The president could have used the episode to reaffirm the value of independent central banks
It was just more than a month ago that Zambia met with IMF representatives over the country’s application for financial support to deal with the impact of Covid-19.apid credit facility by which SA was granted a $4.3bn loan, the largest of any country under the programme. So far, Zambia isn’t one of the recipients.
The IMF statement on July 15 was noncommittal, saying discussions “will continue as the authorities determine their policies and priorities in the formulation of the revised 2020 budget, as well as the medium-term fiscal stance needed to restore debt sustainability, revive growth and lower poverty”. It’s not hard to work out why Kalyalya, who was part of the Zambian delegation that met the IMF in July, was fired. He had repeatedly urged the government to cut spending, according to Bloomberg, which also quoted Grieve Chelwa, an economics lecturer at the University of Cape Town’s Graduate School of Business, as saying it may also have been a response to the government’s failure to amend the constitution and grab the power to decide policy on money printing.
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