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Zambian leader denies rejecting IMF assistance

Xinhua, November 27, 2015 Adjust font size:

Zambian President Edgar Lungu on Thursday dismissed reports of the government rejecting an offer from the International Monetary Fund (IMF) to help the country deal with the current economic quagmire.

The president, holding his first press conference in his 10-month rule on Thursday, denied rejecting an IMF offer, saying there was no offer which was presented to the government.

The Zambian leader said the IMF was in Zambia to just assess the country's economy and promised to come back in March next year.

"They assured me that they will be back in March next year. So when they come back in March, we will then be able to assess whether we will work with them or not. They just came to assess how we were doing," he said.

The remarks came after media reports claiming the IMF was ready to offer close to 1 billion U.S dollars extended facility to help stabilize the economy but the government allegedly refused the offer due to key conditions proposed.

An IMF team visited Zambia from November 11 to 20 to review the southern African nation's recent economic developments and share views on appropriate policy measures to address the current macroeconomic challenges.

On Wednesday, the country's former Finance Minister Situmbeko Musokotwane said Zambia needs the intervention of the IMF in order to stabilize the economy and restore investor confidence.

World Bank Country Manager Ina-Marlene Ruthewburg told reporters during a press briefing on Thursday that Zambia's economy will slow to 4 percent next year due to both international and domestic pressures. Endit