MMD President Dr Nevers Mumba has declared that the PF government is a reckless, irresponsible and immoral government that has led Zambia into a debt crisis.
Dr Mumba revealed that the PF government will by the end of 2014 push Zambia’s total debt stock to around US$ 11 billion.
He explained that the PF government had borrowed 3.5 billion US$ dollars as at March 2014 at the expense of Zambians.
Dr Mumba further explained that the recently obtained US$ 1 billion second sovereign bond has pushed the country’s external debt stock to $ 4.5 billion.
The MMD leader was speaking in Solwezi Friday when he addressed scores of MMD supporters that welcomed him at Solwezi Airport.
Dr Mumba was in the area to witness the installation of MMD councilors Ezekiel Mulonga and Brian Kajoba as Solwezi Mayor and Deputy Mayor respectively.
He said the Ministry of Finance website shows that the current domestic debt stood at 3.5 billion domestic debt as at March 2014.
“We know that this government is also heavily borrowing from the domestic market and crowing out the market. On a monthly basis, it is borrowing K250 million (dollar equivalent) and would have borrowed an additional US$ 3 billion domestically by end of 2014,” Dr Mumba stated.
He added, “What is even more shocking is the rate at which the country’s debt stock is swelling. Within two years of the PF, the country’s debt stock has bulged due to excessive appetite for debt. This government is reckless and just thinking of eating today.”
Dr Mumba explained that the MMD inherited a debt of slightly over six billion from UNIP government in 1991 which was contracted over a long period of years.
“When the MMD government came in, it received a lot of good will from the international community. Everyone was lining up to lend money to Zambia but due to its prudency.
The MMD government never went out soliciting to borrow but financial agencies were lining up offering funds for borrowing but the government elected to exercise prudent management and only dealt with multilateral lending institutions such as the IMF and the World Bank with favourable repayment conditions.”
Dr Mumba stated, “The PF has shown dangerous appetite for borrowing. At the rate they are going, this government could borrow from everyone willing to lend. We are watching their steps closely in Lusaka because they may end up borrowing from Katondo Street. PF is borrowing from anyone who has money to lend.”
Dr Mumba said the PF government’s debt policy is unacceptably reckless and might plunge the country into serious problems.
“This behavior by the PF government is unacceptable. The PF is behaving like that frog that over eats such that it dies immediately after it gets full. It never worries about tomorrow, all it does is eat, eat and eat until it dies.”
Dr Mumba said the PF government behaving like that frog that never considers the consequences for tomorrow and the equity of the nation.
“They are now saying Zambia’s asset value in terms of national productivity is around US$ 25 billion dollars according to the revised GDP estimates which will are disputing because it is an over statement. The true value of our economy is around US$ 18 and 21 billion but what is even more important to consider is that the PF government has now borrowed above half of our equity which is criminal. Any financial manager will tell you that borrowing above half of your equity is criminal.”
Meanwhile, Dr Mumba also charged that the wealth generated from the North western province is being mismanaged.
Dr Mumba said the PF government is creating conditions that are making it difficult for residents of North western province to benefit from the minerals mined in their area.
He promised that the MMD will ensure that Northwestern province develops socially and economically when it gets back to power.
And Dr Mumba has urged the church in Zambia to actively participate in the economic activities of the country.
He also called for leadership of integrity in politics in order to position Zambia towards a path of social and economic development.
The next president! Always speaking sense
even chief mumena had to welcome the president,whilst mr ukwa is ever fighting with chiefs.
Mulusa was surposed to acompany the mmd president on this trip.yaya…..kolojami,whats really happening with you?
No Dr Mumba
The reason Zambia is poor is internal policies. Zambia has had a strongman cycle through most of it’s post-colonial era wherein a strongman dictator seizes control, ruins the economy and oppresses people, a ethnic based uprising occurs, and anarchy reigns until eventually someone wins and a new strongman takes control and the cycle repeats.
