A team from the international monetary Fund (IMF) is in Zambia to gather information on Zambia’s money matters in relation to Zambia’s application for a bailout.Meanwhile, another team from the USA government is in the country to gather information on Zambia’s good governance and Human rights performance. The team gathering data on good governance is from the USA Department of state, Bureau of Democracy, Human Right and labour. The team is led by Christina Droggitis, the Foreign Affairs Officer at U.S. Department of State. The report by this team will determine how the USA government deals with Zambia. What a coincidence that this is the time the government is planning to arrest UPND leader Hakainde Hichilema and has heightened hate speech on public media.
For quite someone now, Zambia has been seeking a $1.3 billion loan from the IMF.
But on February 16, 2018 the IMF rejected Zambia’s borrowing plans, saying they risk making it harder for the country to sustain its debt load.
But the Zambian government has continued pushing for the loan.
Sensing that the IMF team is gathering its own data, minister of Finance Margaret Mwanakatwe yesterday held a press briefing to say that Zambia’s external debt stock as at close of the third quarter was $US9.51 billion from $US9.37 billion at end of the second quarter of 2018.
She said the increase in the quarter was on account of payment of some new disbursement and debt service for three quarters of 2018 which amounted to $us545.02 million.
Mwanakatwe said that the debt stock mainly of government securities, as at end of third quarter 2018 amounted to k54,6 billion from k51.9 billion at the end of second quarter 2018.
Mwanakatwe added that a total of k647.8 billion was paid towards domestic debt service and total guaranteed debt was at $1.2 billion as at end September 2018.