Finance Deputy Minister Miles Sampa has released details of how the US$ 750 million Eurobond has been distributed.
Posting on his Facebook page, Mr. Sampa listed a number of projects and amounts disbursed from the proceeds of the Eurobond.
The Finance Deputy Minister recently came under fire by some sections when he stated that the entire US$ 750 million from the Eurobond has been spent.
Mr. Sampa also indicated that the PF government is also planning to issue another higher value Eurobond in order to accelerate national development.
Below is Mr. Sampa’s Facebook posting
Eurobond Distribution:
Zambia Railways $120M,
Formula1 Roads $145M,
Kitwe Chingola Dual Rd $100M,
Pave Zambia RDs $65M,
ZESCO Repairs $69M,
ZESCO Kafue Gorge Hydro $186M,
UTH, Ndola, Kitwe Livingstone Central Hospitals $29M,
SMEs ( DBZ) $20M,
Bank & Legal fees $1.4M,
Discount (Advance Interest) $14.6M,
Total =$750M
ok
Testing one, two, testing, ok, it’s working, i mean the reply function.
I dont think its a bad idea to post such info as I believe he came underfire from our age group who raised questions hence him using one of the most used foras ( facebook ) now lets move forward, when you look at the breakdown I will sumit up by saying lets see what each sectors does with the money in terms of works, I think so far theres transparency which we have been crying for.
We are all talking about where the money has gone. However I would like to ask the following:-
a. Has this expenditure created the ability to repay the loan?? Principal amount in ten years time.
b. Has this expenditure created the ability to pay the interest on the bond amounting to about US$43m. Yearly with the first installment due in September 2013. Or are we going to borrow again there by creating a debt circle?
@Gunduzani dont you think you are jumping the gun.? when was this money distributed.? Lets take one step at time
The line between “the official” and “the personal” channels has been severely blurred.But the again its expected in a govt of kaponyas.
Move on with the times … the minister can not by law say anything concerning the nation in his personal capacity whether on facebook or verbally. The era of p[ress conference is fading away
Ubufontini nabo bwafya, Even White house and Number 10 use foras such as twitter and facebook to inform the nation on critical issues affecting them. So you wanted Sampa to put the information in a chi big book at Government complex. You guys are just too old fashioned too used to long and useless statements full of jagons which the majority dont even understand.
how about the army,it requires an upgrade.
Not every sector will benefit from the Euro bond. There are other sources of funds the army can benefit from.
The army doesnt depend on our bonds. We have other sources of finance
UTH, Ndola, Kitwe Livingstone Central Hospitals $29M, Is this the amount it will take for ministers to stop going to joburg for treatment ?? Sounds very little for 3 hospitals
just does not sound little.. it is very little
4 hospitals?
This is less than what is spent annually sending our ministers outside the country for treatment. We are in serious trouble as a nation mwebantu!
shingi sana. Let’s first invest more in productive areas before we do into consumption. Roads, railways, airports, seaports, energy, manufacturing, tourism, agriculture etc can make us pay back the loans. As for hospitals and schools, yes but very indirect and long term. For the school system to produce one fully baked brain that bring good business ideas for the country to pay back the current loan…. Similarly, for the hospital to heal one brilliant mind who is actually useful to the nation, whom we might otherwise lose, or to ensure a mother delivers safely a baby who years later becomes Zambia’s economic “saviour”. Well, time and sequence are of essence to me.
Need this be on the ministers personal facebook page?
Exactly my thoughts.
Just say thanks for the information! Ungrateful critics.
JUST WONDERING ALSO
iT IS IN FACT A DOCUMENT SECURITY ABBROGATION BY GOVERNMENT’S LAID DOWN RULES. HON SAMPA IS LIABLE FOR PROSECUTION. THIS KIND OF INFORMATION NORMALLY IS DE-COMMISSIONED AFTER TWENTY FIVE YEARS. ARREST HIM.
