Friday, March 29, 2024

PTA Bank $257 million crude oil debt reminder to Zambia puzzles activist

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MMD National Youth Secretary Tobias Kafumukache addresses journalists at the party secretariat in Lusaka
Former MMD National Youth Secretary Tobias Kafumukache addresses journalists at the party secretariat in Lusaka

A Political activist has expressed disappointment over the statement made by PTA Bank in which it reminded the Zambian government about the outstanding crude oil debts of US$257 million.

Tobias Kafumukache, a member of the ruling Patriotic Front (PF), says as a concerned citizen he is taken aback because PTA was not the only bank that Zambia owed money.

He said Zambia owes money to a lot of banks like the international Monetary Fund IMF and The World Bank but they have never heard them rush to the media to start making enquiries about the monies owed.

He wondered why PTA had to bring the matter to the attention of the media because business matters are confidential that should not be to be dealt with in the media.

Mr. Kafumukache said PTA knows the mode of communication but he was surprised that the Bank had decided to take the route of the media which was very embarrassing.

He said one wondered if the PTA bank wanted to embarrass the Zambian government.

He said it was clear that something needs to be looked at adding that PTA should know that there is no nation in the world that does not owe money.

Mr. Kafumukache who is also PF media mobilization assistant said there are various countries that owe money to banks but they have never heard these banks rushing to BBC or CNN to inquire of balances that are owed to them.

He said this is not the first crude oil that Zambia has imported and this is not the first money that Zambia has owed to PTA bank adding that PTA has been in existence for a long time.

29 COMMENTS

    • you are surely thinking with your butt; obviously these debts have been outstanding for a long time and all efforts have failed hence resorting to media. this is not an embarassment but a wake up in the vent of business; others owed are hiding but soon they will flood the media the moment PTA is paid because of its boldness to come out.

    • Kafumukache has admitted that PTA bank is not the only bank Zambia owes. He says it like it is good thing! So what is PF doing about all this debt they have incurred?

    • When going to beg, your bosses were very humble with their tails coiled between their legs. Now when pay back time comes you want to wag your tails and say you want confidentiality?

  1. Mr Kafumukache, do you think that PTA bank is in a business of forgetting outstanding debts?
    Just pay-up and shut-up.

    • You are right!energy minister didn’t tell us that the fuel due to non payment of bills. This government has landed is in trouble. Where will it get money to pay these debts?
      Have they thought of solutions? Mwanawasa MHSRIP fought to clear the debt that KK had accumulated and now PF has I done all the hard work. They have no clue!

  2. This guy is a clown….Does he know wat terms govern these loans? The PTA Bank lends money 2 Zambia for crude oil stocks n this has to be done every quarter. Am sure if this chap read the contract signed, Zambia is suppose to pay back the money on a regular basis. Just admit PF has put us in a fix with the external and internal debt

    • Can you be serious? PTA don’t need to be in state house. Tax payers will have to pay this and some of us don’t enjoy anything from the government. We fork out for medical services, for education. Yet we pay taxes. The ones who enjoy are the politicians.

    • if this is the attitude us Zambians have that the president is free to do as he wishes then we will never ever make progress. No president or prime minister has the rights to do as he or she wishes. These are servants of the people and are answerable to the citizens. Here we treat a president like a Demi God. We will always lag behind because of this attitude. Why does the president have advisers?

  3. I suspect this Ka-his-stomach guy must have benefitted from that $257 million. It is absurd that in the age of the Internet one can speak of confidentiality in any way. Anyone told this guy about Ed Snowden??

  4. Ohh please, PFools!! Govt borrowing is not a private matter. And in this case GRZ is in arrears I. E. default, to PTA Bank. This is part of the undocumented debts not being disclosed by govt. There’s also the $600m of VAT not refunded to mines and more money advanced by Chinese contractors on projects. Let’s just admit that Zambia is truly broke after only 4 years of PF govt.

  5. KAFUMOKACHE IS AN EMBARRASMENT TO THE NATION. PEOPLE OUT THERE SOULD BE WONDERING WHAT TYPE OF PEOPLE ZAMBIANS ARE? I AM SURE THEY ARE QUESTIONING OUR THINKING CAPACITY.

  6. Well done!! make yourself relevant. To be honest it’s my first time am hearing about you. Next time talk about something progressive!

  7. Quote
    “he is taken aback because PTA was not the only bank that Zambia owed money…”.
    End quote
    Quote
    “He said Zambia owes money to a lot of banks….”
    End quote

    I am also taken aback, can you with pride tell someone you owe …. iwe relax you are not the only one I owe after-all there are many others?

  8. The reminder was shameful because it was not an open reminder for all PTA Bank debtors. It was too personal, direct and coincidental with the economic shock that created pressur on the Kwacha in relation to the US dollar. It would be better if the PTA could engage in consultations and dialogue with governments than to issue any form of statement that could lead to speculation and politicking.

  9. This Ar.s.e is talking with his open rectum!
    Chikwanda keeps on borrowing as if Zambia has capacity to repay when the country is broke – what a bunch of monkeys!
    We should call upon all other lenders Chikwanda has not paid to come out in the open so that we can stop the nonsense of reckless borrowing!!

  10. Where do these vuvuzelas come from. LTimes why not write about PTA/Govt standoff & not this clown’s reaction.
    Its the Post that dug deeper, Tadese (ceo @ pta) refused to comment & Prof Saasa (chair @ pta) issued statement to allay speculation.
    By the way its better we know the cause of fuel shortage than keep on getting Yaluma’s lies.

  11. The answer here is quite simple. If you don’t like being reminded of your debts, don’t borrow. Debt is financial enslavement. If we owe $257m, and it was brought in when the rate was say 5.60 and today its 7,60, that means our government needs to raise an extra K2 for every US$ we borrowed. So, somewhere in our budget we need to come up with an EXTRA K500m odd just to pay back, let alone the $257m

    As was the slogan in a past USA election “Its the economy, stupid”.

    We change/re/re/re-change mining tax regime. Now the 20% mine tax reduced back to 6%. Pray, bwana Chikwanda, can you re-do the budget which was formulated on the assumption that we get 20% mines tax and we budgeted to spend accordingly. With this extra tax vapourising, is Chikwanda symetrically trimming down his…

  12. Is this the calibre of leaders we have in Zambia? This is absolutely nonsensical. How someone could up with such a statement is astounding. Lungu needs to put a plug on his party and issue a directive on who and when statements will be made on behalf of PF and government. First you had Chama in contemptuous fashion threaten judges and now this yahoo exposing the fact that our government owes every shylock and their cousin. All this on the eve of our credit rating being evaluated. What schools did these yahoos attend?

    • you are the yahoo, who are you to tell Edigar what he should and should not do, Edigar is the president and he can do as he chooses not as you think you yahoo. As if you are the president you stupid yahoo

    • @ irritated at dullards

      Who told you that the President “can do as he chooses”?

      For your information, the President is not above law, he do not have a single right more than you. His rights and obligations are subject to the Rule of Law.

      Now, can you please apologies to all contributors for using “stupid” which applies more to you than “loadist”

  13. Yes when dialogue fails they may result in such alternatives, but only when dialogue fails.The PF doors are open to dialogue,please lets utilize them..

  14. You can freely visit the IMF or Worldbank website on information about who owes how much and for what period. Greece is on top of list. What are you talking about Kafumukache? Even at individual level, the Credit Bureau gives information to all those who pay for the information to know who owes who. I know you are implying HH is behind all this.

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