{"id":5252,"date":"2021-08-30T18:38:21","date_gmt":"2021-08-30T18:38:21","guid":{"rendered":"https:\/\/www.africa-press.net\/zambia\/all-news\/imf-programme-to-cushion-debt-crisis-musokotwane"},"modified":"2021-08-30T18:55:58","modified_gmt":"2021-08-30T18:55:58","slug":"imf-programme-to-cushion-debt-crisis-musokotwane","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zambia\/all-news\/imf-programme-to-cushion-debt-crisis-musokotwane","title":{"rendered":"IMF programme to cushion debt crisis-Musokotwane"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong><a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a> &#8211; <a href=\"https:\/\/www.africa-press.net\/zambia\">Zambia<\/a>. <\/strong><\/span>Newly appointed Minister of Finance, Situmbeko Musokotwane says government intends to roll out the International Monetary Fund (IMF) programme as a strategy to dismantle the huge debt that the country has amassed in the last 10 years.<\/p>\n<p>Dr Musokotwane said government is considering getting creditors to agree on stretching the initial period of repayment, as a way of mitigating the country\u2019s debt crisis.<\/p>\n<p>The Minister of Finance said the IMF programme, therefore, becomes a critical link to give confidence to the lenders who need an independent institution that will monitor what government is doing.<\/p>\n<p>During ZNBC\u2019s Sunday Interview programme last evening, monitored by ZANIS, Dr Musokotwane, disclosed that the IMF will also provide a longer and cheaper credit to Zambia.<\/p>\n<p>\u201cYes it makes sense to get credit from the IMF because financing will come in cheaper and we will be able to assure the creditors and investors who would like to invest in Zambia as the IMF will give them confidence,\u201d he added.<\/p>\n<p>Dr Musokotwane stated that the social economic pressures that the country is currently experiencing, is as a result of excessive debt, a situation which urgently needs to be addressed.<\/p>\n<p>\u201cFor every kwacha of the revenue that was collected, it was only used to pay salaries for service workers and paying back loans. The money spent in debt servicing is in dollars and led to the shortage in dollars that is why the price of the dollars escalated,\u201d he explained.<\/p>\n<p>Meanwhile, Economist Yusuf Dodia suggests that government must try and utilise the readily available resources in the county to pay back the loans. In an interview with ZANIS in Lusaka today, Mr Dodia said it is not sustainable to get more debt when the country is in a debt crisis.<\/p>\n<p>He said government must consider growing the economy based on exports such as copper and timber, as opposed to getting more loans. \u201cCurrently, we are exporting about 40 million dollars of copper a week. The loan from the IMF is equivalent to one month\u2019s copper exports,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Zambia. Newly appointed Minister of Finance, Situmbeko Musokotwane says government intends to roll out the International Monetary Fund (IMF) programme as a strategy to dismantle the huge debt that the country has amassed in the last 10 years. Dr Musokotwane said government is considering getting creditors to agree on stretching the initial period [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":5251,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,25,8,16],"tags":[234,235,1293,2098,233],"class_list":["post-5252","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-featured","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-zambia","tag-minister-of-finance","tag-situmbeko-musokotwane","tag-zambia"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>IMF programme to cushion debt crisis-Musokotwane - Zambia<\/title>\n<meta name=\"description\" content=\"Newly appointed Minister of Finance, Situmbeko Musokotwane says government intends to roll out the International Monetar ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zambia\/all-news\/imf-programme-to-cushion-debt-crisis-musokotwane\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF programme to cushion debt crisis-Musokotwane\" \/>\n<meta property=\"og:description\" content=\"Newly appointed Minister of Finance, Situmbeko Musokotwane says government intends to roll out the International Monetar ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zambia\/all-news\/imf-programme-to-cushion-debt-crisis-musokotwane\" \/>\n<meta property=\"og:site_name\" content=\"Zambia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-30T18:38:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-08-30T18:55:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2021\/08\/img-612d299aefec0.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/imf-programme-to-cushion-debt-crisis-musokotwane#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/imf-programme-to-cushion-debt-crisis-musokotwane\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"IMF programme to cushion debt crisis-Musokotwane\",\"datePublished\":\"2021-08-30T18:38:21+00:00\",\"dateModified\":\"2021-08-30T18:55:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/imf-programme-to-cushion-debt-crisis-musokotwane\"},\"wordCount\":350,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/imf-programme-to-cushion-debt-crisis-musokotwane#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2021\/08\/img-612d299aefec0.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Zambia\",\"Minister of Finance\",\"Situmbeko Musokotwane\",\"Zambia\"],\"articleSection\":[\"all news\",\"economy\",\"Featured\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/zambia\/all-news\/imf-programme-to-cushion-debt-crisis-musokotwane#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/imf-programme-to-cushion-debt-crisis-musokotwane\",\"url\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/imf-programme-to-cushion-debt-crisis-musokotwane\",\"name\":\"IMF programme to cushion debt crisis-Musokotwane - 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