Economy

No IMF Deal Yet, Says Mutati

felix-mutati-zambia-reportsFinance Minister Felix Mutati says government has not yet hosted any detailed programme discussions with the IMF and there are no preconditions.

Delivering a Ministerial Statement in parliament, Mutati said the IMF team that is in the country is here on a monitoring mission.

“The IMF are here this week on a monitoring mission to discuss the economic situation and for us to start presenting to them our economic recovery programme. We expect them to return for programme discussions later,” he said.

“May I inform the house that before any programme details are agreed upon, cabinet and other economic stakeholders will be consulted and any final agreement, if appropriate, would be expected in the first quarter of 2017.”

Mutati said the IMF no longer imposed conditions without the consent of the recipient and urged the country not to shy away from help.

He said as part of the economic recovery programme government will prioritize the dismantling of arrears owed to contractors to help companies meet their obligations and sustain their operations.

Mutati said retaining budget credibility was a matter of concern with variations usually as high as 25%.

“This cannot continue given that the discretionary budget is only around 2% of domestic revenues,” he said.

Mutati said the removal of subsidies will be cushioned by investment into the social sector by government.

He said the external reserves have dwindled from US $3.9 billion to US $2.3 billion.

Mutati said the slow economic growth was largely due to low international commodity prices in 2016 and adverse weather conditions linked to El Nino weather system over two agricultural seasons.

73 Comments

  1. Prisona

    That’s our finance minister and MMD president.

    • Neutral

      What is the cost of hosting IMF officials several times a year?

      Who is paying for their travels and stay(per Diem) in Zambia other than the cost being embedded in the anticipated recovery package?

      By the time the anticipated recovery package is released to Zambia Half of it would have been embedded & hidden in travels and stay(per Diem) costs? Remember IMF officials wre here again in April 2016.

      There is no honor in borrowing just like there is none in begging!

      A country where every citizen/pensioner thinks only in investing in Sido shops(selling groceries), Minibus/taxi & Real Estate without plan of how to create employment for their targeted clients/customers, is only a country in total mess! How do you expect people to buy your groceries, ride your car & rent your House when they are jobless? Every home has a taxi & a shop then who is buying from who? People in formal employment engage in selling cabbages, tomatoes, secondhand clothes, used cars etc then how would the unemployed survive? In a normal society most formally employed citizens must be contented with their jobs/earnings so as to assist the unemployed by buying from them. They should have time to go on holidays unlike 08:00-17:00 office work, after 17:00 they are taxi pirating or selling tomatoes. You killing those that never expect a monthly pay.

      Another indicator of how rubbish Zambian economy is, it is the frequencies at which real estates & tenancies are changing hands. You own a house today & in three years that house has passed through 4 owners. That’s alarming!

    • Neutral

      Zambia is one of the useless countries where thieves are ‘respected & honored’. If you work to earn a living genuinely then “walishishita”, when a thief steals millions then “Alichenjela” & that rich fool can even land her/himself an ‘educated spouse’ simply because he/she has ‘stolen money’.
      Morals have decayed in Zambia!

      • Neutral

        A country where everyone, villagers inclusive, dream of making money only by acquiring & selling land. Instead of us being innovative the only thing get land & sale. If that’s how Americans behave Donald Trump would not be as rich from his real estates because everyone would have had a share. Instead others like Bill Gates, Zuckerberg have made billions through IT innovation by founding Microsoft, Google, Yahoo, Facebook,Twitter, Skype etc.
        I may not be as innovative but I know some among us can be innovative all they need is just encouragement & injection of fresh ideas.

    • Raphg

      Uko minister at the same time president what a hell!
      mmdpf collabo!
      money seekers!

  2. Thomas

    Somewhere here some issues are complicated for letting this man a finance minister. Hah, you cant know where we are going God be us in Jesus name.

  3. tito

    He z a man,we hav hope in him

  4. Daywalker

    Ministry of Finance has been Zambias developmental anathema for decades. The junk cut and paste budget with no proper budgetary performance review has made a farce out of the most useless publication produced annually in Zambia called the yellow book (The budget) and it's fraternal twin the equally impotent Auditor Generals report.

