By KALOBWE BWALYA
DEMANDS by Patriots for Economic Progress (Pep) president Sean Tembo that President Hakainde Hichilema suspends the International Monterey Fund (IMF) bailout package pursuit are misguided, Financial Analyst Maambo Haamaundu has said.
Mr Haamaundu said it was mere politicking for Mr Tembo to call for suspension of an IMF programme pursuit as the country needed the package for a quick economic recovery.
He said it was not a joke that the country had been seeking a bailout package from IMF for the last five years.
In an interview, Mr Haamaundu said that conditions that would come with the IMF package were agreed upon by both parties.
Mr Haamaundu said there was need to make tough decisions as a country because in the last 10 years government over borrowed and did not utilize the resources properly.
He said Zambia needed IMF as the country’s economy needed quick attention before it deteriorated further.
“There is no need for government to engage in consultation with stakeholders, but to move forward and get the package which will help the country. The levels of confidence will be enhanced and when the IMF is involved in any country they have monitoring mechanisms and evaluation capabilities which are good,”said Mr Haamaundu.
Meanwhile, Mr Tembo said due to the implications that come with IMF loan, President Hichilema should widely consult stakeholders, saying that the IMF bailout was not the solution to Zambians economic woes.
He said the country had recorded a Balance of Payment Surplus (BOP) through a number of exported goods such as copper.
Mr Tembo said goverenment should not rush into signing a loan, but consider wide consultations from various stakeholders such as Zambia Chamber of Commerce and Industry, Bankers Association of Zambia and traditional leaders among others.
He said the country has been meeting its revenue collection through ZRA and was able to pay salaries and other emoluments that it owes the Zambian citizen therefore no need of an IMF bailout.
He said IMF bailout had conditions aligned to it such as employment freeze, wage freeze and hikes in power tariffs including fuel pump prices.
Mr Tembo said if government decided to ignore concerns from stakeholders, the nation should be ready to live in poverty because IMF loan directly affect citizens.