I think the disclosure is in the Zambian public’s interest. We need to know how they intend to use the money (notwithstanding that some of it will go into party confers through dubious contracts). But I concur with you on the view that a personal “Facecloth” account may not be the appropriate channel to use. They need to set up a MoF page for such dissemination of critical information.
What are bank and legal fees?
That is a stupid question.Bufontini sana ubo.why cant you just read the article and leave the page without saying anything.Zoona ama fontini muli bengi.
If i was going to be president for this country.i would rather be a dictator for 5Years.develop the country in my own style and the time you start praising me that is when i can re-introduce democracy with limited freedom of speech.
Ba Kamano, when the bond was being rolled out the government solicited the help of a bank and legal experts to put the deal together. The bank structured the deal, put together a pitch book and did the book running (mobilizing investors), while the legal team ensured that the legal documentation protected the interests of the issuer (GRZ). I hope this is a helpful response.
Why posting this on his personal Facebook page? He should be arrested for not following government protocol press release .
The problem with this kind of channel of communication is that it can later be denied officially.
Can he tel us abt govt reserves which rb left
Officialdom, officialdom ba Sampa. Otherwise thanks for the update. I think we need even a $100bn to do many other things in ZED, but… We must be acting with restraint. Please!
Miles be reminded that not all of us are your friends on facebook so kindly make a press release then post it on your wall/page or post in the Zambian peoples pact
This dimwit is too childish
Bizzywizzy, you are dull yourself. borrowing mpombo’s words. who are you by the way.
is that the new way of distributing GRZ information..Facebook…Somebody please make me understand.
No it is not, because the Minister of Finance can deny it later and say that it was just a personal opinion.
I agree with most of the comments here. he should have used an official means of communicating and not facebook.
Thanks for update but do we take this as official? I can forsee Sekeni disassociating this posting from government. Definatly some money went towards by elections and appearing under bank and legal fees
Titus 1:15
Its like the thousands of jobs created under Arts!!
kaponyas…. kaya!!!!, why would a minister post the eurobond breakdown on his private personal facebook??… ministry of finance has website were that can be done officially?,,, the PF kaponyas are running the government from their underpants and bedrooms
Maybe he is helping the Minister in charge of telling us the details!! After noticing that the man in charge was not doing or maybe was reluctant to do his job, Sampa thought it wise to communicate the details, even if it was just to his FB friends, who perhaps he felt would then spread the word and lo and behold, it has worked. So well done Miles
thanx sampa.thats the only way you can inform us since the ailing presido cant make a press conference.
The EURO BOND – his only ‘success’ mission assigned to him in govt , the boy is obsessed
You cannot blame him for the excitement. Even the bankers and lawyers who worked on this deal are equally excited and have since put it in their respective resumes. Miles will forever brag about it and he probably is one of the few people in government who understood the transaction from start to end having been a Head of Treasury in FBZ. But of course, the channel of publication of such information as fund allocations needs to be official.
People get a life and apreciate communication. Which minister took it personal and came closer like this. Let’s ask him about the allocation of these monies not because he communicated on facebook. Some1 keeps quiet its a problem, uses facebook kilushwelo. Mina batu mubata ni
There’s official channels to do this and frankly its reckless to do it this way bcoz the chance of releasing confidential or classified govt info is very real.Remember wikileaks?
Well said!!!
Dont be stupid ba Lusakatimes!!! Miles like many of us just got that info from yesterday’s Post Newspaper, and we shared it on social networks. Why have you just picked on him, is it coz he is a deputy minister?
Find news which is worth reporting unlike wasting people’s time with already public facts… shaaaaa
Miles next time borrow enough so that you dont go back! i dont get it? How much exactly do you guys need to develop Zambia? why dont you do your job properly Miles, borrowing utuntinti is very dangerous, you of all people should know that!
LT very job well done for bringing back the reply function, my days were getting thin at LT.
