Government has castigated United Party for National Development (UPND) president Hakainde Hichilema over his remarks that the successful issuance of a US$750 million Eurobond should not excite the country as it is just a loan.
Finance Deputy Minister Miles Sampa says there is need for Mr. Hichilema to understand the benefits of this maiden record-breaking Eurobond because it will go a long way to assist in the development of infrastructure in the country.
Mr. Sampa advised the UPND leader to instead google on the internet so that he could see the economic benefits which lie ahead from the utilization of such a bond.
He said it is unfortunate that there are some people such as Mr. Hichilema who are not pleased whenever Zambia records a success in any area of the country’s economy.
The Finance deputy minister explained that the UPND leader had no knowledge of how a government ministry is run and stated that he should at least listen to the likes of FDD leader Edith Nawakwi and former Finance Minister Ngandu Magande who are economists.
He further wondered if Mr. Hichilema has the interest of the Zambian people at heart for him to make such statements.
He said government was committed to improving the state of infrastructure across the country and to ensure the livelihood of Zambians is uplifted.
Mr. Sampa who is also Matero Member of Parliament lamented that the country’s infrastructure had been stagnant for some time now adding that it is for this reason that the new Patriotic Front (PF) government is working tirelessly to bring a positive change towards the infrastructure sector.
He noted that government was focusing on how it could deliver a bright future for Zambia and does not want to hear from people who may want to distract it from doing so.
Meanwhile, an economist Professor Oliver Saasa has said the country’s economic policies are so far headed on the right track as could be spotted from the interest rate which stands at a low point of nine percent which he said has not been the case in the past.
Professor Saasa urged government to ensure it utilizes the funds into income generating activities if it is to yield benefits for the country.
Last Thursday Zambia successfully issued its inaugural 10-year bond on Wall Street the international market which is the world’s topmost financial hub to the tune of US$ 750 million.
ZANIS
I thought he was also an Economist Like “husband snatcher” and One N.P Magande except he has never been Minister of Finance???
He is but his speciality is finance and Capital Markets. I think that was his major when he did his MBA. He did Economics at UNZA.
Economist spot on!!…Also, Sampa instead of being issue based on why such a loan on Zambians is good or bad, he is busy referencing Google , did Zambians vote for Google to explain why such credits are bad in view of Zambia’s abundant natural resources? PF can do better in explaining policy and economic Developmental benefits in the offing
@Malundu Yami – I agree with you. Miles should have seized this opportunity to elaborate the benefits then conclude his discussion with “you see Mr. Hichilema does not understand all these – that is why he cannot be president.” Government should not be in a harry to criticise its citizens who have a different point of view, they should explain their policy better – clear and in an inspiring way. Asking HH to google is just a little childish.
HH lee tall lay sana..!!! The man is full of himself alone. His wife is under totalitarian rule and does not talk about anything in the house. But what he doesn’t know is that as he is always touring Southern province, his most trusted gardern boy is busy hammering his beauty queen in his own bedi rum. Oooh!! Sorry William…!!!
Foolishness is sometimes in the blood & is inheritable. Only a fool can not understand that a bond is a loan. Stupid Bemba who can’t distiguish sense from nosense.U are a dissapointment to the Bemba Family.
Iwe Sampa, the US$750 million Eurobond is KALOBA, it is not free money, there is nothing interesting about that. Get money that does not require paying back from the mines through windfall taxes.
cant believe there are still backward Zambians living in colonial times and looking for free things.
Sir M.J. for Adam’s sin JESUS had to pay for us.
You yourself next year when windfall tax comes you will change and say P.F. is chasing investors.
More so, there is nothing for free. So the money you so called free, who will pay?
Thought so, you blank. Let me tel you, innocent poor Zambians coz the mines will shade off employees, etc to make up.
Iwe ka sampa, since when has debt ever been a long term benefit in any aspect of life?
The key word is DEBT Hidden In Eurobond when magande left reserves and existing chances of windfall tax . That is where the argument is – if I understood HH .
You surely are Kwa George_Filthy !!!
Thats exactly right, kwa George. You heard HH right.
One PF comment and Kwa George is right.
IT’s DEBT that will come from your money in years to come unless the mines are sorted and made to pay for the (let me use a MMD line here) EXPLOITING of Zambia.
He was just talking from the blue!! He is opposing even good things thats why he has become a laughing stok.He is really an under 5 chap and if you guys in Government gives attention to what he says,you will also fail in your duties.Concentrate on improving mother Zambia.
BUT THE SAME MAGANDE CONDEMNED IT ASWEL, DO YOU CELEBRATE WEN U GET A LOAN FROM THE BANK?
