land and give an opportunity to every one in formal employment to access farm loans instead of car loans. Can you imagine? we are a country that restrict exports of food items instead of increasing capacity to export and earn forex. We have market in DRC and the great lakes region yet we dont want to exploit it. We are like a chicken complaining of hunger yet it is standing on the soil full of big worms just under it. Zambia wake up!
CAN’T WE LOOK TO CHINA?
just asking—-
Malabish! Even at $20billion, the debt is tiny compared to the assets they are so focused on looting. We just need to diversify and create our wealth within. Zambia is capable of paying this debt on it’s own with good leadership and unity. Don’t fall for their stup1d rules which ties us up to endless debts. These people use debt to control and take over countries. Uko kwine together with your futseki rating agents.
Can an Economist please help us understand what steps to take next considering this statement issued by IMF. We don’t want to be cheated by people who think they are economic experts here.
IMF cannot help Zambia with anything all they do is to make it more painful for the citizens and provoke riots in the country.
We must be careful in choosing whom to trust, if you go with them they will ask you to do what will make your people to be hurt, they will ask you to close mines don’t increase salaries for workers, give less money for medical services they will strike where it pains most.
If you don’t know this go and as KK he knows them better, Zambia was devastated by the same organization and mines were closed and people died in large numbers .
I’m just remembering in the past 1991.
What is Fr. in Fr. Rice?
Complex debt problem or complex stealing problem….thanks IMF for being respectful and diplomatic!!!
WITH PF IN POWER ZAMBIA IS DOOMED.