We’re in charge, Mutati tells IMF

Fri, 03 Mar 2017 10:44:06 +0000

By BUUMBA CHIMBULU

GOVERNMENT with or without the International Monetary Fund (IMF) support remains responsible to deal with its debt and prudent spending as indicated by difficult reforms which have already been undertaken such as those dealing with subsidies, says Minister of Finance Felix Mutati.

Mr Mutati said the IMF typical position centred on reforms which Government was already undertaking.

“We have this home-grown programme that addresses the fundamentals of the economy and the idea is that we must take ownership and responsibility to grow this economy and to stabilise it.

“With or without the IMF, we still have the responsibility to deal with debt, raise revenue and spend prudently. We do not need anybody to come and tell us that. It is a responsibility of Government and we are already doing that,” he said.

He was speaking at a private sector and Government consultative seminar on Economic Stabilisation and Growth Programme in Lusaka yesterday.

Mr Mutati explained that Government had ‘‘literally left no room’’ for the IMF to bring in any different ideas apart from the ones it had currently embarked on.

He said Government had already pronounced in its 2017 national Budget that it would embark on a situation analysis for those parastatals that were draining the Treasury as part of creating prudent management.

“A number of people have spoken about the IMF, what is it that they can bring which is different? Their typical position is around reforms and what are these reforms?

“We are already taking the difficult decisions around reforms. We have already spoken about agriculture, we have already spoken about energy, and they are dif-ficult reforms. Basically we would have removed the heavy lifting ourselves as Government,” he said.

Mr Mutati emphasised that the IMF would not bring in anything strange as the only programme on the table was economic stabilisation and growth.

He also said a team in Livingstone was currently undertaking a debt sustainabil-ity analysis to anchor the principle that Government never borrowed beyond its capacity to repay.