ZAMBIA DOES NOT NEED AN IMF BAILOUT PACKAGEBy Prisca Lumingu
Opposition Patriots for Economic Progress (PeP) President Sean Tembo has maintained that Zambia does not need to borrow from the International Monetary Fund (IMF) because Zambia is already on the right trajectory to refinance the Eurobonds.
Mr. Tembo said the country had witnessed a high level of investor confidence as witnessed by the gain in the yield of the Eurobonds the moment President Hakainde Hichilema was announced the winner of the general elections.
He said it was clear that such investor confidence would make it easier for the country to refinance Eurobonds once they became due.
Tembo said he was optimistic the trend would remain so for a long time to come.
The PeP leader added that Zambia does not need loans that are attached to varying conditions as was the case with the IMF loans .
Meanwhile Mr. Tembo said President Hichilema’s claim that the his government has inherited empty coffers when the country’s gross foreign reserves are now standing at US$ 2.9 billion, was not truthful.
Mr. Tembo recommended a seal to various revenue leakages for tax and non-tax revenue as a more prudent solution.
He said once all the leakages are dealt with, the country would collect enough revenue needed to pay off the debts.