We don’t need IMF money, Zambia maintains

We don’t need IMF money, Zambia maintains

– We are okay China is helping us. 

The Zambian regime, facing international condemnation for dictatorship, has repeated its insults on the International Money Fund (IMF).

Last week, dictator Edgar Lungu told the IMF to go to hell if the IMF does not agree with the human rights abuses going on in Zambia today.

Over the weekend, one of Lungu’s most trusted ministers  Lucky Mulusa said Zambia does not need the International Monetary Fund (IMF) $1.3 billion bailout package.

Speaking at a public event organised by the ruling PF , Mulusa said Zambia’s economy had survived the worst down turn and it would survive without the IMF’s aid.

“I will tell you this and tell you now that our worst time was between mid 2015 and mid 2016 just before the elections. That’s when the economic downturn had reached the bottom and during that time, we never ever defaulted on any of our international obligations, we never defaulted. Now the economy is picking up as a result of economic activities picking up in China and China is demanding more of our copper so we are able to export more copper and more revenues through taxes from that copper exports and also bringing in more hard currency in terms of also managing our exchange rate. What this means is that we can do away with the IMF and our economy will still be vibrant so people must not have this perception that maybe Zambia’s economy has gone berserk and we need bailout from the IMF, no. it is merely investment in perception in order to trifle down the interest costs that we are paying because the investors will be very comfortable with us engaging with the IMF,” Mulusa said.

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