@ Kalumbwana – all those people who have good business plan celebrate when they get a loan from the Bank because they know now they can implement their dreams. Many of us Zambians are living better lives now thanks to personal loans we have borrowed from the banks. We are building flats, office blocks and buying cars – some of us will never be poor again thanks to effective debt. Your worry should not be that Zambia borrowed. Your worry should be how do we hold our government accountable so that the money they have borrowed is invested in good returns. A dual carriage way is coming starting next year between Lsk and Kapiri and btn Kitwe and Chingola – what do you say to that?
There it is. Why is HH embarassing himself before the whole world. Even donors now know who this bitter man is and what he stands for. Even my grade 9 niece laughed at HH’s commentson Euro Bond. The littel commerce she has done told her HH was talking rubbish.
No wonder you are called Chinena and has the brains of your nine year old niece. HH is pointing out the demerits of borrowing against getting that money from windfall tax. Is that so difficult to understand you nincompoop? Please start using a bit of your brain cells and rationale.
Mr Sampa, HH’s point is “why borrow (USD 750M) when Zambia can still make (USD 600M) close to as much as that”?
Pipo do not exibit your iliteracy levels on the blog
Thats exactly right, dear AND ZEE.
Would Govt for once stop responding to whatever HH says, it is hard to judge who is bitter if they continue exchanging blows of every issue. And Mr. Sampa you cannot believe everything you find on google. Zambia had debts before which we failed to pay and were forgiven. Just explain to us how this will be different instead for refering people to google.
Is your plan of how you will spend this money on google?
No Zambian need to be an economist or former finance minister to understand that you are better off using your local mining resources, through windfall tax at no additional debt to your citizen,than allowing the externalisation of windfall profits AND then follow to go and borrow the same money.
HH is simply saying we are better off developing using our copper than borrowing our own copper to develop at a cost/debt to our present and future generation.
Spot on, dear The Truth Pains.
HH’s point was why borrow USD750M when you could have raised that through windfall taxes which was part of your campaign promises. You instead should google the disadvantages of debt u stupid deputy minister of f*** ups. *****
We can raise funds from the wind tax but it will take 2 years to start developmental projects…PF is not waiting for that.
Windfall tax and borrowing are not mutually exclusive. There is no contradiction in what the government has done. The PF have hesitated to introduce the Windfall tax because the international economic outlook has fundamentally changed. They at least increased the mineral royalty tax. I can tell you that even if HH comes into power today, he will not introduce windfall tax – as we speak Ghana has suspended its introduction – they are carrying out further consultations. It is a complicated tax to implement particularly in a country where the Tax man is not very well organised to track the lies big companies can concoct on failing to meet the profit margins that triggers the windfall tax. So calm down and celebrate for now and ensure you hold govt accountable to spend the money correctly.
Does HH know how to use the internet? Oh! I think he does otherwise there wouldnt be such a website dedicated to discredit the gorvernment and cause division among Zambians. The ZWD all it talks about is Lozis this, Tongas that, bembas this, Sata this, PF that. It is a very depressing and hateful site the watchdogg. If they report anything nice, it will be HH nice.
Bwana Minister, so google is Gospel good for you. Dull chap, why dont you accept that your family tree is failing us everyday. Have you sorted out the murders of that inocent student in your constituency you fool before you jump to other retrogressive things.
Bafikala you will be arrested soon. see how time flies. by end of this week , you will have exhausted your one year of leisure , three to go.
Watch this space
Why should he google when the government has a duty to explain expenditure patterns to the people Zambia. For your own information HH is not talking about what projects or who gets what “cut’ but simply saying the money should have been raised locally through windfall taxes and that is what a wise minister was supposed to respond to.What google nonsese is he talking about, you mean he has no mouth to explain things the same way he used to cheat during campaigns. Unfortunately some fools here think Maulesi has responded.
do you think HH listens to any sense?
#Bemba Man, am sure you have not forgotten that this grz is mostly composed of kaponyas “educated illiterates”! They don’t know that as long as something is reported or written anywhere, even gabbage, you can find it on google.
How come the international community listens to kaponyas
WHAT LEGACY DID MAGANDE REALLY LEAVE? He boasts about HIPC when the program was actually Katele Kalumba’s effort. He talks about windfall tax when mines did not pay because they argued the matter in court – WHAT DID HE INITIATE?
MAGANDE IS JEALOUS OF ALEXANDER CHIKWANDA WHOSE CV INCLUDES initiating construction of Tazara, Tazama, Namboard, Lima Bank etc as MINISTER OF FINANCE UNDER KK.
