SUPPORT GOVT ON IMF RESCUE FUND, BANKS URGED
THE banking industry should be more patriotic and assist Zambia in successfully accessing a programme with the International Monetary Fund (IMF), says former Finance Minister, Kalele Kalumba.
Dr Kalumba stressed that he was aware that there were big individual banks with capacity to influence the IMF in positively responding to Zambia’s request for a rescue programme.
He explained that it was important for all players in the country to be patriotic and support the country as it was going through economic challenges.
Zambia is currently eligible to access up to US$1.3 billion worth of a programme from the IMF.
“I plead, let us remove emotions and listen to the authorities, including the banking sector themselves. Some individual banks are very powerful, they do provide information to the IMF even the central authority knows.
“So it important that for once the corporate persons become patriotic about this, this is for Zambia to access the programme. Let us play to win, we have no other way out,” Dr Kalumba said in an interview.
Dr Kalumba implored others sections of the country such as the civil society, political parties, churches and public institutions to support Zambia in accessing the programme by avoiding issuing contradictory statements.
He emphasised that not being patriotic would only hurt Zambia and not individuals.
“I have been through this and I have helped my country cross over the waters of the HIPIC problem by getting to the decision point. I know we need to speak with one voice, whether we are civil society, political parties, churches or public institutions.
“I speak about this with clear knowledge and I know what happens when you do not do it right. Many countries have consulted me over the IMF programmes and I have given them counsel, so why should I fail to give counsel to my own country?” Dr Kalumba asked.