Finance Deputy Minister Miles Sampa (fourth from left) and other officials from Zambia, Barclays Bank and Deutsche Bank pose for a photo after the launch of Zambia?s US$750million-worth bond on Wall Street in New York, US on Thursday 13 September, 2012. PHOTO | CHIBAULA D. SILWAMBA | GRZ
Finance Deputy Minister Miles Sampa (fourth from left) and other officials from Zambia, Barclays Bank and Deutsche Bank pose for a photo after the launch of Zambia?s US$750million-worth bond on Wall Street in New York, US on Thursday 13 September, 2012. PHOTO | CHIBAULA D. SILWAMBA | GRZ

President Michael Sata has expressed profound gratitude to the international investor community for the massive and overwhelming support for Zambia’s first sovereign bond.

This is according to the statement made available to the media by the President’s special assistant for press and public relations George Chellah.

According to the statement, President Sata is delighted at the confidence placed in Zambia by financial houses in America, Europe and Asia resulting in the bond realisation of US$750 million, far beyond the US$500 million which was originally envisaged.

The Head of State wishes to heartily congratulate the Zambian team for the superb accomplishment.

The team led by finance deputy minister Hon. Miles Sampa included among others Ministry of Finance permanent secretary for economic management Mr. Felix Nkulukusa and Bank of Zambia (BoZ) deputy governor operations Dr. Bwalya Ng’andu.

The President has highly commended the team’s unique sense of duty and commitment stating that they went on road show to sell the bond and were thoroughly prepared for the task.

“The achievement of the first bond being oversubscribed establishes Zambia as a very credible investment destination and that our country has a vibrant future,” the President observed.

“We will continue to value foreign investment and do everything within our powers to safeguard the investment climate. Clean investment has no reason to fear Zambia.

“This happy outcome is a credit to the people of Zambia who are the architects of unity, peace and stability that our development prospects are firmly anchored on.”

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114 COMMENTS

  1. Sata you are on the right path and we in MMD congratulate you for your good policies. Our friends in UPND are bitter and please do not pay attention to them. You are the right man for Zambia at this time.

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  2. Joy you are a tribalist. If Bembas are doing a good job for the whole Zambia, why should we include incompetent people who do not even deserve to share from the PF handwork? It is not logical to reward and promote your enemies who are interested in your downfall. Sata is a very smart politician and soon you will see what a political genius he is

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    • If Bembas are doing a good job for Zambia? What an *****! What makes a bond to sell? Is it the group of Bembas representing Zambia or it is the investment potential established by Zambians and the previous equally hopeless govt? Imagine how much our bond can sell if we had a more strategic and prudent govt like we are always advocating for? We might not even need to sell a bond to finance our economic programmes. 

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  3. Good for Zambians and the Government, forget about ill threats by UPND cadres and kalijo people. Please work harder than this next time. VIVA PF and its government

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  4. Thank God we have not yet withered away the ten years of good groundwork laid by the MMD. The Eurobond was conceived by the MMD and nine of the ten years that led to the successful launch were under the stewardship of the MMD. If we waited another year the bond would not have been launched. Bravo Musokotwane for a well thought out scheme.

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  5. Come on Ba Sata, even a one word thank you to the MMD leadership for bringing the country to the level where investors looked at us favorably will do. I don’t think it will hurt or choke Mmembe to death.

    You don’t have to be that cold and stone hearted to the people that did the donkey work, especially the late President LPM.

    This road show team in the picture your are heaping praise on just cycled a bicycle with training wheels on. I can assure you that the training wheels are now off and lets have the best brains administer this fund to better develop Zambia.

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    • @Maxwell shut up for f$$$$ sake. Useless *****ic person you are and give praise where it is due. Even if it means that you have to swallow your big fat ego. It is 10 years that your stupid party is talking about and not 90 days ago. Shut up-uuuuuuhhhh#

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  6. Please, this debt will have to be paid back by us tax payers. I advise you politicians not to abuse our resources through the wide spread corruption such as giving over priced tenders to your ministers and friends. It will come down to folly in the end! Please be prudent in the use of our resources!

