Dr Fred M’membe: IMF bailout is not the solution to Zambia’s economic struggles

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Dr Fred M’membe: IMF bailout is not the solution to Zambia’s economic struggles
Dr Fred M’membe: IMF bailout is not the solution to Zambia’s economic struggles

Africa-Press – Zambia. Dr Fred M’membe, the leader of the Socialist Party (SP) in Zambia, has written a post on his Facebook page in which he argues that the International Monetary Fund (IMF) bailout is not the solution to Zambia’s economic struggles.

Dr M’membe states that previous IMF deals in Zambia have not led to long-term success and have instead exposed “our incapacity as a people to govern ourselves.” He also claims that the true beneficiaries of IMF bailout programs in Zambia are usually Western companies, South African finance capital, and local businessmen connected to those in power. These forces often buy state-owned enterprises at cheaper rates, taking advantage of the economic struggles the country faces.

Dr M’membe criticizes the current government for focusing on privatizing state-owned companies such as ZAMTEL and ZESCO instead of prioritizing the collection of fair revenue from the mining sector, developing the arts industry, increasing state support to agriculture and food security, and investing in social sectors such as education and health. The leader of the Socialist Party (SP) also accuses the current government of not thinking about the poor, the workers, and people in general, that are suffering the most.

Dr M’membe concludes by stating that the “lasting solution to Zambia’s economic difficulties does not lie in the IMF,” and that the country must instead focus on self-governance and supporting its own industries. He believes that if the government collects fair and adequate revenue from the mining sector, and support secondary industries such as manufacturing, the country would be able to sustain itself without depending on IMF.

Dr M’membe also calls on the government to look at the history of IMF deals in Zambia, and learn from the mistakes of the past. He also reminds the government of President Kenneth Kaunda’s famous question to IMF: “are you able to design a program that will not require me to kill my own people?” He believes that the government should not subcontract the running of its economy to the IMF, and return to the West to ask for help in governing itself, as it would be contradictory to the reason for which the country fought for its independence.

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