IMF, WB BEST OPTION FOR ZAMBIA - KATELE

ZAMBIA

must have a mutually productive financial relationship with the International Monitory Fund (IMF) and the World Bank in order for the economy to thrive, former Finance Minister Katele Kalumba has said.

Dr Kalumba said the said institutions were critical in helping the economies which were financially stressed like Zambia’s in order to get back to normalcy.

He said in an interview that the two Bretton Woods institution were better placed at the moment to help the dwindling economy to become better.

Dr Kalumba said it was therefore important that the Zambian Government created a mutually productive financial relationship in order to improve the wheels of the economy. The former minister said developing economies like Zambia could not do away with important institutions, therefore, it was critical to create a mutual relationship.

Creating a strong relationship, Dr Kalumba said, would be easy for the country to source for finances when needed at a most critical time.

Dr Kalumba said currently Zambia was in dire need of financial support in order to stabilise the struggling economy and reaching out to the IMF and World Bank was a must.

“There is no where else we can source for funds to recapitalize our economy apart from IMF and the World Bank. These financial institutions will help us to come out from the serious challenges we are facing as a country,” Dr Kalumba said.