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The International al Monetary Fund has charged that after a period of strong macroeconomic performance, the Zambian economy is now facing significant challenges.
The IMF said the challenges are arising from large fiscal deficits, lower copper prices, and policy uncertainties.
This is according to a statement from the IMF Executive Board after concluding their 2015 Article IV Consultation with Zambia.
‘In the last two years, the Zambian economy has been weighed down by large fiscal imbalances, lower copper prices and policy uncertainties. Real GDP growth has slowed, the current account has deteriorated, international reserves have fallen and the exchange rate has been under downward pressure,’ the Directors said.
They Directors estimate that real GDP growth slowed from 6.7 percent in 2013 to 5.6 percent in 2014, driven by a contraction in copper production.
‘Year-on-year inflation fell from a peak of 8.1 percent in November 2014 to 7.2 percent in March 2015, largely driven by lower fuel prices. The fiscal deficit on a cash basis rose sharply to 6.5 percent of GDP in 2013 and remained elevated at 6 percent in 2014.’
‘The Zambian kwacha has fluctuated widely since the beginning of 2014. After depreciating by about 20 percent in the first half of the year, it recovered in the second half of the year reflecting tightened monetary policy and the issuance of Zambia’s second Eurobond in the amount of US$1 billion,’ they said.
The Directors emphasized that steadfast and strong efforts are needed to ensure macroeconomic stability and foster inclusive growth.
They underscored the need for significant fiscal consolidation in 2015 and over the medium term, to reduce the deficit, stabilize debt, and create conditions for lower interest rates.
The Directors also called for sustained expenditure and revenue efforts, including efforts to contain the wage bill, target social spending through cash transfers, broaden the tax base, and put the pension system on a sustainable footing.
They also welcomed the authorities’ decision to rescind the royalty based mining fiscal regime, and called for swift action to resolve the issue of outstanding VAT refund claims to exporters.
‘Directors noted that Zambia’s moderate risk of external debt distress calls for prudence in borrowing on commercial terms. Recognizing the need to address infrastructure gaps, they advised the authorities to strengthen the project selection process and prioritize capital spending,’ the statement read.
They also called for the development of a comprehensive debt management strategy to help address public debt vulnerabilities.
‘Directors supported the commitment of the Bank of Zambia to maintain a tight monetary policy stance to contain inflationary pressures. They stressed the importance of continued exchange rateflexibility and rebuilding reserves to provide adequate buffers for the economy.’
‘To foster job creation, inclusive growth, and economic diversification, Directors encouraged the authorities to improve the business climate by restraining labour costs and ensuring a stable regulatory environment,’ the statement said.
The Grand Coalition for a people driven constitution says fears by government that the referendum to adopt a new republican constitution may attract voter apathy should not be an issue.
Grand Coalition Chairperson Father Leonard Chiti states that Government’s fears based on the voter apathy witnessed in the recent past elections should not be a worry saying people will be easily mobilized to vote in the referendum.
Father Chiti recalls that in 1969 when Zambia held the first and only referendum all relevant stakeholders ranging from government to ordinary citizens went round sensitizing the people on the need to vote in the referendum.
He says therefore voter apathy should not be should not a scapegoat for government to refuse to hold a referendum before the 2016 general elections.
He adds that it is not too late for government to hold a referendum and abandon the proposal to amend the constitution in piecemeal form.
Father Chiti, who is also Jesuit Center for Theological Reflections (JCTR) Director has asked government not to worry about the apathy that may characterize the referendum because the people will turn out in large numbers to vote.
Mazabuka Member of Parliament Garry Nkombo has been abducted by Zambia police from the Livingstone General Hospital.
UPND Livingstone District spokesperson Neto Halwabala confirmed that Nkombo was abducted from the hospital at midnight without hospital authorities.
Mr. Halwabala disclosed that a group of paramilitary officers went to the hospital to pick him up without hospital authorities in the middle of the night.
He said that the officer who picked Nkombo from the hospital told him that the police commissioner wanted to see him but was only surprised to be taken to the prison.
Mr. Halwabala said that the UPND is demanding an explanation from both police and hosp-ital on what happened to their member.
He charged the current situation was not heath for Nkombo adding that UPND will not accept any lies but the truth.
Efforts to get a comment from the police proved futile by press time but hospital authorities confirmed the development.
Kindly ask this question for me on behalf of Zambians to Mr Edgar Lungu. Ever since Mr Lungu took over the presidency of this great republic, we have seen a lot of unreformed criminals being released from prison. In the past, prisoners would only be released on either independence day or on African freedom day. Why is it that unreformed and dangerous criminals are being released on a monthly basis and in huge numbers. As personnel entrusted by the givernment to keep these prisoners and help them reform, we are getting concerned at the rate at which unreformed criminals are being released from prison. Could it be that Mr Lungu wants these criminals to help rig the coming elections? Surely, this is the only question any reasonable person would ask. Our leanred judges in their wisdom gained from many years of experience have been sentencing these criminals to a number of years enough to give us chance to help them reform but someone is busy releasing them on a monthly basis before they can even reform. This is really very unfair to society. The president is abusing his powers to pardon criminals and he is now putting the country on a serious security risk. It is not surprising that the country has been witnessing serious killings which is very unusal in Zambia.