IMF DEAL SLOWLY COLLAPSING - DR NG’AMBI
…says President Hichilema should abandon the deal and reconcile with Beijing
THE International Monetary Fund (IMF) package being pursued by the new dawn administration is likely not to succeed and President Hakainde Hichilema should refocus his energies by going South and negotiate with Beijing over Zambia’s debt restructuring, Frank Ng’ambi has advised.
Dr Ng’ambi, the Patriotic Front chairman for industry has instead appealed to President Hichilema directly to engage the Chinese government for debt restructuring to avert and economic catastrophy that would leave Zambia much deeper into economic woes.
Dr Ng'ambi said President Hichilema must abandon the IMF package and find other means of sustaining the country's economy because Zambia was not going to meet the conditions set out in the package which included debt restructuring
In an interview, Dr Ng'ambi said it was imperative that, at the time when Zambia’s economy was performing worse than the 2003 economic meltdown, President Hichilema should consider abandoning the IMF deal, swallow his pride and talk to Beijing on how best the debt restructuring should be managed.
"Zambia will not meet the conditions set out by the IMF and even if it met the conditions, the IMF will not take us anywhere, apart from worsening poverty levels. So, we are urging President Hichilema to abandon the IMF package and instead engage the Chinese government for possible debt restructuring.”
"If President Hichilema does not engage the Chinese government for debt restructuring, then Zambia's economic woes will escalate beyond redemption. It is unfortunate that, at this point, 80 percent of ZambianS are living on one meal per day. If this is allowed in the immediate future, there is a possibility that Zambians will resort to being riotous as Emeritus Archbishop Telesphore Mpundu warned,'' Dr Ng'ambi said
And PF Copperbelt Media Director Moola Munalula has said Zambians had learnt a bitter lesson of replacing the former President Edgar Lungu with President Hichilema whose capitalist policies had resulted into worsening poverty and hunger levels in communities