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  7. As usual, there is nothing new or perhaps people do not understand the rationales behind the so called Eurobond. Europe is bankrupt, in lieu of Zambia pursuing other means of attracting Chinese or Russians to bring their currencies which are now seen as the preferred currencies better than dollars(US) or Euros, it is busy begging dwindling economic houses. Even Gemany companies when they deal with the Chinese or Russians, they use their respective currencies. This means that, first the Americas are still down playing the inevitable paradox of the dollar which has been treated as the world reserve currency for a long time. Second, the American media is living in denial. So, Zambians understand something before you beat drums or else you are claping for nothing. UNPD, remind these people

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    • UPND through its mouth piece, ZWD, said PF failed to sale the debut eurobonds, so what does UPND has to tell us? More bull-crap?!!!!!!!!!!!

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  8. The same pipo that claimed that pf was destroying what MMD did are today saying PF is riding on MMD’s success. Just give credit where it is due. I cant wait to here from HH and Nerver Nervers.

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  9. @4 MMD, Bembas are not doing good for the whole Zambia but themselves alone. Creating new provinces to get a bigger cut of the cake; two universities in one province, all major appointments in cabinet, civil service, foreign service and parastatals going to Bembas only cannot be said to be working for all Zambianbs. There is definately imbalance and tribalism in this government. You Bembas do not realise that the other tribes are watching and taking note.

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    • You campaigned for who? others campaigned for PF. you have refused to take up ministerial posts even after loosing. who do you want to be there then? someone’s head must be confused. I don’t want it, I want it, but which is which? What do you want happen. you refuse posts they give them to supporters, logical and normal. Just wait for your time then, that when you will be happy. envy is bad.

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  10. viva PF, Viva Sata Long live ubwato and abash ka tribalist who must be choking with envy. Bitterness ikakwipaya mudala HH you should be objective at times not bitterness all the time, now your bad mouthing of PF has just evaporated puff!

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  11. Great news indeed, I am sure my grandpa in Kaputa will be excited to hear of the Zambia’s EUROBOND success/achievement

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  12. Awe Sampa ne team lyobe namubomba bane.Ala epashili pakuleka.Lelo nganaufwa ati waleshana nga Taima teti mpape.Kudos bane !

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  13. EICHI EICHI HH WOOO!! YOU ARE TOO ARROGANT AND POMPOUS YOUNG MAN.
    YOU HAVE NOW BEEN PROVED WRONG. INVESTORS HAVE FULL CONFIDENCE
    IN MCS GOVT. BRAVO BRAVO PF.

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  14. The US$ 750 million raised is not a lot of money to cover large hydropower projects as well as other infrastructure projects as some bloggers seem to suggest. The construction of the 750 MW Kafue Gorge Lower Hydro-electric Power Station alone, slightly smaller than the existing Kafue Gorge Power Station, whose construction was commissioned by RB last year will cost US$2 Billion. So let’s be realistic with what can be achieved with this money.

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    • @23, Senior Engineer RTD :

      But it’s a good start, don’t you agree?!

      Every business in the world (including National Development) is run and financed through borrowing/credit. These are baby steps that our country has taken. And Zambia is still “a baby” in this area. So, as nature intends, a baby has to learn to sit, craw, stand, and walk before it can take part in a 400 meter hurdle race against the likes of Samuel Matete!

      Who knows, next time we may be mature enough to participate in the “Olympics” of the financial world, but so far so good. Against all odds, negativity, and the nay Sayers at Watch-Fimo-Fimo and their chief headliner, HH, this Eurobond debut has been a success beyond measure, period!

      Let us all, for once, enjoy the success as a reasonable people!