This current government is trying to create jobs and the only way that can be done is to borrow money.
Alternatively I would suggest we allow Britain to run us like in the colonial days, that way they would probably make it like the UK?
Look what they have done to the Caribbean countries
It is the only way, or really have a British president? Zambia was better in 1964 than now
Thanks
PF demons are shaken by Dr Mumba`s trips around the country,,,, well done man of God!!
Mushota stop this copy and paste nonsense . Most of the stuff you post does not make any sense at all.
Mushota what panet are you on? If you look at the Carribean you’ll find offshore accounts…and by the way they aren’t land locked and have a thriving tourist industry among other things. They aren’t in Africa either. No comparison whatsoever. Look at what is being condoned in the name of your preferences. Lost, you are lost in the quagmire that is deception and deceit.
Yes govt has borrowed and is borrowing but what Nevers is not saying is what and where this borrowed money is being used.
if he can explain that to the people then the people will be able to judge whether the borrowing is justified or not.
BA MUMBA NABO TAPALI IFYO BAISHIBA. BORROWING FOR CAPITAL PROJECTS IS THE MOST HONOURABLE BORROWING. MWILAFIMWENA PAMA TITHE NA OFFERING BA NERVOUS MUMBA. TESHILYA MWIBILA BANTU MU CHURCH IYO. OR SHILYA MWALEKONGOLA NEAR ELECTION TIME. THIS IS REAL MONEY FOR REAL PROJECTS. AND JUST SHUT UP IF YOU DON’T KNOW ANYTHING ABOUT CERTAIN THINGS. AND YOU DON’T SEEM TO KNOW. IT IS JUST “PEDESTRIAN” ECONOMICS MWAISHIBA.
In the not-so-distant future, I’ll be introducing my country to a foreign friend of mind in the following manner: This place used to be called Zambia, but the name changed to Huanmbia when it was auctioned to China. The country was over borrowing at a rate of US$3.5Billion new debts per year and ended up being declared insolvent. So the Chinese bought it off for a song, changed the official language from English to Mandarin and the currency of legal tender to Renminbi. Here are the other name changes with new names in brackets; LUSAKA(Wu Saka), CHIPATA(Hi Pa Ta), MONGU (Wong Gu), LUANSHYA( Wang Sha), KITWE(Hi Twe), NDOLA(Wo La), LIVINGSTONE( Lu Wing Sto)
PLEASE STOP BORROWING NOW!!!!
@Mushota, hilaralious! That’s the one! I am a Black British – am I eligible in your summation to take over the reigns of the country? I will make you Minister of Mis-information!
The tide is turning,Nevers is coming precisely what Zambia needs.His mature,sober and non-confrontational politics is so endearing that it will be insane for us not to let him take over the reigns of government in 2016. In fact he’s too good for a Zambian politician and perhaps good enough for any legislative or executive office in the EU and even USA.
MMD special advisors, this is the moment to arm this gem of a president-in-waiting with all information he needs to restore zambian relations with outside world we’ve under this street savage in State House.
Ku mushi kwaliba H&M kekekeke ka chief bought in broad daylight. Pitful !
Kekekeke at H&M, you guys are observant. You wanted the Chief to use yellow shop-rite bag
my president chwe chwe chwe
very humble person and God is lifting you up……..
Umwaice ale moneka presidential more and more!
That’s how it is. You have to support your own no matter how unqualified they are. Look at the trash that is currently in State House!
Zambia, Zambia – what a country! You have a failed preacher – a failed VP (fired after a short stint) – someone who has never won a vote among Zambians inspite of his many attempts!
This is the guy who is going to lead you to prosperity?
Good luck with that – you people are amazing – you couldn’t make this stuff up! Reality is really stranger than fiction.
Politicians are chosen among the very zambian people who are commenting on these topics. They are all the same – cut from the same cloth. That is why zambia doesn’t work because they are all just a bunch of crooks, fake Christians and fraudsters who only seem to get upset when they are not getting a cut.