    The fictitious $1bn we were begging for tn lining the pockets of middle men and economic hustlers can be used for better more equitable pursuits than global warming, diabetes and creating our own Gupta's and Radovan Krejcir's.

    Mutati has shown some promise in the noises on his  2016 pre budget statement but that shall all amount to nothing more than flatulence if he does not realise that he is the  appointed general in our war against our self imposed poverty and ignorance.(Will Mutati be our Moses? )

    Mutati must grow the biggest pair of coglioni's between now and November 11 and put the $1bn apparently being saved to provide atleast half of it per year to indigenous start ups and cottage industry and it's management. Our population is relatively minute.

    A focus on IT development knowledge and craft skills that are tailored towards our desired economic drive based on a Singaporean, Saudi, Scandinavian and Korean hybrid economic long term model. In a world of negative interest our historically, economically dissadvantaged population desrve all the support they can get. 

    Zero interest loans are now an economic right that Mutati must design a package for to bolster all the young hands and minds itching to build business in manufacture and agriculture all over Zambia. Strengthening the laws governing the economy will be useless if the ECONOMIC CRIMES & INTELLIGENCE DIVISION (based at the red brick) is not given resources to quietly but aggressively iron out the "kinks" in the back ground as has been suggested by the KWACHA REPUBLIC.

    Government social protection must only be made available for citizens who volunteer for community service and  volunteer to be captured in the financial system for both tax collection and social support through the link of cellular technology to create create a digital revenue and expenditure matrix,  cross referenced by location which shall be an invaluable tool to inform our stunted development.

    Zambians must retake the narrative and define their own economic challenges and innovate their own solutions. Mutati must fully explain what the economy is suffering from before he gives us his prescription.

    We can't be suddenly be recommending quinine and aloe vera from foreign Sangoma's before establishing whether the ailment is malaria or witchcraft and informing the patient accordingly. (unless Zambia is  economically comatose and Mutati and the IMF are the appointed next of kin).

    THE KWACHA REPUBLIC EXPECTS COURAGE FROM OUR LEADERS NOT THIS NEOCOLONIAL ECONOMIC ABDICATION WE HAVE PURCHASED WITH OUR OWN POCKET CHANGE FROM THE COPPER INDUSTRY.

    • Imsoni. ebuntu

      The. article is. well articulated we need to know exactly were our economy has a. problem not outsiders to tell us what they think. about. our economic..

      • moley chavula

        Comment zambia depend on copper or once copper price goes down things goes crazy. most mines are on care and maintainance if you dont live in copperbelt you will not understand what am saying .let us not predend in copperbelt things are bad ….

  5. jk

    Comment how can a party president being apointed as a minister from another party,this is no sense,their aim is to missuse public resouces and leave our nation in crisis.

    • Capt. Rix

      Mr Mutati may be the leader of MMD, but at this point in time he is working for One Zambia One Nation and he means well and good at his job. Probably the best man for the job. No hidden agenda, just loyal to the appointing authority and we the people of Zambia.
      Thank you ECL for this appointment and congratulations for scooping Plot 1, Independence Ave.

    • Losky

      Dununa reverse kaili….

  6. Richard Darington

    I have hope in u Mr mutati I knw u can do it

  7. New generation.

    Its a one way to silice the opposition,how can someone put two legs one in cold water and the other in hot water

  8. Phils

    I’ve hope in him.He is our Moses.

  9. Mr TJ. Lungu

    Economical issues in Zambia will be dealt under the drive of Mr Mutati as Minister of Finance. Mutati is one of the rare intelligent fellas found in political arena. Zambia First

  10. Maano

    Mutati is just thinking within the box junk! What we need as Zambians is not just a good Minister of Finance to drive a broken down economic machinery. What we need are good governance systems, structures, and laws. We need to start from the fundamentals – our entire state craft overhaul! We need to reform as a Country: governance, Economic, and Legal reforms.

    We should start with a magnanimous postmortem, to review what has gone wrong and not working properly for us. Certainly, the extraodinary problem is not only the low copper prices. It is actually bad National governance!As Zambians, we do not know how to govern our nation properly. Mark my words: Bad Governance!