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  15. THATS WHAT WE WANT TO HEAR,ITS NICE THE PRESIDENT THANKED ALL THE PEOPLE OF ZAMBIA FOR THIS ACHIEVEMENT,REGARDLESS OF POLITICAL AFFILIATION.FOR ONCE LETS CELEBRATE ZAMBIA WHEN A GOOD DEED IS DONE.PANONO PANONO BOSS HATERS SHALL BE SHAMED.ALL THOSE RAGING WITH ENVY GO HUG A TRANSFORMER.

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  16. This money can be ideal for the construction of small hydropower projects all over Zambia. However for reasons which are not clear to me Zambia favours large hydro over small hydro

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  17. Zambians, understand the implications in the above quasi-economic rescue package. In whose interest is the quasi-economic rescue package? Who structured it and what are the unintended and intended consequences of the above quasi-economic package, the so called Euro bond? This pseudo plan does not take into account the interests of the untaught and those opposed to effects of the unintended consequences. The team which appeared in the above photo had to do so because psychologically, they have to portray and maintain false personal traits so that the unquestioning Zambia audience can rubber stamp the pseudo Euro bond. UNPD, fully explore economic implications here, viva HH

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  18. I also have a feeling that this money is not enough for the projects the minister is talking about. It will however go a long way, especially if well utilised and monitored

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    • Depending on how well Zambia takes care of its bond holders, our country’s reputation as a reliable ‘Creditee’ will sky-rocket and next time Zambia issues more Eurobonds, it may be in the Billions of dollars. $750 million is a start, and a good start at that. Enjoy the fruits of being a credit worthy Country, period!!!!

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  19. This is not free money ninkongole and tax payers will have to pay back bane….

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  20. # 7 MMD Chief Bootlicker, HEMCS has no obligation to massage the broken ego of the MMD! HEMCS has an obligation to motivate and keep proding his team which needs to produce on the fertile soil left by the MMD. This is a job well done by the PF government and in particular the team that went on the road show. Coupled with increased confidence from this score, we will be able to attract a number of foreign Direct investors for projects that will require PPP. Let’s go PF. Let the prophet of doom and his watchdog on line publication continue ranting, while PF works! I am again voting PF if they continue at this pace. Let’s go Zambia, we have the brains and don’t need any tribal inclinations! VIVA PF, VIVA HEMCS!

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  21. PEOPLE CAN EVEN CELEBRATE IF SATA ANNOUNCES THAT MINISTERS SHOULD MARY Prof’s wife,,Nkalanda’s wife,,Gyue’s wife,,Ulaya CF’s wife,,Mr.Hamiyanze’s wife,,,and Chief adviser’s wife…ALL OF YOU YOU WOULD CELEBRATE..AND CLAP YOUR HANDS SO LOUDER…AS LONG IT COMING FROM THE SATAA,,,SO USE YOUR THINKING FOR THE BENEFIT OF THE COUNTRY,,,SATA IS A FAILUREER,,

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    • Uli mwana we shilu and your broken english speaks for itself. Go back to school and learn some good english before you can puke gabbage on our President and the people of Zambia.

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  22. Hey, comrade HH, quickly assemble a team of independent intellectuals, in the disciplines of accountancy, economics etc. and let them study the above pseudo economic package and advise the general public about the implications which one cannot see on face value because it is a well known tendency for Zambians not to think out of the box. The architects of the Euro bond want you to see what they have designed for you, nothing beyond that and, if you dare question the real purpose of the pseudo economic package, then that attitude constitutes an offense. What percentage will actually remain in Zambia after the architects of the pseudo plan have extracted their gains? Answer, nothing, in fact you will end up owing them a lot of money. Develop the abilities to fully understand its implications

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  23. what understanding? Unlesss it was UPND that archieves others dont understand macro economics??? Cadres cadres this is your country, give credit where due o die with envy. Welldone PF.

