Mr Chikwanda said armchair critics are always looking at every opportunity to criticize Government without offering any alternatives.
He said the PF Government is focused on transforming the Zambian economy adding that critics of the Government should offer constructive criticism.
[pullquote]
The Finance Minister also revealed that Government is tightening its expenditure to ensuring that stays within the projected current account deficit.
[/pullquote]Mr Chikwanda said those busy criticizing the new fiscal regime for the mining sector as outlined in the 2015 national budget are not patriotic Zambians.
He said there is nothing criminal or alarming about his tax proposals to the mining sector saying the new two tier tax framework is meant to simplify tax administration in the sector.
Mr Chikwanda was speaking Tuesday morning during a Post Budget Breakfast meeting organised by First National Bank.
The Finance Minister also revealed that Government is tightening its expenditure to ensuring that stays within the projected current account deficit.
He further admitted that the Government’s appetite for borrowing from the local commercial banks is affecting the growth of the private sector.
Mr Chikwanda pledged that Government will continue to monitor the country’s debt levels to ensuring that it stays within sustainable levels.
Well said. Critics like Brebner Changala who are motivated by “politics of the belly.”
If someone names a better Finance Minister than Chikwanda, I know they would be lying. Everything he says is worthy of listening to and is the truth.
Thanks
Saulous,
Don’t forget your PF Chief of “Politics of the belly”, ever hungry Munkombwe. Because of PF infinity infightings, belly politician Hon Munkombwe vowed not to stop “chewing and eating” as he sees cadres of failing to eat.
20 months left for PF and counting down.
The Skeleton Key.
~~206~~
Saulosi, there are more people in this PF government who practice politics of the belly who have admitted themselves that they are in government to “eat”.
Mushota responding to you is like responding to a mad person. All I can say is SHUT UP. I would rather respond to Saulosi who seems to be a genuine supporter of this government.
@Saulosi, I am glad we can drink in same pub. For example, you are not commenting at Kambwili vs UNZA students, neither me, never.
Then you pick on Changala, I think he don’t understand the money stuff… he is more towards Constitution.
Ba Chikwanda had the “softex” Pamela Chisanga in mind. It is true she gets free flowing donor money. How many houses has she built now just from making noise?
These NGOs?
What kind of nonsense is this? I find it nauseating to listen to proponents of the don’t kubeba fallacy. Do Zambians really understand what is happening around them. PF lies will soon plunge this lovely country into misery if thy are not purged out in 2016 maybe even sooner; anyway who knows GOD;S ways?
Fossil Chikwanda said the selfsame thing against the people who were calling for windfall tax and critical of his SI policy. ..he is always pig headed and stubborn trying stick to his outdated policies.
Jay Jay,
Even a live dog is better than a dead lion. Chikwandanomics failed in the 70s, and still failing in 2014. What else does the fossils want, if not decaying the country into corruption.
It will take many years to build what PF has destroyed. As it appears, PF is surviving on borrowed “feathers” and owners are waiting for them. The wage freeze speaks volume of PF failures.
Only 20 months left and counting down, surely might even be less as things unfold.
jay jay very very soon and soon rather than later you ll be fossil jay jay and worse for you, you ll be fossil jayjay with nothing valuable achieved in your life apart from blogging on LT.
” Finance Minister Alexander Chikwanda has hit back at critics of the PF Government’s economic policies describing them as paid agents of foreign interests. ”
Maybe the MMD and UPND.
This is what is called Freudian Projection.
He knows that he is taking bribes, so he says – everyone who says the mines need to pay a lot more taxes are taking bribes from foreign – what, parties, governments?
Neoliberal economics do not work for ordinary people, they work for the shareholders of the transnational corporations, and the bribe takers who sell out their people’s future for cents on the dollar – that’s all.
Mr.Chikwanda if you have more debts than credits then you think you are the best.Malabishi.
If what you have presented to this nation you thick you have done the best is malabishi.
How can you reduce funding to health and education and increase on the defense force? Malabishi.
Chikwanda with such a debt in just three years.Malabishi.
Anyway its useless town people who voted for this useless government.
Dont kubeba at work.
It is very heartening to note, Hon. Chikwanda recognises debt is a problem that needs to be tightly controlled.
We congratulate him on his actions to increase mine contributions to Revenue, although one would have hoped for more considerations in relation to tighter controls on tax avoidance.
Well done; we should all in Zambia cheer the gov’t on when they are making an effort to go in the right direction.
PF is excellent for lip service nothing more.
