NDC dismayed with Govt efforts to borrow $1.4 billion from IMF

 NDC dismayed with Govt efforts to borrow $1.4 billion from IMF

 National Democratic Congress (NDC) President Saboi Imboela says they are disappointed with the UPND Government to continue with the IMF $1.4 billion Extended Credit Facility (ECF) which has come with conditionalities.

Ms Imboela said that among the conditions that come with IMF are the removal of subsidies from electricity and fuel.

“We wish to remind the UPND government that they came into office with a promise of reducing the cost of living and not to appease the conglomerate mines and big corporate companies. So with the key conditionality of accessing the IMF loans being the removal of subsidies from the ordinary Zambian, we demand the IMF credit facility be terminated immediately as this will increase poverty levels,” she said.

She said the IMF is not the only solution towards economic development and debt repayment.

Ms Imboela has demanded government to remove electricity and fuel subsidies from the mines and the big corporate companies only and leave the ordinary Zambians, the vulnerable and Small Medium Enterprises (SMEs) to continue enjoying the subsidies.

She said the removal of fuel and electricity subsidies from the mines and big corporate companies who benefit 98% of these subsidies will entail that the treasury will be saving more than $1 billion that can be channeled towards repayment of the external debt.

Ms imboela said that Government should also close the illicit flow which are to the tune of $3 billion and cancel the double tax agreement (DTA) which are being used as tax havens to evade tax.

She said this will improve the fiscal position and be able to repay back the $16 billion debt.