@acting CEO!!! typical! why scream at Lusaka times?. childish sampa should not have posted that data on his facebook, he is a finance minister for goodness sake.. he not a commoner like you
Thanks Miles for sharing this information although the right channel (MIF) would have been used on top of your facebook page. Nothing wrong to post on your page. My observation is that you would have allocated more to electricity generation. If we’re self sufficient in power, we can then export the excess to neighboring countries and hence easy to pay back the loan. The projects that you plan to undertake will make it very difficult to pay back. Building a hospital has low returns in the short short, just like building schools. If you want to invest in roads then you should install toll gates to recover the investment otherwise you will fail to pay back just like our beloved, dinosaur, KK failed. In future try to enlighten us about your repayment strategies
AGREE WITH YOU. TOLL GATES ON ROADS. WHAT IS SO DIFFICULT TO DO THIS KANSHI. AGREE ALSO THAT ROADS, ELECTRICITY, RAILWAYS AND LESS ON SCHOOLS, HOSPITALS. FUND HOSPITALS FROM OTHER SOURCES. BETTER SPENDING ON THOSE SECTORS THAT SPUR OR FURTHER ECONOMIC DEVELOPMENT. SCHOOLS AND HOSPITALS CONSUME, EVEN IF THEY ARE SO IMPORTANT.
All you bloggers yet you cry for freedom of the press. Viva Sampa
Borrow money to pay legal fees
One more advice is on the issue of the copper we keep on exporting then later on import adapters, transformers, drilling machines, pipes etc all made from copper. If we ventured into, for example, manufacturing of (small) transformers and have them distribute power over short distances unlike the current situation where one big transformer supplies 230 volts over a large area. This inevitably results into huge power losses in the process of transmission. If using our copper, we venture into manufacturing small transformers about 15KW and tapping direct from 11KV lines (and supplying fewer households) can result into more electricity available and more people connected to the national grid. And so I wonder what kind of SMEs are you targeting? How much is going to Winter and GMB thru SMEs?
My bro’ ,maybe transformers will even be big.talk of rivets imagine.teti tupange
Kilometre Sampa, walabako remuneration to board members of the various parastatals including ZRL. Seleni Tulyeko bakaamba!
Thanks, good way of communicating to people who have little or no access to govt information, these days people are more tuned on social networks and what a better way of reaching out ?? besides these are monies for everyone to benefit whether in govt or on face book
Total rabbish ba chartered accountant use yo FB to communicate wth yo girl friends and wife on other matters and nt National matter as zambian nt everyone z yo FB friend next timtime behave like a minister and qualified accountant and observe proper communication mode…kupusa,ukutupa ubuyanga ,foolish …anyway thks for the update!
You must have missed this info in THE POST newspapers. Sampa only reproduced the same info. Why hate Sampa then?
Why don’t they privatize ZESCO?
MUSHOTA MY SISTER, YOU LOVE ZAMBIA, NOT SO?
why don’t they privatise Royal Mail?
It is considered a very strategic institution hence the agreement with the World Bank and the IMF that the company be commercialized instead. i.e. making the company financial viable on its own without receiving subsidies from government. Part of that exercise requires annual adjustment of the electricity tariffs. But remember that it is also cash rich so, ruling governments like it for that so they can occasionally draw funds under all manner of guises. E.g. Bill buster, dividends, etc.
Every citizen must feel a sense of discomfort when the government obtains loans of $30million for developmental purposes. This is a clear indication that the government does not prudently spend or account for public funds. One thing Zambians must know is that President Sata emanated from local government and there is no doubt that he will build infrastructure. However, it is self evident too that Zambia’s finances will be an utter mess by the end of the PF’s tenure.
On his personnal page! You cant be serious! Why is this boy so obsessed with this loan/nkongole?
Theres nothing wrong with him putting it on his personal page as long as it is accurate non-classified information….
but there is very little visible in all those projects. Spent did he say or meant disbursed
Funds have been allocated but still sitting in an account in one of the banks. First, coupon was paid recently though.
