Zambia should fervently pursue a funded International Monetary Fund (IMF) programme, says Zambia Institute for Policy Analysis and Research (ZIPAR) Executive Director Dr. Pamela Kabaso.
Dr. Kabaso says the authorities are on the right track and should not limit their pursuits to technical support alone.
“Of course, technical assistance is important too. However, it is well documented that IMF technical support tends to be more potent when underpinned by a funded economic programme than when the assistance comes without IMF money on the table,” she said.
She added that Zambia needs potent technical support, both as an external accountability mechanism and as a signal to international agencies (Moody’s, Standard & Poor’s and Fitch) that the country is improving its creditworthiness.
She said the quick evidence presented thus far underscores that ultimately professionalism, objectivity and a culture of evidence based, not legally regulated, commentary will be cardinal for fostering a well-informed and policy-relevant IMF programme debate.
“In this regard, firstly, institutions with convening capabilities would do well to offer themselves as inclusive platforms for bringing structure to the on-going IMF debate and for fostering professionalism, evidence focus and objectivity. Fostering a well-organized, inclusive debate that builds professional consensus would do much more for consistent policy and public literacy messaging. Secondly, the importance of objective professional commentary based on concrete, traceable and verifiable evidence cannot be overemphasized,” said Dr. Kabaso.
“The evidence, whether drawn from one’s own research or from research conducted by other reputable parties, must be integral to all commentary. The current proliferation of off-the-cuff expert opinions must be corrected through insistence on well-grounded, evidence based commentary. Reliance on evidence will reduce the risk of sending mixed, erroneous and misleading signals to policy-makers and the general public. Ultimately, our view is that by pursuing an IMF financial support programme, the Zambian authorities are doing the right thing. The evidence bears them out and so they must ardently stick to their pursuit.”
She notes that if Zambia ultimately succeeds in clinching an IMF deal, the government should plan to harness and leverage the support.

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