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  24. A Bond is a borrowing, borrowed funds need to give a high return in order to meet interest payments and principal at maturity. Wait until you here the application of funds – already we are hearing that it will partly go to ZRL, this was not the intention when MMD kick started the Eurobond. Next it will be allowances, etc!

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  25. Congratulations to the A team, wow oversubscribed 24 times, good work!
    Doomsayers will always be at it 24/7, the sky will always be falling, very sad and pathetic indeed, those vile corrupt MMD roaches are no longer in power, get over it. If it was them that $750m would have gone to invincible Formula One road projects and invincible fuel transactions deals in Nigeria.

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  26. $750 million is very good money to initiate a huge project of up to $3million dollars.Who told you that all the money for the project is aid at once ? Do you even understand how major projects are paid

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  27. I really wonder what is at stake for some bloggers. I don’t see how HH comes in this story for him to be part of the debate. When money is borrowed in your name by the people you voted in power you have the right to question what the conditions of the loan are. What are the terms of payment? which banks have actaually lent us this money? What is the interest rate etc. We could only have cause to celebrate if we had sold or exported goods to that tune not kaloba. We have been borrowing money from IMF, World Bank etc for years and no one has ever said well done to the govt for it. Can someone explain what the excitment is all about with a debt or nkongole?

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    • becoz you are joining the developed world who dont go to the world bank and imf to borrow but issue bonds-as for the intrest reuters are reporting that the yield on this bond are already falling and may get as low as that of Ghana

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  28. Please help me, carefully look at the above photo, two white representatives and an Indian/Hispanic hand picked mouth piece of the architects of the infamous Euro bond, did not smile at all. The persons who smiled are Zambian representatives (or to put it more correctly, proletarians). Anyway, some of them convey ‘honest message’, which is that whatever they attended was simply a talk show. Then, why spend peoples resources on travel expenses, accommodation, expensive meals and beverages in the US, instead of subsidizing the expensive staple food ( tshima). One Zambian in the above photo wore a playboy attire, which gives an impression that it is a team of players on a joy ride, nothing else. Viva HH

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  29. There should be praise only when you can point to completed projects and say this is where the $750m was spent. I won’t be surprised to learn that this money was shared amongst the clan. Watch this space. You’re dealing with people who behave like they are tourists in Zambia.

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  30. Now Watch and see how Zambian watchdog site has twisted this good news to bad news on PF and Sata. That website is driven by evil people and their sponsor of course bitter man HH. Give credit where its due and encourage president Sata to make sure this money is put in visible infrustructure development, that is what we lacking in Zambia and more jobs.

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  31. PF are scared of under 5. If he so unpopular why stop him from having a rally. Just one small positive thing and you start seeing PF bloggers starting clawring out of the woodwork. Test your popularity by letting HH hold his rally. CNP!

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    • let him go and hold a rally in luapula ,northern province.central,muchinga,eastern and c/belt .lf he cant win these he will never ever rule no matter how hard you will him to

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    • Right on @Al. They think they can win without the majority of the people from all other provinces. HH will never rule Zambia as long as he only has support from Southern and a few pockets from Western province.

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  32. Why does the government behave as if it has earned money? You’re borrowing. Ghana, Kenya and a few other African governments have already done the same thing. The question, is what is government doing to raise money without borrowing? Remember, we just came out of the debt that enslaved African states for a long time. Much of our foreign debt was written off. I hope we are not going back to those days you can’t write off bonds.

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    • You really sound so unimformed!!! Every advanced economy/country on earth finances their development through borrowing. That’s what tresury bonds/bills are in America. They may be called something else in other countries. The struggling European countries through the European central bank just announced that they will issue Euro-bonds to help their sinking titanic. Being able to borrow say a lot about credit wortness and fiscal managment of a country. So what PF has accomplished is no small feat. Welcome to the world of adults, kid!!!!

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  33. Fantastic moves and wonderful representation Hon Miles Sampa, Congratulations. The nation is happy with the PF government.

