IMF coming to Zambia in March – Mutati
Felix Mutati
Finance Minister Felix Mutati has said that a team of experts from the International Monetary Fund (IMF) will be coming to Zambia next month for program talks.
Mr Mutati says the consultatative process for an IMF supported program will soon be completed and presented to Cabinet in readiness for a team from the IMF which will be coming to Zambia next month.
The Minister was speaking to investors and British government officials at the Royal Institute of International Affairs, Chatham House, in London.
Mr Mutati told a packed audience at Chatham House that government is consulting various stakeholders in readiness for consideration by cabinet before IMF comes next month for program talks.
Meanwhile, seminar Chairman Chris Van Nierkek has said that “Zambia is moving in the right direction by showing commitment to its economic recovery and stabilisation programs.
The Finance Minister also shared information on the available investment prospects and on the engagements which the government has been having with various cooperating partners in Zambia and abroad.
“This year, we are confident that cooperating partners will disburse budget support in excess of USD 400 million,” Mr. Mutati said at the seminar.
He said there was also need for private sector investment in order to accerelate job-creation and give direction and hope for a better Zambia.
Among the participants at the seminar on Zambia’s Financial Stability and Prospects for Growth were Bank of America, British Foreign Office, Commonwealth Office, Lonhro, Rothschild, Rio Tinto, Tullow Oil, Anglo American Corporation, Eaton Vance and Hogan Lovells.
Others were Actis, Aberdeen Asset Management, Emile Woolf, Standard Bank, Soros Economic Development Fund, Standard Chartered Bank and First Quantum Minerals (FQM).
The rest were Jeffries Group, Farallan Capital, Eurasia Natural Resources Corporation, Mitsui and Company Europe, among many others too numerous to mention.
And Mr. Mutati has also said that international interest in Zambia’s current (USD 750 Million, USD 1 Billion and USD 1.25 Billion) sovereign bonds is rising due to positive sentiments on the economic recovery program.
“As at today, our current sovereign bonds have been oversubscribed due to growing investor confidence,” said Mr Mutati.
Meanwhile, First Quantum Minerals Director of Government Relations John Gladston attested during the seminar that the policies which the Zambian government is implementing through the economic recovery program have had a huge positive impact across the spectrum of the private sector community in Zambia.
FQM is among the largest contributors to Zambia’s tax revenues.
This was contained in a statement issued by Ministry of Finance Head of Media and Public Relations, Chileshe Kandeta.