Maravi

IMF team visits Zambia to review economic progress

IMF team visits Zambia to review economic progress
Written by Kabanda Chulu
Thursday, February 19, 2009 7:19:06 AM

THE IMF mission yesterday arrived in the country to review economic and financial developments and hold closed door discussions with the government, private sector and civil society, on economic policies and prospects for 2009.

The International Monetary Fund (IMF) mission to Zambia, which is based in the United States and is led by Francesco Caramazza, is also expected to advise the Zambian government on how to strengthen its national budget execution in order to reduce the carryover of unspent balances and budgetary allocations.

According to the ministry of finance, the IMF team arrived yesterday for closed door meetings with minister of finance Situmbeko Musokotwane and other government officials.

Caramazza and his IMF team would also meet Bank of Zambia senior officials, the private sector and selected civil society organisations and various cooperating partners.

It is expected that the IMF mission would also hold discussions with the government relating to the review of Zambia's three-year economic programme supported by IMF's Poverty Reduction and Growth Facility (PRGF).

In December 2008, Caramazza and his IMF team were in Zambia and advised the government to exercise caution with incentives associated with the Multi Facility Economic Zones (MFEZ) because they would erode the tax base.

Caramazza also observed that economic prospects in the country were bright depending on the quality and extent of the implementation of the Fifth National Development Plan.

Labels: ECONOMY, FRANCESCO CARAMAZZA, GREAT DEPRESSION II, HYPOCRISY, IMF, MFEZ

posted by MrK @ 7:19 AM