Zambia’s newly-appointed finance minister Situmbeko Musokotwane has said that Government will embark on an aggressive economic reform programme for the country with the aim to record production of 3 million metric tonnes of copper per year, a move that will provide economic activities, more forex and employment.
Speaking to the media after his appointment, Dr Musokotwane said that the Country is under economic stress and that under the UPND government, money will be utilised carefully and that the Budget is under stress and currently a huge chunk is going to emoluments and servicing debt.
“Unless we do something to the budget, then the budget will be mainly for paying salaries and also servicing debt,” with nothing left over to invest in developing the country, Musokotwane said
Dr Musokotwane pledged to conclude talks with the IMF on a lending programme by October and that Government is optimistic that it will conclude negotiations for an IMF package by September and October.
Om Debt Consultation, Dr Musokotwane said that a recommendation will be made to the President on whether the government will continue to engage a French firm Lazard Freres, debt advisors that were engaged by the PF government once its value is established.
Dr Musokotwane said that Government will ride on the heightened investor trust and confidence that is being shown and revamp production in Muilty facility Economic Zones (MFEZs) and introduce new government reform programmes is to improve revenue collection by the Zambia Revenue Authority (ZRA), with the focus to ensure that everyone enjoyed their citizenship as Zambians.
Dr Musokotwane warned that the Ministry of finance officers will not be protected if found wanting on corruption matters and that there shall be no useless seminars and trips for government workers.
Asked on the position of the Bank of Zambia Governor, the Minister said that the role of the appointment of Bank of Zambia governor is the role of the President.
No how?
I think the not-so-new Finance minister needs to settle down in office, look at key economic numbers and balance sheets of state-owned enterprises before he starts making any promises. He has inherited a black hole in public finances and it will take him a while to ascertain its extent. He hasn’t seen nothing yet.
I wish you well, just don’t allow private entities to begin to collect revenue of behalf of government at ports of entry like we saw under RB. No private scanners and tax holidays for a selected few issued singularly. Always seek cabinet approval for such
Is this really the change Zambians voted for hahahahaha….this man is my neighbor in chongwe area Mikango Barracks…his farm is next to my farm…..
So we have the same old Politicians being recycled…we have Dambisa Moyo why not try her
The Situmbeko Musokotwane of the RB government is not exactly wht I want see.
The GRZ has to push on and improve the
” buy Zambian ” drive with sustained quality training and checks …….
Almost half of imports comming in now should be made in zambia.
All GRZ and school uniforms need to be made in zambia using Zambian cotton…
Also , It’s shocking that additives to livestock and chicken feed have to be imported…..
A huge chunk is going to emoluments. The balancing act will be tricky. So many have been promised to be employed by the govt. The wage bill eventually will be equal to the GDP
Now we have serious people in that Finance office not bootlickers ….you hear what he said no more useless seminars I wonder what that little Benedetti Daka will do now
Recycled Ministers. Another disaster in waiting!!!!!
This is a very good move. Musokotwane was the best Financial minister in MMD govt.. Lets hope UPND will bring the good old days of MMD when the economy was flourishing. I still dont understand why we removed MMD from power.
RB government is back…Spaka the keyboard warrior…can you find something meaningful to do with your life instead of spending 1000 hours on Lusaka Times
The guy is already working, doesn’t that sound like a person who knows what is going on? Thats why we dont need a novice at this point. He has targets already.
1)…conclude talks with the IMF on a lending programme by October. You PF have been having discussions for years !!
2)…recommendation will be made to the President on whether the government will continue to engage a French firm Lazard Freres. How long has this French company been engaged, still no results!!! You have someone who want to measure their value. Make no mistakes…that company is consuming millions !!
3)…introduce new government reform programmes is to improve revenue collection by the Zambia Revenue Authority (ZRA)
I hope these Ydiots together with IMF are not planing on bringing HIPIC strategies back in the name of debt sustainability and economic reform.
We are here, waiting for the direction let’s see.
Old wine in new sacks. I had hoped on some young clever banker type person, not some regenerated guy who didn’t really sparkle the last time around!
