Government says Zambia’s debt with the International Monetary Fund (IMF) stands at US$ 333 million dollars. Finance and National Planning Minister, Deputy Minister David Phiri said Government has however paid US$ 1.9 million of the IMF debt from 2006 to date. He said Government will ensure that there is prudent management of the funds so that the country has no debt trap.
Mr.Phiri has also assured parliament that the country will not fall into a debt trap. The Deputy Minister said this in Parliament on Friday in response to a question raised by Chilubi Member of Parliament Obby Chisala who wanted to know Zambia’s current debt with the International Monetary Fund.
This was during the question and answer session. Mr. Chisala also wanted to know how much government has paid towards servicing the debt to the IMF from 2006 to-date Mr. Phiri said Government will continue to borrow funds from the IMF to finance major projects.
He said there are many areas which need funding and government will continue getting the money to finance them.
ZANIS
I am really becoming sick of this country! When will this business of nkongole end? Some people are busy saying that Zambia is developing but nkokgole fulu fulu! I don’t know the future of this country 10 years from now.Majority of Zambian people have no hope for tomorrow but simply surviving, being blown by the wind not knowing wat tommow brings and yet there is a so called government in place!
Who controls the IMF?:):)
Chiluba has half of that debt and the rest Maureen Mwanawasa. RB is now busy accruing his own debt.
$333 million dollars is 2% of GDP. This is not bad but it should not be extended but diminished. Let Zambia raise its own money for its projects. The trouble with governments is that they do not know how to earn money but how to spend!
Hahahahahahaha this though can be changed.
Paid your creditors only $1.9US million in 4 years.
ha ha ha
Look at the size of the debt to payment ratio.
2011 ZamAID concerts worldwide to end the spiraling debt of MMD.
Give the new government a good kickstart to prosperity.
@ Bank Manager that got you laughing too huh? I am rolling on the floor right about now.
People you havent seen the worst yet! MMD has bankrupt Zambia to a point of no return. RB started stealing even before the last elections because he was not sure if he was gonna win the election after the late LPM! Soon you will learn of how Mfuwe has been turned into a place to hide the loot! The VP cant be fired because he knows a lot! Katele brought himself trouble after he approached RB on the Mfuwe tunnels which those who belong to the “True Blue” within the MMD say the tunnels are built like a small underground city with rooms and a radio station more powerful to broadcast across the entire nation. I will disclose the exact location of this in my book as soon as I settle down in South Africa after the embassy staff recall from Washington.
Forever living on Kaloba
Chansoni ati however govy has so far paid $1.9 million of the debt since 2006. Surely just K9.5billion paid in 4 years! Problem in this country is mismanagement of resources, we borrow heavily but still remain highly under developed. I fail to understand how those in government even manage to walk with their heads high.
Zambia owes IMF US$ 333 million….!!??
Kansanshi Mines (80% FQM, 20% zccm) owes ZCCM-IH (govt) million U.S.$ 337,561 (Minority interests) since 2005
The minority Interest is the benefit after amortization for the others shareholders in kansanshi mining…
There is only one shareholder with First Quantum Minerals : ZCCM-IH
Kansanshi gave ZCCM-IH only $ 21,1m (amount of M. interets is $358,661 m)
A crumb….!!
In the same time, First Quantum Minerals rent this money (zccm-ih money) for 0%.. with this money FQM developp its business in others country
In 2009, Kansanshi mining earned $ 1,.263 billion (after provisional pricing and realization charges)! so why only a crumb??
(continued)
$ 100 million swindled from former zccm and invested in the banking system in Mauritius..
the govt knows who played the dirty trick, and where is money but does nothing !!
one the one hand $ 437 million due to zccm-ih (gov ), one the other hand zambia owes $ 333 million IMF
why govt do not recover his money???
WHO BENEFITS FROM THIS SITUATION ?????
Incompetent or corrupt or both of them… I let you choose…. :( :(
MMD is here to stay and if you have a problem call me at the embassy so we can argue as grown ups. Call the embassy number and ask for me if you are man enough: 2419 Massachusetts Avenue Northwest
Washington, DC 20008-2851
Phone number: (202) 265-9717 OR better yet leave your email comments here: [email protected]
Zambia still owes China, Parley told
1st July 2010
By Times Reporter
PARLIAMENT yesterday heard that Zambia still owes the Chinese government $340 million for the construction of Tanzania Zambia Railway (Tazara) line.
Finance and National Planning Minister Situmbeko Musokotwane said in response to Chilubi MP Obby Chisala (PF) who wanted to know how Government would repay the loan that negotiations were under way.
“We are negotiating with the Chinese government on how we will repay the loan. But this is a concessional loan and there are no penalties,” he said.
Earlier giving a breakdown of the loan, Finance and National Planning Minister David Phiri said that $250 million was for the construction of the rail line while $90 million was for the purchase of wagons and trains…