WHAT SOME PEOPLE CALL IMF CONDITIONS ARE ACTUALLY HOME GROWN MEASURES DEVELOPED BY PF-LED GOVERNMENT
By Alexander Nkosi
On 18th December 2020 the former President of the Republic of Zambia, Dr. Edgar Chagwa Lungu, presented the Government’s 2020- 2023 Economic Recovery Programme (ERP) at the Mulungushi International Conference Centre in Lusaka. Some of the key home grown proposed measures included:
1. Undertake cancellation, rescoping and
postponement of loans to reduce project
disbursements and debt service payments. This is what the current Government did.
2. Reduction of overall deficit through
reduced expenditures on agriculture and
fuel subsidies and other administrative
expenses. Even the previous Government had the same view on subsidies as the current Government given our economic situation.
3. Engagement of the International Monetary
Fund for Balance of Payments support by
mid-2021.This is the USD1.3 billion extended credit facility we accessed.
4. Ensure liquidity injection into the economy by continued dismantling of domestic arrears of at least K2.8 billion per annum. The current Government has increased this to over K6 billion.
5. Use monetary policy tools to reduce inflation to the target range of 6-8 percent. This is what the current Government has been doing through the Bank of Zambia.
6. Revision of pricing mechanisms in the
petroleum sub sector that will take into account external factors such as exchange rate fluctuations to ensure full cost recovery. This is exactly what the current Government implemented.
Thank you.
Those were PF crooks economic recovery programs. New Dawn government is implementing IMF doses ba Nkosi. That’s why they boast that they are doing things differently.
This information should be conveyed to all Zambians so they stop being deceived by the PF and their surrogates who continue yapping that the UPND are following IMF conditions.