A team from International Monetary Fund arrived in Lusaka over the weekend to assess how the Zambian economy is collapsing with the dollar likely to reach K14 this week as it now standard at K13.6.
Zambia’s Finance Minister Alexander Chikwanda is no admirer of the International Monetary Fund but has been made to face reality with the nation’s currency plunging to a record low and yields on Eurobonds approaching 13 percent from the initial 5 percent on the first bond.
Just two weeks ago Chikwanda was bragging that Zambia won’t need an IMF loan, he has finally run out of options.
In a somber mood he announced to Ministry of Finance management that he has requested the intervention of the IMF.
A team led by an IMF veteran who has being handling world crisis including recently Greece with his team have arrived in Zambia and will be in the country up to 20th November 2016.
Chikwanda confided to his staff that the arrival of the IMF in the country while humiliating is a necessary evil as the economy has totally collapsed.
Our source in the Treasury has revealed that Chikwanda says once the IMF program commences he is tendering his resignation.
He is blaming the collapse of the economy on President Edgar Lungu’s insatiable travelling appetite.
He disclosed that hundreds of people travelled to New York using a chartered private jet carrying members of Lungu’s and the wife’s extended family.