Claim
On 23rd March 2022, former Ambassador of Zambia to Ethiopia, Mr. Emmanuel Mwamba posted an article on his official Facebook page, alleging that multiple sources have confirmed the much-anticipated International Monetary Fund (IMF) bailout program has collapsed following a recent review of the Staff Level Agreement and Extended Credit Facility of $1.4 billion announced on 3rd December 2021 between Zambia and the IMF. The article alleges that the IMF team that was in the country cited the collapse to serious concerns on the lack of fiscal discipline, failure to effect measures that would raise sufficient domestic resources, human rights abuses, unilateral arrests and suspected use of torture in investigations. Mr. Mwamba further asserted that President Hichilema’s economic recovery plan is anchored on a successful IMF programme and would spell disaster if the programme is brought in dead (BID).
Rating Justification
The fact checking process has determined as false the claims by former Ambassador of Zambia to Ethiopia, Mr. Emmanuel Mwamba, premised on alleged multiple sources that the International Monetary Fund (IMF) bailout program has collapsed. This follows a recent review of the Staff Level Agreement and Extended Credit Facility of $1.4 billion announced on 3rd December 2021 between Zambia and the IMF citing serious concerns on the lack of fiscal discipline, failure to effect measures that would raise sufficient domestic resources, human rights abuses, unilateral arrests and suspected use of torture in investigations. In a statement obtained by iVerify, the Ministry of Finance and National Planning dispelled as pure fake news the announcements that the IMF package has collapsed and urged that the information should be dismissed with the contempt it deserved. iVerify further consulted the IMF Office in Zambia Website, and as at close of business on 23 March 2022, the Fund had not published any statement, press releases or reports substantiating the claim that the IMF bailout program for Zambia has collapsed, following a recent review of the Staff Level Agreement and Extended Credit Facility of $1.4 billion announced on 3rd December 2021 between Zambia and the IMF. Therefore, the claims are false.