A nation gets the leaders it deserves so goes the saying & it is true.
It goes to show jus how much Zambians love their fellow countrymen, the Bembas. Otherwise, how does one explain the fact that Zambians have allowed themselves to be cursed with one dull Bemba president after another – KK, Chiluba, Sata and now this aspiring Mumba, none of whom ever passed calculus in college?
If any of these Bemba presidents had anything to offer, it was not their brains; much less their characters. Kaunda destroyed Zambia’s vibrant economy, Chiluba looted it and Sata is exterminating it. Notwithstanding, Zambians now appear lulled by the preacher turned politician, whom they know all too wells, that he is a failed case of one experiment after another. They revere instead of sneer him!
@Mei , haven’t you noticed that it is his fellow Bembas praising him. These creatures have two hats. One hat is hateful, corrosive and vile. …this is the hat that is worn when they are commenting on an article about a non-Bemba politician. The other hat is worn when they are dishing platitudes on their tribesmen. These people are stinking tribalists as exemplified by their current tribal dictator who has appropriated 90% of government money and vacancies for his northern region.
Chizungu ba LT: if like you report, Mumba has DECLARED that the PF
government is reckless, irresponsible and immoral you are now telling us Mumba is to blame for PF being reckless immoral irresponsible. He is the one who declared them to have those vices.
How do you work that out? Engalishi naiwe yalikupita…tau le panga sense. Have you read what you typed.
Nevers looks energetic.
NO URINE BAG
Where does NEVERS MUMBA got the money all the sudenly flying around with the LUSAMBOS of this world, that day he was in Chinsali came in the night following was in SOLWEZI went by Proflight Aricraft. where has he got this money which was not seen all this time his part MMD is dying, who is sposoring this block Pastor all the suddenly when his friends in NEC are calling for a convention? and for what porpose? these are question to answered straight foward. He has acused his two Vice Presidents to get money frm SATA, but who is givng hm this money is sposoring Prov Chairmen and Chairlaies to reject the Convention, Zambians lets us be serious on corruption talk, this man is being corrupted by some one powerful whom he will auction MMD to very soon. Am seen this Chairlady with him at the…
From ex defence minister Mwamba. They are in some alliance . Actually Mwamba plans to defect to MMD. That is the sudden Umwela wa ba Mumba. Watch this space.
FROM WELWISHERS MY BRO…….HE IS A MAN OF GOD,HE CAN NEVER WANT…..
Nevers will never learn. Flying around meeting selected MMD supported will not earn him votes. Change the strategy! Door to door campaigns speaking to the masses is the way. Leave those suits in Lusaka!
Ba Kimbanguist.You don’t run a Party like a headless chicken.You have to be sure that the Leadership is in place before you embark on what you’re calling masses.Even if he’s not there the leadership can continue.This is strategy.
Nevers,
When you weather a storm, it is a clear indicator that you are making progress: by natural or spiritual measure.
Please maximize this opportunity- it is an indicator of the change of seasons- the number 4 by God’s design: we are in the year that has a 4 (Genesis 1: 14-17).
Zambia shall be saved………..
move my president ,you look representable within and outside the country. Well spoken
Former Pastor turned politician, just to let you know that German just issued a $3bn bond two days ago and US owes China $3tn. In your shaven head, where do you think the money for airports, roads, school’s construction is coming from. Borrowing for development projects is normal. To simplify for you, you go to the bank to borrow money for a project and not yo buy drinks and meet to braai.
@abert,the two examples of borrowing are totally different,Germany is #1 biggest economy in Europe,and USA owing China $3Tillion was obtained over a period of time,china gives USA because of trade deals and the money is pumped into private manufacturing businesses theyby increasing USA export products to other countries.usa economy ranges in trillion of dollars,ur example is like wanting to compete with GBM and yet your earning is less than $1000 per month.lets be real.borrow to eat now and my children will pay for it in future is greed and bad parenting.
