Cooperating partners encourage Zambia to acquire IMF package
Written by Millennium on July 25, 2019
BUUMBA CHIMBULU writes
COOPERATING partners have encouraged Government to continue with its efforts in acquiring an International Monetary Fund (IMF) package to expand Zambia’s financing options.
And the newly appointed Finance Minister, Bwalya Ng’andu has encouraged cooperating partners to continue partnering with Government in policy implementation.
Chair of the Cooperating Partners Group (CPG), German Head of Development Cooperation Christoph F ritz, said acquiring an IMF package would expand Zambia’s financing options.
Zambia is currently in talks with the fund for a possible US $1.3billion package.
Mr Fritz was speaking yesterday in Lusaka when cooperating partners paid a courtesy call on Dr Ng’andu.
“You need to continue with the country’s efforts towards acquisition of an IMF Supported Economic Programme in order to expand the financing options available to Zambia by way of support from other cooperating partners,” Mr Fritz said.
The Cooperating Partners also restated their commitment to support the implementation of the Seventh National Development Plan.
The CPG delegation reaffirmed their support towards building a strong partnership with the Zambian Government.
Commenting on this, Mr Fritz commended Government for austerity measures.
“This is a very important message to the international community as it demonstrates the resolve of the authorities in taking corrective measures in the country’s progression towards fiscal health,” he said.
Among the other issues discussed in the courtesy meeting were debt management, financial governance, private sector development, value for money public investments, protection of social spending, and drought responsiveness.
Further, the cooperating partners listed the e-voucher programme and the economic stabilisation and growth reforms among the issues that needed closer attention of the Zambian Government.
Meanwhile, Dr Ng’andu said his job honeymoon was short as the terms of reference given to him by the President Edgar Lungu to stabilise and grow the economy offered limited room for delay.
“Hard work is beckoning, the need for action is immediate, my honeymoon is short and my Ministry will require your unfettered support to push policy implementation and get work done,” Dr. Ng’andu said.
The Minister took the opportunity to assure the cooperating partners delegation that Government valued the relationships that it had with all stakeholders.
“Government is therefore keen to strengthen existing ties through various development platforms,” Dr Ng’andu said.
He also pledged to meet all the partners individually in order to reach common ground on areas that need attention “in order to stimulate faster implementation of development programmes.”