You are lost bwana!
It appears PF cadres are excited for nothing. I challenge those that do not understand what Eurobonds are to get to wikipedia and read in detail. Eurobonds are just a form of a loan. Even your dull Sampa has failed to dispute that. The amount of money we are borrowing and the interest we will have to pay is not neccessary. We could have raised the same money or even more from windfall taxes without even borrowing and having to pay. When HH advises you don’t want to listen and call him bitter. At one point you will again have to apply for HIPC so that you are forgiven of your debts which have now swelled to US$2.25 Billion. This is not a good outlook and someone want to even smile. Please can you for once be able to read in between the line. PF is indeed a party of the uneducated cadres.
I THINK BUPE YOU ARE THE DULL ONE HERE
I hope Sampa and his friends are not running this country with information from google. if that it the case, then we are fukcd up.
@ MJ when were u given free money? every developing country borrows bwana. which govmt didn’t nd will not borrow? muleikalafye.
They borrow because they have no options, Zambia has countless options, why cant we cant government get money from investors digging our minearls and making huge profits… countries like Chile are doing it. if you dont know how Eurobonds operate, muleikalafye.
You can borrow forever, we have been borrowing since UNIP, after our loans were forgive, why borrow again.
I think bwana Minister should not rush to criticise HH on this one,the cardinal point here is a Bond is a long term borrowing no matter what, it shall be paid back to the lenders with huge interest depending on the agreement in which it was acquired. HH said why not avoid such a Loan and find other ways of raising such capital for perceived infrastructure development such as introduction of Windfall tax? Your arguments Mr.minister should be is a bond not a Loan? If it is a Loan,why celebrating then? Hh cautioned the manner in which this Loan maybe used so that we dont go back to debt ridden nation.
Well spoken Dear DHL King
ASK HH TO FIND OUT WHY AUSTRALIA & NOW GHANA DONT WANT WINDFALL TAX – UBUKOPO BULEMUSHUPA – AMAFI YANGOMBE YALISULA MUMUTWE WAKWE!
You ‘re a brainless brosque,can’t you talk sense rather than ranting and insulting like a hule,get a life,bakulu bonse na gray vuzi mukazizi sebanya.
Sampa you make it sound like just because the money comes from a Bond then it will be diverted to infrastructure development, money is money it doesn’t matter were it comes from. What HH is saying is that, why do we have to put ourselves in debt to get money when we could have simply introduced windfall tax that could have realized us about $1 billion which could also be used for the same projects you want to use the $750 million on? A Bond is simply a debt eventually after 10 years that bond would have matured and we will have to pay it back, so where are we going to get the money to pay back WITH interest? I am not a fun of HH but to be honest ( if his figures on the $1billion are correct) he makes sense. And that is what you should be responding to.
HH IS ENVIOUS OF BOSS MICHAEL SATA JUST LIKE MAGANDE IS JEALOUS OF ALEXANDER CHIKWANDA – KWASILA!
I dont think so. These guys are both rich! Billionaires clean zambian kwacha and millionaires in US$!
So the government is run on Google, waoh. We are in trouble. But does Sata know how to Google
FACTFILE – ONLY PF HAS TRANSACTED ON WALLSTREET AMONG ZAMBIAN POLITICAL PARTIES!
ITS AMAZING FOR HH TO THINK THE WHOLE WORLD IS WRONG AND ONLY HE IS RIGHT ABOUT THE BOND – AM VERY WORRIED WITH THAT ATITUDE.
Dull people avoid the question and give explanations for things they have not been aske. The issue was: Why borrow when we can raise it locally? Why burden the future generations when we could avoid? I think any economist who is not corrupt would think like that. Magande worked towards reducing the debt and increasing it as you guys are doing . Anyway, i guess we differ in intelligence. Now, which ever paper this is: Saasa is not an economicts as you claim. He is an international relations development studies man. Please, dont mislead the world
THE DEPUTY MINISTER HAS FAILED TO TELL US THE BENEFITS, ALL HE TALKS ABOUT IS HH. SHOULD WE ALWAYS GOOGLE IF WE WANT TO KNOW HOW ZAMBIA IS DOING??? LEAVE HH’S OPINION ASIDE AND TELL THE NATION WHAT YOU ARE DOING! THE PIPO THAT VOTED YOU INTO POWER DONT HAVE ACCESS TO THE INTERNET
You are do right!
CNP GOVT FOR THE NEXT FIVE YRS UNLESS………………………
We have Leadership crisis in our country for sure!! If this so called Minister has nothing to respond to HH’s argument ,he better remain mute instead of embarrasing himself and keep his fingers googling as he did before he went to auction the Eurobonds.
