Zambia Will Prosper Under IMF Deal - Finance Minister

The Minister of Finance and National Planning Situmbeko Musokotwane has reassured Zambia that the agreement which has been reached with the International Monetary Fund (IMF) will help, rather than hinder, the local economy.

Speaking during a Ministerial Statement in Parliament, Mr Musokotwane said that the deal would enable the governemnt to restore price stability, subsequently helping to bring the issue of debt under control.

Part of the agreement with the IMF includes the removal of subsidies on fuel and electricity which is hoped to narrow the gap between the rich and the poor. Money saved on the removal of subsidies will go towards the provision of free education and enhanced CDF.

To paint the other side of the story, the Finance Minister added that if a deal hadn’t been reached with the IMF, the state of the economy would decline, exchange rate would worsen and poverty would spiral out of control.

“I wish to assure the Zambians that our thoughts and actions are with them all the time and we intend to deliver a much better economy and better living conditions for the average citizen than what they are experiencing now. Zambia is in safe hands,” he concluded.