My main concern is were will Zambia get the money to maintain the non revenue projects that the pf has embarked on.their should be a balance between the revenue and expenditures.since pf came to power the economic outlook of Zambia is blick .in the near future taxes will increased and most of the projects will be white elephants.its almost two years now since Zambia railways got the $120m but it’s revenue hasn’t changed.the concept of let me eat and my children will pay in future ,will not make them happy.borrow with the capacity to pay back.sata is not bothered by it because he will not experience those days .
@chikubabeniso. Germany should borrow and Zambia should not simply because Germany is rich? In Your opinion we should have impassable roads, archaic airports, death trap hospitals simply because we are too poor to return the money we borrow? How will exports reach the shores if there are no roads and railways. Ala tuleikalafye even if we don’t like people Governing us. Good infrastructure is an engine room for economic development.
President Nervous Mumbai,the way to go Zambians.
President Mumba for 2016 and Zambia shall be saved .
President Mumba that’s the way to go build yourself.Pf has failed,I don’t think Zambians will be so dull to vote for PF in 2016.
soldier on Nevers Mumba. God is with you. All detractors will be put to shame by what the Lord will do in you and through you.
I Love this guy!
Dr Mumba- good looking,well dressed,well educated and knows about debt limits,healthy looking and with a level headed mind.Our next president is better in all departments than the current fossil in plot one.
Our 2016 president, Mumba !
He left GOD for GOLD!
GOD have mercy on those he is going to lead.
HE JUST LIKE KING DAVID WHO WAS KING AND SERVANT OF THE MOST HIGH GOD
‘Man of action’, if only you knew what action he was upto doing!
Pipo tell me, is mumba at the airport or at construction site. There is dust everywhere in zambia
The political weather in zambia can be either way,as now the way is pointing at HH with his personnal griedness nd scarcity responce, If Dr mumba can keep on hiting on targets zambians will give him a mark,Even the current plot 1 management is one person who has terribly made this country worse than expectecd, he was a boss in unip, MMD with late chiluba, nd now this time trouting alone, he,s waste matterial to look at..go forward Dr.
Ladies and gentlemen, what unfolds before our eyes is Zambia’s next president no one will be ashamed to introduce.Dr.Nevers Mumba is a full package like no other among the current crop of politician or perhaps in recent times.His mature, sober and non-confrontational approach to politics is so endearing that he’s a constant pain in PF backside.His squeak clean image would fit any legislature or executive of any EU country or the US effortlessly.It would be foolish of us not to give such an experienced person the support to restore Zambia’s shuttered diplomatic image under Sata. To MMD special advisors, please feed all the necessary information you can to this gem of a president. The tide is turning and there is no looking back. Mumba’s idea of New MMD is perfect to wrap up the…
Ladies and gentlemen, what unfolds before our eyes is Zambia’s next president no one will be ashamed to introduce.Dr.Nevers Mumba is a full package like no other among the current crop of politician or perhaps in recent times.His mature, sober and non-confrontational approach to politics is so endearing that he’s a constant pain in PF backside.His squeak clean image would fit any legislature or executive of any EU country or the US effortlessly.It would be foolish of us not to give such an experienced person the support to restore Zambia’s shuttered diplomatic image under Sata. To MMD special advisors, please feed all the necessary information you can to this gem of a president, the tide is turning and there is no going back.
What this government will leave for posterity is a mammoth debt bill to settle due to myopic economic vision. They have continued to make populist decisions that have adverse long term implications, including mortagaging the country to “so called” investors. There are many that regret having cast their vote for ukwa and cant wait for 2016 to vote him out!
At this rate of borrowing we are headed for a debt trap already and the Chinamen will own Zambia! In the process, very little will accrue to the advantage of the citizens. Policies being championed by this government are a recipe for neo colonialism and can only leave the citizens in debt shackles. What about effective affirmative policies like partnerships/collaborations, involvement of locals at director level with the to empower them and make them play an meaningful role in the economy???
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