Govt’s engagement with IMF is relevant – ZIPAR

Dr. Pamela Kabaso

The Zambia Institute for Policy Analysis and Research (ZIPAR) has observed the need for the Zambian economy to be resilient to internal and external shocks.

Speaking during a Media Luncheon in Lusaka this afternoon, ZIPAR Executive Director Dr. Pamela Kabaso says Zambia’s economy has in the last two years suffered many shocks that have consequently affected the Gross Domestic Product (GDP) growth.

Dr. Kabaso says Zambia’s GDP growth in 2015 declined to 2.9℅ from 7% in previous years thereby negatively impacting on the economic growth as well as human development.

She states that the Zambia Plus program, aimed at reviving the country’s economy with the help of the IMF is necessary.

Dr. Kabaso says Zambia needs the technical and financial support of the IMF and has since called for proper engagement with the IMF mission team that is currently in the country.

Speaking at the same event, ZIPAR Research Fellow, Ceaser Cheelo says the IMF program is relevant because Zambia is eligible to a US$1.3 billion interest free loan from IMF.

He says this amount of money can cover Zambia’s total external debt service needs for two years.

Mr. Cheelo notes that Zambia’s debt burden is already huge and needs serious attention.