Lungu hints at IMF intervention as he addresses business community

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President Lungu

President Lungu

President-elect Edgar Lungu today, Thursday August 18, 2016 met business leaders for a special breakfast meeting at which he hinted at broad policy measures to accelerate economic growth and control spending during his next five-year tenure.

This is contained in a Press Statement made available to Zambian Eye by Special Assistant to the President for Press and Public Relations Amos Chanda.

Chanda says Lungu addressed more than 70 captains of commerce and industry at Lusaka’s Chrismar Hotel today, and assured them that he aims at creating a more stable and predictable open market environment with increased consultation between Government and the business community.

“I have five years now which is sufficient time to take more decisive action. I will take measures to grow the economy and control
expenditure. Some measures will be painful but they will yield results and by 2021, and people will reward us for having taken such action,” Lungu told the business community.

“We have been constrained to take certain measures due to political considerations. But I am glad that one of the major benefits from the
current constitutional order is that it assures stability in policy formulation and implementation because there is no fear of disruption in the Presidency, at least for a period of five years under the running-mate arrangement,” he said.

“Tough decisions will be made. Some will be painful but necessary. Business confidence has oftentimes suffered because of the frequent
changes in the Presidency in the last seven years.”

Lungu said all the ministers he will appoint must be business and public-friendly because dialogue will be the hallmark of his Presidency.

Lungu said all components of the IMF Programme will be mutually agreed.  He said government and the IMF have made great progress and reached broad consensus on the key areas of the Programme.

The Head of State hinted at a rapid but progressive migration to a cost-reflective tariff structure in the electricity and fuel sectors and the restructuring of the agriculture support programme under which government provides subsidies for seed and fertilizer.

Co-moderators of the business breakfast, entrepreneurs Guy Phiri and Mark O’Donnell delivered a message of congratulation on behalf of the business forum, which has organised itself as an independent think-tank to advise government on the interests of industry.

The business leaders told their stories of hope they have seen in the resilience of the economy under the difficult period of electioneering
and general slowdown in the global economy.

“There was not much panic among investors during this period but instead we saw remarkable transactions by major corporations
buying assets on the Zambian market,” said Caesar Siwale, the CEO of Pangaea Securities Limited, a leading investment advisor.

The President also announced plans to restructure the Food Reserve Agency into strictly an entity for purchasing strategic food reserves. This
would reduce on FRA’s demands on the Treasury. The FRA has done tremendously well in reducing crop waste and now we want them to reduce on its resource demands on the Treasury.

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8 Responses to Lungu hints at IMF intervention as he addresses business community

  1. Your roll as president ends today Lungu.tomorrow back to chawama boss,thur am told even in chawama you are not needed.

    Chawama
    August 18, 2016 at 4:30 pm
    Reply

  2. Lungu bress your self tough times both in parliament and economic platform.I bet you will die of heart attack before the end of 3yrs.

    Dipark patel
    August 18, 2016 at 4:33 pm
    Reply

  3. The day of reckoning is soon coming.
    ECL on breakfast meeting with business people hinted that IMF is coming, for those who are cerebrating victory, the question you need to ask is (“DO THE WORLD BANK, IMF AND WTO HELP THE POOR?The Reality Of Poverty

    “The IMF practises an economic totalitarianism which kills not with bullets but with famine.”Carlos Andres Perez, former Venezuelan President

    “The Reforms that IMF asked Zambia to undertake have brought unemployment and a rise in poverty levels.”Frederick Chiluba, President of Zambia

    “The IMF has presided over, and fostered, a crisis-prone system.” The Metzler Report to the US Congress Our programs are like medicine. Some of the medicine has harmful side-effects, and there are real questions about what the dosage ought to be. The best that can be hoped for is that we are prescribing more or less the right medicine in more or less the right dosage.” Michael Mussa, Chief Economist, IMF

    I was prompted to bring this out for those who are celebrating now, and the comment by Baba Mungoni that the day of reckoning is coming…true 100%

    General SUN-TZU
    August 18, 2016 at 6:52 pm
    Reply

  4. Foolish zambians,we have chosen a leader to lead us who failed to lead himself.how do we entrust the nation with someone who failed to manage himself as an individual.moreover the pf has failed us,was the building of roads,schools,hospitals,clinics etc an emergency that they had to borrow this much or maybe it’s a good way of stealing.our kwacha,agricultural system,economy have BN gvn a blind eye,where are we goin as a nation.

    young
    August 18, 2016 at 9:08 pm
    Reply

  5. Lungu’s priority should be to put his house in order.He should first prove that he won these elections freely,fairly,credibly and transparently.If he is found to have stolen the elections then he can kiss goodbye to IMF assistance. In any case it needs financial displine to implement austerity reforms which Lungu lacks.

    Mwansa
    August 19, 2016 at 5:17 am
    Reply

  6. Whilst i don’t like the man an inch, because of his arrogance he will stay on as president but the people i pity the most are the ones in shanties who were celebrating pf perceived victory, zambia will go redder tham red with austerity . The idiots don’t even know ehat happened in Greece!

    The Philosopher
    August 19, 2016 at 5:54 am
    Reply

  7. How come he is talking about securing five years when there is pending petition? This man has already bribed the CC judges? I hear that Frank Bwalya and Mumbi Phiri, in their phone conversation said that the Judges will rule in PF favour no matter how overwhelming rigging evidence is.

    The Zambian Government Institutions have failed us. They are so compromised that they break the laws they are supposed to enforce or interpret correctly. This is a source of anarchy.

    Muntu
    August 19, 2016 at 6:16 am
    Reply

  8. good for all Zambians not only opposition..let them hard times come..

    intelligence
    August 19, 2016 at 9:01 am
    Reply

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