Maravi

Zambia’s economy delights IMF

Zambia’s economy delights IMF
By Fridah Zinyama
Monday June 09, 2008 [04:00]

FINANCE minister N’gandu Magande has said the next programme that the International Monetary Fund (IMF) will embark on with Zambia will have little conditionality due to the country’s good performance in the last programmes. The IMF last week approved a US$79 million (about K291.9 billion) three-year-plan to support Zambia’s poverty alleviation and sustained economic growth. In an interview on Friday, Magande said the IMF had reduced the funds that they will be allocating to Zambia due to its good performance in past projects.

“We will have low access to the Poverty Reduction and Growth Facility (PRGF) and the funds we have been allocated (US$ 5 million) will be meant for consultation purposes,” he said.

Magande however said the US$ 5 million was little and that Zambia would have to work very hard to source for funds for other projects.

And Magande added that the government would also embark on completing most of the roads across the country which were economically strategic to the country.
He said government was in the process of developing a feasibility study of starting a dual carriage on particular roads which were very busy.

The government this year allocated about K1.3 trillion for road rehabilitation and construction. According to the IMF, the new PRGF succeeds a previous arrangement successfully completed last year.

The IMF commended the Zambian authorities for implementing prudent macroeconomic policies, which, in the context of high copper prices and debt relief, contributed to robust economic growth, markedly lower inflation, a reduction of poverty, and a build up of international reserves.

Labels: HYPOCRISY, IMF, MAGANDE, NEOLIBERALISM, PRGF

posted by MrK @ 3:34 AM