ZAMBIAN CENTRAL BANKER CRITICISES IMF POLICIES
Bank of Zambia general manager Michael
Mwape has accused the International Monetary Fund of ignoring
social conditions when drawing up its economic reform
programmes for African countries.
    Mwape said in a speech to businessmen in the southern town
of Livingstone yesterday that the IMF's approach had caused
social and political unrest across the continent.
    There was widespread rioting and looting in Zambia last
December after the government abolished subsidies on refined
maize meal in line with IMF recommendations.
    Mwape said told businessmen "The question which should be
asked and answered when designing programmes is who is going to
bear the brunt of adjustment ... And what cushion is available
to minimise the burden ?"
    Zambia has had five IMF adjustment programmes since 1976,
the last of which was cancelled in February last year, he said.
"In spite of these, the economy has shown signs of stress, with
no significant improvement in a number of areas," he added.
    Zambia has just completed a new round of IMF talks on its
foreign exchange system and has obtained enough commercial
loans to pay off its IMF arrears for 1985 and 1986, paving the
way for a new stand-by credit.
    Zambian politicians have frequently criticised the fund,
however, and diplomats say President Kenneth Kaunda faces
consistent opposition inside the ruling party's central
committee over dealings with the IMF.
 REUTER
