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IMF CAUTIONS ZAMBIA AHEAD OF 2011 ELECTIONS

  1. Posted on Wednesday 3 November 2010 - 15:47
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    The International Monetary Fund –IMF- has advised Zambia to maintain fiscal discipline in its expenditure for the year 2011 as it will host presidential and parliamentary elections.
    A mission visiting Zambia to hold discussions focused on the fifth review under the extended credit facility has stated that it is pleased with the performance of the Zambian economy in the year 2010.
    Head of mission George Tsibouris says Zambia needs to use its existent public finance management structure to avoid spending outside the outlined budget.
    He has nonetheless commended the southern African country for the recently announced 2011 budget whose focus is on social spending and infrastructure development and the improved performance of the economy which he says is in line with expectations.
    He cites the much talked about maize bumper harvest and steady inflation as notable achievements of the country for the year 2010 adding that he envisages strong growth in 2011 at about 6.4 percent.
    “I am pleased to say that the Government of Zambia and the IMF team have reached agreement on a set of macroeconomic policies and structural measures for the remainder of 2010 and for 2011 that would pave way for the completion of the review of the ECF subject to approval by the IMF executive board.”
    And Tsibouris says the IMF is this December set to discuss a proposed 25 million dollars concessional loan for Zambia. The funds are meant to facilitate infrastructure and electricity development.
    Speaking during a news conference in Lusaka, IMF head of mission, that has visited Zambia from October 28, says he is optimistic the proposal will have a positive response.
    Mr. Tsibouris states that with the projected reduction in external budget support, an increased proportion of infrastructure spending which is to be financed non-concessionally for it to be consistent with preserving debt sustainability.
    “The IMF executive board is expected to consider the completion of the 5th review of the Zambia’s ECF in mid December 2010” Tsibouris has said.
    Ends…….
    IMF CAUTIONS ZAMBIA AHEAD OF 2011 ELECTIONS

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