Do we know the comparative statistics on similar ore producing countries and the comparative to Zambia
Though debt levels worrying are we fairly growing as a country at the same time maintaining inflation level within the norms
Secondary are we finding it difficult to service and pay foreign debt for now or projected
If so is there any good policies that are in fiscal and monetary supporting the above
Can we see growth supporting policies with real returns in reserves and cash flows
Its not late we still have room to retrace and see the end of the tunnel Its like any business with a going concern issues and often rechecking and confirming to ensure safe ground
Its like locked in for foreseeable future hoping to recreate value from funding methods and make a return
Every sensible finance minister would first look at the current scenario and try to unwind to register gains in reserves and do a WACC or CAPM regearing the assets and liabilities of the country reducing appropriately on debt and cost to reserve earning a return on those
@jonathan what ever stop insulting our intelligence .Is about Bemba patronage. May I challenge to explain were the more than 4 billion dollars has been spent with a space of 2yrs?Its a lot of money its not a jock plus the money in the reserve bank, were is it.PF is bankrupt were is the money they saved from subside ?Remember these were fully funded in Ruphiya Banda’s government its just a continuation of the MMD projects including the National Heroes stadium .We are not dull my dear. we can not be blinded by cheap roads while huge chanks of our money is being stolen. The amount of money spent does not reflect the value, something is not ok.4.9billion dollars is a lot of money.
I have a problem with vitriolic shadow boxing concerning this particular Hon Minister and, please allow me to say, from very complex domains.
We all know the clout of the multinationals that bought the Zambian copper mines; at least for those of you informed enough; the discussants are not coming out with the core issue of where the problem really is with the Hon Minister.
None of the Finance Ministers from independence or for that matter any one that dealt with the Zambian Copper Industry had been in a position to get the upper-hand of these giants simply because Zambia did not do what Chile did.
Go back to the takeover of the mines; redemption of the bonds … the development agreements.
Hon Chikwanda must simply explain the complexity of the global resource sector multinationals…
Its important also to see the reduced growth forecast in emerging markets economies categories ,the global fuel effect and align the national key performance indicators accordingly, giving support to the new mining tax structure for increased revenue and effectiveness n revenue
Its like having a broad based growth stratergy,adhering to plans and projections, cementing and solidifying revenue and savings creating flexibility and space at the same stepping up on risk/debt management initiative through an effective investments and debt management department proactively not passively
Go back to the takeover of the mines; redemption of the bonds … the development agreements.
Hon Chikwanda must simply explain the complexity of the global resource sector multinationals. Zambia did not invest in the expertise that COLDECO of Chile did from 1970; hence we must live with the problem: Period!
@ Jonathanmhango Financial Analyst
Please Sir; you can add value to this very complex issue on two accounts: we missed the best of times to harvest from copper
The multinationals made more money than they needed to make
Whatever we want to do; they have an upper-hand from today: what do we do?
More like adding ambiguity! !
The problem of being a thief is that you think everybody else is stealing like you. Just because chikwanda is stealing from Zambia and being paid by mining companies he is now diverting attention claiming that even others are stealing like him. Chikwanda is the true evidence for the fact that age does not necessarily correlate with wisdom. An i.d.i.o.t is somebody who commits the same mistake twice expecting different results. Chikwanda drove Zambia into massive debt in the 1970s and he is now driving Zambia into debt again – the difference is that he will be long dead when Zambians will be toiling to pay it back while his family will be growing fatter and fatter. And for that he wants to demand respect? Even a baboon deserves better respect.
Chikwanda was Finance Minister way back in the 70s when KK’s govt embarked on a ruinous borrowing spree that virtually brought the Zambian economy to it’s knees! Why he was brought back vexes me deeply indeed! And what solutions is he talking about? Most critics have been singing the song to tax the mines more instead of borrowing but because of his satanic vested interests, he would not do so. Honestly, some people deserve being shot in the head for plain and costly stupidity.
In most cases our colleagues do not have the facts at hand as observed We as Zambians whether paid by multinationals or quasi multinationals supply the numbers and scenarios for most spread sheets confirming and providing data which we ourselves ought to have used to shape the future
Its not true that you are not better at thinking to lead than other though possessing the rich human skill in mind and thinking.
Political rest on solid National fundamentals anything else not making sense according to the mid term and long-term outlook should be trashed together with those proposing as its costly
You suddenly cannot simply change course there has to be a path to achieve that…
you are spot on mr minister. How else can one describe cheap talk from namankwenkwe nawakwi who spent her time as finance minister grabing other women husbands using tax payers money.
Lets not feed speculation for the sake of markets sustainability ,healthy and preservation
Lets also look realistically at growth forecast and review in view of global trends paying attention of typical growth inflationary pressure posed by the geopolitical issues in the new growing youth pollution that will demand an increased allocation to healthy and education
Being quick wits and leading rather than lagging behind the clock as the world unfolds will greatly be helpful for Zambia
It’s bad economic performing under this minister to present a budget below the National Debt currently at K52 billion above the K46 billion budget, this means the country is bankrapt! Due to Poor financial management, corruption and stealing public funds with impunity by pf without political will has put the country in doldrum of bankraptcy.
Hon. Chikwanda, are you indirectly saying we Zambians are stupid, dull, have no feelings and are not capable of seeing wrong from right? Sir, let me tell you that we are fed up; so stop blaming foreigners for our gripes. You guys have made a mess of the country, under MMD, our debt was wiped out by the IMF, now you guys have put us back right in the ditch we climbed out of just for you and your comrades to have MORE MONEY IN YOUR POCKETS.