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  34. Viva MMD and Rupiah Banda for the success of this Eurobond.This was your brainchild now hijacked by Sata and his cabal of tribal mafia.They wouldn’t want to acknowledge your good work so they just cream off this initiative and success as solely theirs.Can’t wait for 2016 to get rid of these sore losers and parasites.

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    • But people celebrate for being credit worthy, and that’s what has just happened to Zambia. Do you even understand financing? I am no financia guru, but I do know that the country (USA, going by the flag) you are spouting pointless comments from would ground to a halt without credit. And is always paid back with interest, anywhere on earth.

      Where you live, very few people buy simple things such a car without borrowing/credit. You are in the diaspora and yet still thick-headed about some of these things!

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  35. Come on guys, celebrating for having successfully gotten Kaloba. The $ 750 Million just translates to around K3.750 trillion (about 14% of our 2012 National Budget which is 27 Trillion)! Before we get too excited about the borrowed money, just know that pay back time is 10 years from today & by then the copper prices may have tumbled badly. So let’s sober up coz you & I will have to pay back every cent!

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  36. By the way, how much did we pay the Eurobond (Barclays Bank and Deutsche Bank) teams for facilitating the Bond? Did we single source them like RP Capital?

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  37. @Shi Mwana You are now witch hunting my dear friend give it a rest, you sound very pathetic just enjoy your weekend you miserable chap!

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  38. Zambia has now been redeemed by hell. Thanks for the numerous blood sacrifices through accidents, suicides, homicides, drowning (even in latrines and shallow wells) countrywide. Enjoy the money and pay with your blood.

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  39. Michael “Jacko” Satana! Just because Alex ‘Mushana’ Chikwanda has already thanked the Nation for their non- partisan support and you have noticed it has been well received does not mean you should jump on the band wagon and steal the lime light from your Mini-Star.

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  40. IT’S SHAME REALLY TO THOSE WHO WERE DOUBTING THIS TO HAPPEN. IN SHORT THEY WISHED THE BOND NOT TO GO THROUGH AS IF IT ISN’T FOR THE DEVELOPMENT OF ZAMBIA BUT PF AND SATA. HOW CAN PEOPLE BE SO SADISTIC. IS THE BITTERNESS EVER GOING TO END? ANYWAY CONGRATULATIONS SATA AND TEAM, AND TO ALL ZAMBIANS ESPECIALLY THE WELL MEANING ZAMBIANS. BUT ONE CAUTION TO THE GOVT- PLS USE THAT MONEY ON ENERGY, BUILDING NEW ROADS, ESTABLISHING TOLL ON ALL MAJOR BRIDGES. I AM PROPOSING ANOTHER HYDRO ELECTRIC DAM ON LUAPULA RIVER, BIGGER THAN KARIBA DAM TO SOLVE POWER BLUES ONCE AND FOR ALL.

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  41. #42. SO IN YOUR THINKING IF YOU HAD APPLIED FOR A MORTGAGE AND IT GOES THROUGH YOU TELL ME THAT YOU AND YOUR FAMILY WOULDN’T CELEBRATE THE ACHIEVEMENT?

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  42. Wonders will not cease to happen. Not long ago some people where saying the Euro bond wont be successive.Today its a different story.PF has shown something that resembles maturity by not disregarding somethings MMD govt put in place.

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  43. Here we go again selling our soul to investors.This investors will require there monies to be paid with interest .Where will we invest this 750 to bring back the principal and interest on top.Swiss bank accounts are paying no interest at the moment or in the near future.So we have not learnt anything from our history debt enslaves countries and people if not used wisely.Debt is not to be celebrated but feared take it from zambians in the diaspora who have borrowed to the hilt for the lifestyle we are becoming accustomed to. We are having sleepless nights while people back home who have no access are sleeping well

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    • We have no shortage of areas to invest in bwana mukubwa! When was the last time you visted home? Because you sound so outside the loop and shallow!!!!!!!!!!!!