  11. guy

    hw can get mmd president as a finance minister this is nosense nd it means that pf has failed to rule on it’s own, visionless president

  12. milimo habeenzu

    hope is in you Mr mutati .hope we ll c a change in our economy

  13. Mr TJ. Lungu

    @maano. The real fact is that mutati is an intelligent fella not you maano

  14. mirano

    This is the beginning of failure #mutati????

    • cletus

      Mirano)don’t be so careless as you are talking what should come to your senses is this we a re all human being no man on earth will do goodthings to satisfies human being are you god to judge I hope you are not tonga

      • mirano

        By the way who are you to interfere in my way of thinking and understanding each and every being in Zambia got his o her own views #freedom of expression plz if u think am judging so be it but stay away from my comments

    • Raphg

      This mutati and his two parties are failures, because he has failed to look after his party, now what would he bring to the already failing govt?
      Ofcourse “FAILURENESS”.

  15. Kayz

    We dnt need som1 who is good at talking bt som1 who is able to work in order to stabilise the financial crisis we r experiencing.Things hv become expensive & money is scarce to find.Tiyonde chino chaka

  16. soko james

    Felix Mutati is more intelligent than mr.fix it

  17. wheels

    We told you vote for HH and GBM you cried Tonga now go on and cry

  18. jabulani

    wow!

  19. aaron zulu

    it’s jst the biginin bt it ll be contrd soon

  20. Bruno mars"The moon shine jungle"

    Pf, aaaweeee mwandini kuwayawaya fye. Ati economic recovery, when???? 2 bad 4 vote 4 Lungu wina.

  21. CITIZEN

    if it goes on like this in 2021 u wil be out of power u better be fast

  22. fg

    remind them

    • Odinga nyirenda

      CommentWishful thinking. Its 50 yrs for PF. Difikoti and Bikiloni will never taste state power. What will they fix? Dreamers.Insulting does not mean checks and balances.That’s why intelligent Zambians never saw anything good in them. congrats for having shown us your true colours.

  23. mukuma tripex jesus

    mutati go forward i knw u can do it.

  24. Kuenda ni Onyada

    Apointng an oposi

    • Kuenda ni Onyada

      Apointng an opposition leader as finance minister z as sem as 1 askng an hungry lion 2 kip watch ova yr cow & we can call it… Mnzowerere ni kudiere mwana. Vissionles! Wek up

  25. moley chav

    Comment politics are football when you are not amoung the 11 you will be able to see the oppotunity of scoring .

  26. William chanda

    mutati I have hope in you,fix it all you will be jailed

  27. Anamela

    Third World countries don’t make any deal with IMF. Truth is they are all dealt with by IMF, fixed if you like. Good example is removal of sufsibies, almost like cutting a pound of flesh from the part of your body closredt to your heart.

  28. TL

    Not mtati alone!.our economy requires everyone to work extra hard and to be truethful in all our dealings including our coments on the so called ‘social’ media .let’s encourage our leaders and advise them on how things should go.they are mortal just like u and me.

    • Salizal khalifa

      if that is the case ,you are saying you haven’t signed anything with IMF why gradual removal of subsidies, and who was consulted for the removal of subsidies and why the sudden increase of fuel price, and it clearly shows who the beneficiaries are this mathematics not economics, for how long are going to be on the economic yoke?

  29. obby

    ask them

  30. p_p

    I know mutati is the man of integrity where job is concern he is serious, he put’s politics aside and give fruitful result. wait and see.

  31. intellectual

    We don’t need psychology or political science to know what this man is saying here, its a surprise to find some comments here are literally not connected to the statement and to those of u who are saying how can apposition b given this ministerial position, to start with u should know that MMD and PF were in an alliance and they (MMD) really helped PF to campaign hence they deserve honour,secondly Felix Mutati is one of the Credible Leaders in Zambia who can help take this country yo its greater heights,Mutati is an intellectual, if u want to prove go to South Africa and ask,He among the few Zambians or rather the only Man who attends the commerce,minning and finance Indaba in S/A he has helped this Nation with the hulling of investors and strategised the economical plans for the betterment of we Zambians,y do u think Mwanawasa gave him that ministry of commerce and industry? Do u know that Its Felix Mutati who brought Dangote to come invest in Zambia? Ask the mayor of Durban about mutati,unless they interfear or oppress his ministry otherwise the man is right for the Job if u don’t like it then tell us who u want to be finance minister coz he has all the credentials and resume appropriate for that job,,unlike pipo like Defence man,,,or justice man who have different proffessionz and experience but being take to new arenaz

