IMF PROGRAMME GOOD FOR ZAMBIA - KANYAMA
THE International Monetary Fund (IMF) programme is good for Zambia as there are no conditionalities to follow since Government has already done everything, former IMF front office communications advisor Chibamba Kanyama has said.
Commenting on the on-going validation of data over the engagement between Zambia and the IMF for a possible bailout, Mr. Kanyama said there was no need for the country to give up because sufficient ground had been laid to ensure a successful program.
He said the success of an IMF programme will come with immense benefits such as beefing up the country’s reserves and opening up budget support to concessional lenders.
“Let us not give up. The IMF program is good for Zambia. There are no more conditionalities to come following what Government has already done. The benefits will be fiscal dis- cipline, beefing up of reserves, unlocking of budget support from concessional lenders and the closing of the Chapter so that energies of technocrats are redirected elsewhere
“Government has done a lot so far to ensure the program succeeds. The level of commitment on the part of the Minister of Finance and his team cannot be under- estimated. Sufficient ground has been made for an IMF program such as subsidy reforms and many more reforms associated with debt contraction underway,” Mr. Kanyama said.
He commended Finance Minister Felix Mutati for his commitment towards brokering a deal with the IMF but observed that there was need to, among other things, dedicate a fully committed team of technocrats to skim through the data provided to IMF to ensure that it was in tandem with its expectations.
He also called for commitment from Cabinet which he said did not seem to be backing the IMF programme and had solely left the duty to Mr. Mutati alone. “There is need to dedicate a fully commitment team of technocrats to skim through the mountains of data and provide that which sits well with IMF expectations. I would urge Mr. Mutati to rehire the former permanent secretary Felix Nkulukusa to support the current Permanent Secretary, Mukuli Chikuba. Mr. Nkulukusa is highly respected in the IMF ranks and can fully support the Zambian team as a consultant for speedy and authentic execution of the project.
“There must be a definite buyin by the Cabinet. I have raised concerns before that Cabinet does not appear to be in full agreement on an IMF program and that’s why it seems, in the eyes of the investors, the program is pushed by only two people, Mr. Mutati and Denny Kalyalya. Communication around the programme should be in simple clear language for all stakeholders,” he said.