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    • I just read the govt will soon build a University with a medical school in Livingstone. That is Muchinga to you?!

      What a waste of brain cells to spout off regionalism/tribalism at every given chance!!!!

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    • Can you learn to distinguish a mere statements from practical implementation. Some idio.ts like you just get excited over empty rhetoric.

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    • Well, at least this Idio.t has the balls to acknowledge sensible rhetoric than some of you disgruntled buffoons! Before, you are the same people who were celebrating the “imagined failed debut” of this Eurobond. Now you jump to “Implementation” crap?! Wow, how waffling can people get? At least be a reasonable HATER and accept your biases and shallowness.

      Implementation my foot! Why don’t you wait for the budget to be announced? Don’t let your colorful imaginations and hate cripple your intellect, bululu!

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  44. The selling of the Eurobond is testament that PF cadres must be careful in criticizing Rupiah Banda and the MMD. We are not suggesting that President Sata should be handcuffed by history, but he needs to heed its lessons and desist from his appetite for failure. PF needs to deliver a strong foundation for the future generations. Will the man in statehouse listen?

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  45. This is great Me president. Thats why we put you in that seat. Don’t disappoint Zambian as the MMD did. Please sir, ensure that that money is put to good use. Don’t steal it as the thieves in MMD did. Invest it well so that it pays itself sir. And dont pay attention to HH and UPND, leave them to insult in their bitterness and frustration. Keep it up and peace to Zambia. 

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  46. The popularity of the issue by Africa’s biggest copper producer reflects strong investor appetite for scarce frontier African paper.

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  47. This money is going to pay for government leaders’ salaries. The taxpayers are on the hook to repay the bonds….

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  48. President Sata is delighted at the confidence placed in Zambia by financial houses in America, Europe and Asia resulting in the bond realisation of US$750 million, far beyond the US$500 million which was originally envisaged.

    The Head of State wishes to heartily congratulate the Zambian team for the superb accomplishment.

    The team led by finance deputy minister Hon. Miles Sampa included among others Ministry of Finance permanent secretary for economic management Mr. Felix Nkulukusa and Bank of Zambia (BoZ) deputy governor operations Dr. Bwalya Ng’andu.

    The President has highly commended the team’s unique sense of duty and commitment stating that they went on road show to sell the bond and were thoroughly prepared for the tas

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  49. #17 LION
    It is not the Bembas, it is michael satas type of rule, the Bembas are good people. If you have noticed even sometime back, the Bembas are the only people who could fit anywhere they are and eager to learn from others, in terms of culture and language. This Miko Sir tar is his personal character not Bemba. NOOOOOOOOOooooooooooo.

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  50. lam shocked to the born to learn that zambians are celebrating for kaloba what a country.please people we have to pay back this money that will be mis-used by monkeys in the maize field.Now the debt for mother zambia stands at $2billion in the first year for PF this means that in a period of four the debt might go up to $4 billion in Ukwa’s pocket.

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  51. How can contracting debt be a good thing? It is bad because it is sign of poverty. We should have been the lenders if the intelligently thought out windfall tax was upheld by this useless regime. In fact, Africa is not shot of resources but good management which is completely no where in PF. They said they would change the way things are done within 90 days but up to now they are using MMD programs except for grabbing of companies. The only good reason for this debt thing is that Zambia is bankrupt. If they had retained funds, they would have fallen back on them to avoid contraction of debt. But alas, they have depleted the healthy reserves left by RB. Shame on these Pure Fools (PF)

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  52. Great job ba Zambia. It’s good to hear and read positive news for a change. Go PF!!!!! Zwaaaa abo benangu.

    Does anyone the guys’ name in white shirt and trousers (second from right)? Looks like Chungu Kaunda or is it?

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  53. MMD left $2.2Billion in reserve one year PF have depleted these coffers what is so exciting about this ka $750m kaloba

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