Africa-Press – Zambia. Former Finance Minister Ng’andu Magande has said that the deal agreed between Government and the International Monetary Fund (IMF) gives hope that some difficulties that Zambia has gone through can be resolved, owing to the 14 billion dollars that the country owes lenders.
Mr. Magande said that the agreement with IMF shows that it has confidence in some reforms being undertaken by Government in order not to fall into the same trap as the previous Government and that the agreement can also persuade other creditors owed under the Euro bond to extend the 750 million dollars repayment which is due next year.
Mr. Magande told ZNBC News in an interview that this will in turn give Government space and time to develop the country. Mr. Magande said he is highly impressed that the new dawn Government managed to strike an agreement with the IMF within three months of assuming office, while the previous Government tried by all means.
Mr. Magande advised the Government to channel the resources towards the critical sectors of health, education, agriculture and Infrastructure. He said Zambians should patiently await the decision that will be made by the IMF Board in Washington but is confident that the result will be positive.
The Former Finance Minister said long-serving civil servants can recall that for not receiving a 1-year salary increment in 2004, the 7 billion dollars debt the country had was forgiven. Mr. Magande said that resulted in the country having a clean balance sheet between 2005 and 2006.
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