Finance minister Bwalya Ng’andu today failed to attend a crucial meeting with IMF representatives. Ng’andu collapsed in Livingstone two weeks and has been Unable to work since that time. Home Affairs minister Steven Kapyongo has been acting as minister in charge of money..
The Watchdog believes that Ng’andu was sorted out by rivals to the running mate position and that he may not be able to resume his functions as finance minister again.
The crucial meeting with the IMF was instead attended by President Edgar Lungu, Secretary to the Treasury Fredson Yamba, and Bank of Zambia Governor Christopher Mvunga.
Meanwhile, Reuters reports that Zambia’s President Edgar Lungu met the head of the International Monetary Fund’s Africa Department on Tuesday as the southern African copper producer attempts to plot a course out of a debt crisis.
Zambia became Africa’s first pandemic-era sovereign default last month after it failed to pay a $42.5 million coupon on one of its Eurobonds.
Zambia’s presidency released a photo of Lungu, the IMF’s Abebe Selassie and Zambia’s central bank governor following the meeting in the capital Lusaka.
Zambia has had a rocky relationship with the Fund under Lungu.
However, Finance Minister Bwalya Ng’andu said last month the government was in talks with the IMF over the “appropriate policy instrument” to help manage public debt and that its involvement was important the restructuring process “credibility and impetus”.