#11 Saulosi
August 27, 2021 At 7:31 pm
“RB government is back…Spaka the keyboard warrior…can you find something meaningful to do with your life instead of spending 1000 hours on Lusaka Times..”
So says a loser who backed a crook with no integrity………
I work on the Internet……thats part of my living, which pays very handsomely BTW….
Why is he wearing surgical gloves…this man has some issues really…..it’s not hygienic…are they disposable surgical gloves or something else
“So sadly, I am leaving this article open-ended, because there are too many holes in the reasoning.”
@Saulosi wearing gloves is hygienic and it is called setting a good example. It is not “Rocket Science” to see that those are disposable gloves.
Situmbeko of RB govt is 100% the right choice bcoz that’s the technocrat who was in charge when the Zambian economy was sparkling at 7% growth rates .
Saulosi stick to the topic bcoz that’s the LT comment policy.Ati “he’s wearing surgical gloves” ,mscheeew !
@19-all that growth with 10% employment rate??
The usual same individuals recycled over & over again! Are there no competent young graduates available to do these jobs?
Those white gloves…..are not a good sign.
Those saying “recycled” individuals need explain why soccer coaches are replaced/sacked when the team performs badly yet the new coach mostly keeps the team left by the fired colleague! I agree we need to see new faces as Zambia is not short of professionals but when time is against need to deliver one does not need to engage novices! Capable individuals will perform according to management CEO’s directives and guidance. Zambia is where it is because the expertise previously drawn into governance have not had their potential fully exploited by the presidency to deliver! I have no problems with recycling officials who have exhibited integrity and are ‘clean’ for entrusted positions.
#19Mlevi Kachasu.. I think there’s a missing link there. The whole recovery was Ngandu Magande’s work under Mwanawasa. Musokotwane only inherited this after Magande fell out with RB because he Magande contested for the presidency after the demise of Mwanawasa. How long did RBs government last? From 2008 to mid 2011?
Funny that someone is talking about Zambia producing items which we now importing. Maybe they are too young to know that Kaunda had created over two hundred companies which were producing things from matches to motor vehicles. These companies were vandalized by the MMD in the name of privatization and that government had no business in doing business. Some of people who benefited from this wanton destruction are still around and very rich. I hope they don’t do the same with companies like the Mununshi Banana Scheme which just started fruitful production.
This pick is not bad but my only concern is, Situmbeko has no experience in turning around an economy. He took over a stable economy and just run with it. These are difficult times especially with covid lingering and many countries still struggling. But, in every difficult situation is an opportunity. If you focus on localizing manufacturing and agriculture then Zed will be on the right path. Leave copper to investors to run on condition that they produce finished products within Zambia. Not a situation where they externalise even the rocks and soil only for Zed to buy back finished good at 1000% more.
RELLY !!!!! RECYCLED POLITICIANS, YOU TELLING ME HH THERE ARE NO OTHER QUALIFIED INDIVIDUALS TO DO THE JOB?….HE HAD HIS TIME,WHEY DID HE REVAMP THE ECONOMY?
He will need proper economic modelling understand the challenges and opportunities presented in the current economics of Zambia A proper Tax Gap Analysis to understand the implication of those fiscal and monetary policy proposals that may impact positively or adversely taxpayer or economic players The economy is structurally and cyclically impacted and those policy pronouncements must be by large not too large but somehow be consistent with best estimates over time to model and drive the Zambian economy to its potential Any sudden will be counter cyclical and structurally inconsistent Ent to retrace the economy towards the growth we need for Jobs There must be a link and transitioning…
The performance of the economy as reflected in our exchange rates is governed by a number of economic variables These variables must broadly pull in the same direction often at crosscurrents Either way the smaller budget and trade deficits that is supported by stronger economic performance and economic growth will translate into a stronger kwacha The opposite of large Budget and trade deficits of weaker growth levels the kwacha will show its weakness Now this balancing act must be modelled in its proper context for long-term from the current National Development Plans and Transition to futures
Safe pair of hands, experienced and disciplined. The challenges remain how to service debt and then also ensure employment for the youths. I believe the first step would be to re-introduce the retirement age prior to adjustment, for the first 6 months, continued employment freeze for non-essential workers.
Congratulations Dr. Musokotwane