DEVELOPMENT ANALYST SAYS CANCELLATION OF SOME PROJECTS IS IMF MOTIVATED
By Musonda Kalumba
Development Analyst Dr. Becky Banda has charged that the recent resolution by cabinet to cancel some projects is part of the international monetary fund –IMF- conditions for Zambia to obtain the $1.4 billion bailout package that the country is seeking.
Recently, the cabinet announced the cancellation and publication of undisbursed project loans amounting to $2.05 billion as part of the measures to address the debt challenges, and channel the funds to other critical issues and future developmental programs.
But reacting to the development, Dr. Banda argues that these are conditions set by the IMF that government has to abide by if Zambia is to obtain the bailout package.
In an interview with Phoenix News, Dr. Banda explains that these are some of the conditions that the PF government turned down but states that because the UPND administration is in dire need of money from the IMF, it has agreed to the conditions.
Dr. Banda explains that these conditions by the IMF are unpredictable and injurious to many African countries, saying it is worrying that government has gone ahead to agree to the IMF conditions by cancelling projects that are important to the development of the country.