GETTING TO BED WITH IMF IS AN ECONOMICALLY SEXY MOVE
IMF – Zambia relation critics are saying there is no need to get to bed with IMF and are constantly misquoting the likes of Kagame to justify their arguments.
Let me clarify a few things in that regard.
Last year Zambia defaulted on its loans from various creditors making it the first African Nation to default during the pandemic.
This has led to creditors losing confidence in Zambias capacity to pay back future debt.
Loss of confidence by creditors in our system makes it hard for us to negotiate for better debt Restructuring terms, thereby dooming our future and that of our young ones to a constantly depreciating currency and high inflation rate.
To regain the confidence of our Creditors like China whose loans have made Zambias Debt highly unsustainable.
The Zambian government needs to show that it has the capacity to pay back the money without defaulting any further, and thereby be able to renegotiate for better terms of debt repayment.
In short, the damage has already been done by the PF and our options are limited.
Hence the need for IMF:
Reputable lending institutions like IMF and World Bank need to come on board and say:
We are willing to work with Zambia because it has the POTENTIAL, TENACITY, CAPABILITY AND CAPACITY to pay back any kind of debt it owes its Creditors in the long run.
Such a move will open the flood gates of sustainable private investment which is very necessary for economic growth in Zambia.
Therefore, Bally is not traveling the world to Beg for money, he is working hard to RE-GAIN the CONFIDENCE of our CREDITORS for easier Debt RESTRUCTURING.
And for me I find that to be a very economically sexy move.
NOTE: Countries all over the world borrow to finance their investment and Development. Including Rwanda and America who are owing China Billions of Dollars.
Zambia is not any different.
The real question should NOT be whether we can borrow or not. But Rather HOW we put the Money to use.
May God bless you all and May God bless Zambia 🇿🇲
#Bally_is_Fixing
Chishala Mwamba
Patriotic AFRO-OPTIMIST
