An International Monetary Fund team will be discussing issues surrounding Zambia’s debt levels with the country’s officials next week.
Zambia’s Treasury secretary general Fredson Yamba said on Monday that the meeting will help answer questions the IMF has asked about Zambia’s debt levels.
Yamba told Reuters that “We want to look at our debt figures. They submitted a number of questions, which we have responded to. We are just verifying how the numbers are seated.”
The consultations are to take place from July 23-28. Zambia is hoping this helps to address it’s debt, fiscal deficit and related issues.
Government officials say this is not a request for a new IMF aid programme.
Zambia austerity measures
In June Zambia said it is set to roll out new austerity measures to deal with its rising debt.
The country’s President, Edgar Lungu said the new measures should restore order to the economy.
Zambia’s debt currently stands at about $10bn but some analysts say it could be higher.
What are the measures?
The measures will lead to the cancellation of new loans and restrict travels of state ministers.
There will be an audit of the government’s payroll as well to clear persons paid for doing no work.
Such “ghost workers” are said to have claimed substantial amount of monies in salaries.
What are Zambia’s economic issues?
Zambia is unable to secure funds from bodies like International Monetary Fund to re-restructure its economy.
Several loans have been secured with the country struggling to repay. This has contributed to its debt stock.
Zambia has seen a reduction in prices of copper in recent times.
Source: Africafeeds.com