Why are some Zambians so petty? This is a world of social media, is a Minister not allowed to share what everyone else is sharing on their Facebook pages or Twitter? Where I live Government agencies including the Police inform the Public about what they are doing by Twitting.
True!!
Social media is a reality bane, good job Kilometre!
Thanks Sampa for updating us….however,dont use facebook for such communication.Its not everyone who is your friend on FB and other people will not see what you have posted.
Otherwise thanks for the update and we hope to see that the monies are used according to the plan.
Meanwhile, Mr. Chikwanda has promised to announce next year’s budget on twitter – he says 140 characters is enough.
Is Miles forcing us to befriend him on facebook? Should we change our browser landing page to his wall for updates?
what a governnment indeed!!
F1 Roads? Someone educate me plse? Should I start dreaming of Lusaka GP in 2025?
Its not about F1 GP but quality roads similar to those used in F1 racing
Discount (advance interest) $14.6m , what is this? Why is it being paid from the money borrowed and in advance? Does not gel.
Discount (Advance Interest)……………………………………………K14.6M
Is it regular????????
Now that transparent is at work. Lets see the number of hyenas interested in the same monies. The people in charge of various project will now contact fellow hyenas for parties. Corruption will be at maxmium but at least GBM and WK will be barred.
This is a farce the maths is too neat, ain’t no way accounting procedures are going to allow this break down to exactly the figure it was when it was borrowed, anyway it’s taken away in the advance interest just to balance it off! More money in their pockets!
I’ve said it before and I’ll say it again, Hon. Sampa MP (Miles) is easily the most valuable and hard working MP of the lot.
He goes an extra mile to educate the ‘masses’.
Chabwino boss
What we need, if this government is sincere with transparency, is not this vague breakdown. We need a detailed bulletin to be published as a pullout circulated in all daily papaers. This bulletin must address the following:
1. Governments strategy on Loan repayment
2. Projects funded with a sumaary workscope for each project (i.e instead of just saying UTH, NCH etc, we need to see UTH: Pediatric Wards rehabilitation-US$2m, Theatre Upgrades etc..and all other tabulations)
3. Government needs to enlighten us on how they will track financial managment in the individual projects. We dont need a repeat of enriching other Kapoko’s.
4. The mechanisms put in place to ensure that most of these contracts to execute these projects are awarded to local companies on merit !
Spot on!!
How come Wynter Kabimba and GBM are not on the list??? The list is fake, it has been doctored! We know where the money went. Miles Sampa should not talk too loudly about things he doesn’t know exactly what happened after the file left his desk! He will get his fingers burnt when time comes to round up PF and its plunderers…and that time will come believe me. It always comes for EVERYBODY!! Where is RUPIAH BANDA NOW?? It is stupid for RB to claim harrassment now, when it is him who directed police to shoot innocent citizens in Mongu, Mazabuka and Mansa….innocent people demanding their rights. It is him Rupiah who detained without trial those Barotse chaps some of whom Sata released immediately he came in as president. And now RB is crying foul-play?? So, Kabimba and GBM watch out!
It is called plausible deniability!!
Good to see that our cabinet is moving into social media in a serious way by engaging a lot of digital-age audiences. That said, a lot of us live in economies where the infrastructure is such that it makes it easy for us to operate, to make a living and in turn to pay taxes to the governments where we live. This is what helps these governments service their obligations and get on with keeping us socially sane. I believe this breakdown is targeted towards that; it should be feasible to enable activity that will help us repay this loan. A healthy nation is definitely a productive one for one.
But i thought the D Minister said DBZ has been given $50 M for the SME’S during the Sunday interview!
Miles Sampa is toying about with public funds and some day he will be made to seriously account for each cent. Something is not right, it’s like he is going to disburse public money in any way he wishes, well let’s wait and see.
First and foremost Miles should know that face book account is his, friends and family. This info is for consumption of not only his face book folks but the Zambian who will eventually pay the loan through tax. The info should have been made available on Min. of Finance website. And how do you agree to pay interest before you start repaying the Loan? Never seen such???