  32. owen

    Mutati is a jx a joker,,,,these pipo ar jx playin our brains

  33. Expert Analyst Current Affairs

    p_p you are right to say Mutati is serious with his wait and see,but you would included such words as until you are six feet buried you local. Because it will take a minimum of 20years to see the positive results if we are lucky

  34. Wise

    Comment.yrs ar passing so fast if dey ar not serious to implement,dey i’ii get suprised when dey remain with 2yrs,letdem perform.dey av already started it badly. we all need dem to succed.

  35. Eastern power

    So mu pf mulibe banthu ophunzira amene angayendese bwino cuma? The begining of failliers.

  36. The Remnant"Saviours"

    If minister means well,it is his duty to make zed,a better place for poor and rich pipo.Let those who does not see good things go to the smal god die hard if they want.

  37. Victor

    Why Zambia people like this because is Christian nationa.poor economic and copper

  38. The Bible

    Dependence on one thing is a problem arising in slow economic growth.
    Zambia wake up!

  39. Victor

    Zambian prese ku wa wa wafye ifintu filekosafye nishi mucalo tamwaba pres???????

  40. Fenold

    Work for the people of zambia

  41. Piss Off!!!

    ok

  42. GP

    no one knos wat hw tmorw who b,So plis stop jugding our minister gve him time coz if he do things prematurely our country who gain nuthing…..

  43. Sims

    The country we’ll be stabilized by the grace of GOD.

  44. wachimeko

    gvt coffers r dry no muler ba pipo cant wait to hear de budget for nxt yr

  45. Kalampa 4 Lyf

    IMF is an insitution run by Lucifer himself,its main agenda to destroy economies of countries like Zambia and other foolish African and Asian nations.They ask leaders of nations to sell assets ie water,land,minerals etc to them in return for billions of dollars paid into Swiss accounts of any president who obliges.IMF is run by illuminati executives even babies know this but grown ups are always hoodwinked by this evil financial organisation.Open your eyes people or you will sell your souls to Lucifer.John 10:10.

  46. Ragan

    Shimika

  47. Anamela

    Who are you kidding? Who needs who more- Zed or IMF? Deal or not yet deal they will soon be gere anyway to screw us as they did with KK when he was forcef to “divorce” them. Then came Chiluba and SAP. What did we benefit from that marriage? Redundancies etc. Of course now we have MMD president acting as Finance Minister, lets wait and see where the two parties take us. One thing you can be sure of your pockrt will not overflow with cash.

  48. think tank

    Just play Dununa reverse n dance while sipping on jameson..that was your campaign strategy..the mmd Micheal sata tirelessly worked to kick out of power is ruling again..dununa reverse..mukose!

  49. think tank

    Humble president my foot..while u tightening your belts he’s sitting on 23 million, getting a hefty salary, not paying any tax, free fuel n food enough allowances etc then ba zambia bakali ndwii!! It’s high time our leaders r held responsible bcoz I doubt if the feel the pain n suffering millions of zambians r subjected to

  50. lindy

    somethngs awe sure

  51. Amo G

    norwander balatuseka

  52. Benito

    Comment
    pa zed what is happening?

  53. Mapolo ya mbuzi

    ukoseh sana iwe

  54. mr tembo

    Comment awe mwand

  55. mr tembo

    awe mwandi

  56. VM

    We know bwana Mutati,the deal has not yet been struck.You are supposed to conform to there requirements before they give you the cash.So it is only a matter of time….

  57. fines mwwmbu@1

    Comment?????Yes dununa iye ifintu no Lungu sonta apo was bomba l ts now opposite Your joy is now bulanda Jemason alinwina impiya shonse!!!!!!

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