What a Moron! On facebook, really! Is that what he learned about Leadership in his 4 weeks at Harvard?
Perfect question! Harvard would be disappointed to see one of its alumni behaving that daft! But it appears that in Zambia once you join government even the little IQ you had before just evaporates. I have seen intelligent people join government and flush themselves down the drain miserably. Sadly, they never recover from their ordeals.
My Nubian queen how are you? We disagree on matters abound but here am backing you. First my jaw dropped when I read miles Sampa had communicated national information via Facebook. Status update # facepalm
@Nubian You seem to have some personal issues with miles Sampa. You have always been squaming about his Havard certificate course, what is your problem kanshi iwe hule iwe please. You are a loser and your PF govt is going down. Useless woman!!!
Bricklayer, leave her alone, she has a crash on him, dont you know how it goes when you have an eye on someone, it’s normal to play it the way she does, you dont know vakumutima iwe ayiii?!
Nothing on education, agriculture or diversification projects ….. PF do u have a plan?
This is information readily available to the public. There was the 2013 peoples budget which was in one of the dailies, Times of Zambia I think. The information was officially given.
Hi Miles,hope you ‘r’ fine men. Pave Zambia$65m, formula 1 roads $145m ….When are you tarring the roads that were recently graded in Matero? Will you wait for CDF or the money will come from these allocations which you have expressed?We need tarred roads ASAP before the money runs out.Expect more people to vote for you when you build Matero into a mini low residential area of Lusaka.Remember it’s called City within a City.By the way do not forget to build a new Market.The current Matero market is too urgly for the residents.I wish the money which was spent on constructing Nakadoli was diverted to build Matero Market.
To be honest, its quite unsettling to me for Government Data to be exited via a Government Minister’s personal and private communication channel. Not even ‘The Post’ posting would be in order. It could make sense if these portfolios quoted the Government gazette or the Minister through a press conference or release. Let’s be serious Gentlemen. There are legal implications here. Would this Miles release fashion stand the test of time? Can it be tested in the Courts of Law? In short, is it legal? Would Miles’ successor still defend this release 5 years down the line? And what are these ‘legal fees’ and ‘advance payment’? Let’s not play with semantics here. Are these provisions or what? Which legal firms? Attorney General who’s a Government officer? Answers please
This is the selfsame reason we need greater Parliamentary oversight and more scrutiny on such colossal borrowing, young testosterone overdosed boys like Miles seem to assume that this is bond is his and was inherited from his granddad. How did the amount released to DBZ reduce from $50m to $20m overnight? The clowns are balancing up the numbers as they go along to round off to $750m.
It is also an insult and it just promotes laziness to publish such information on ones FB page…if someone can access FB they can surely make an effort to access a GRZ website. I fore one don’t want to be friends with Miles just to access such information.
whats so special with kitwe chingola dual road..can someday help me understand this..$100m seems to be too much or let me say..kind of misplaced priorities..!! the rest are ok.
Its a high specification dual carriageway and you should know that there is a lot of inter mine trade in this region. Though I’m for the idea of the mines funding this project through increased taxes by the gov’t.
There are more people with internet phone now than people buying newspapers.so what breach has been done only calls for change.information is power, however it is given. The maxim says.its not a crime, if the intention is not criminal.so stop parading your cheap knowledge of protocol or whatever.and like some said, the allocation on tne kitwe chingola roads seems high looking at the benefits.unless seroius toll gates are introduced.othetwise thanks miles or kilometre as i have just gathered
Just watch the ZR Board members, they already want to chew for no work!
What transparency you must be very dull and pf cadre to believe this nonsense there’s no truth in this fake break down come to the ministry you ll see the real break down in people’s pockets
We are miles away from repaying the $750 Euro bond money. I thought this breakdown would have been presented to parliament and resonated by well meaning media. As it is, this may not be a binding breakdown. However, if this is done in good faith it is a welcome transparency move.