HH TOLD PF THAT THEY WOULD HAVE RAISED $1bn FROM TAXING MINES USING WINDFALL METHOD. HE SAID IT WAS NOT NECESSARY TO BORROW MONEY THROUGH EUROBOND WHEN THE GOVERNMENT WOULD HAVE RAISED MONEY BY TAXING MINES. WHY MAKING THE LOAN BIGGER INSTEAD OF REDUCING IT? YOU DO NOT NEED TO TELL A MILLIONAIRE TO GOOGLE WHEN YOU DO NOT EVEN HAVE A CHICKEN. GOVERNMENT OF THIEVES AND LIARS , THEY ALL SPEAK ONE LANGUAGE.
The 750m USD is good thing but I think under five has ca point when talks about windfall tax. PF campaigned on bringing back windfall tax andhave now grwn cold feet. Windfall tax is not a loan and does does not bind future generations to debt. It also ensures we get a fair share of our mineral wealth. Keep on the pressure on wiNdfall tax HH.
What Kilometres should be telling us is the amount of commission Deutsche Bank earned from this transaction, the interest that will be paid over the life of the bond, and other associated costs, if any. Finally, to show us that this is indeed not a CNP government, give us a detailed budget of how this money is going to be utilised.
We were there when KK borrowed for school infrastructure and free education. It landed us into untold misery. The same thing is coming. The only difference is that, Sata will be long gone and Zambia 20 years backward by the time this lone is paid back. Does anyone remember the vuctures of lones?
Typical of Miles Sampa – he’s miles off tangent again. The issue HH raised was about the manner of raising the funds & not usage. HH’s point is that more than US$ 750 Million could have been raised from Windfall Taxes & not from the market investors. This is what Miles should be addressing & not his characteristic ‘knee-jerk’ response.
CNP is run on google..kekekeke no wonder these guys look diorganised!! I dont blame HH he has just taken advantage of this and he is hummering them at will..kkwekekekeeeeeeeeeeeeeeeeeeeeeeee
dont even listen to that imbecile HH.
Miles Sampa hit the gym before you turn into GBM. You will not enjoy the Eurobond with all that weight you are piling on. Liato is now lame because of excess fat. Money is enjoyed when you are healthy.
Good advice to the vulture Mr Sampa.
Stop eating poor peoples money while in power.
H.H will win 2016.
Blind people can’t see the damage done already by PF.
HH is right. Why borrow when we can get the money from the mines and tourism if we played our cards well. Look at Botswana. Sampa needs to go back to school. Some Western European countries are on their knees because of borrowing.
Rubbish, do you mean we all have to google to see your policies? Why don’t you explain to the nation the benefits? You actually don’t seem to understand economics, buddy. You’re in that job only because this is a family government. Try to do some night school in your spare time.
Gooogle google google… A failed state?
I assume most the people posting here are less than 50 years old. It amazes me therefore that some of you have been influenced by a lower primary school old man to refer to somebody who is 50 years old, has a 1st & masters degree, a wife and children as under 5. If HH is under 5, then I honestly wonder what some of you could be refered to. Please let us be fair to our generation – I am 48.
True, that is how stupid they are to accept that they are under fives themselves, when the person they refer to is miles ahead of them and is in the sameagerange as the leaders of the most advanced countries. These *****s amaze me, how do they belittle themselves?
Bring back retention and recruitment allowance on our payslips otherwise u will never have a vote from all graduates civil servants in 2016. Take this warning very seriously bwana PF Government!
Just migrate if you are marketable enough to go to South africa or Australia.If you can not find a job abroad then shut up!!!!
Because of their fake promises. They can’t wait to raise money through windfall tax.
This is one of the most blackmailed govt I’ve ever seen. Even failing to remove street vendors
Sampa and Co should focus less on trying to convince they’re very intelligent for being able to successfully launch the Eurobond, and instead focus on what projects this money will fund and how it will be repaid. We’re watching…
Under5 is just too selfish to understand such issues with his belated criticism just ignore the fullish boy; what is important here is how the money is used, there is nothing wrong with borrowing even the most successful companies borrow. If you don’t understand the difference between good and bad debt then you are just a dullard end of story.The problem with these chaps is that we are used to donations and handouts that we do not know what good debt is. Are you telling this fullish boy has never got a bank loan to expand his company or his livestock. Grow up you chaps!
Useless chap and his Useless Part of Narrow-minded Dunderheads!!!
This rubbish Lusaka Times is censoring comments. Bye, you will never see me on this stupid site anymore. If you want to know what is wrong with Zambia, you should look yourselves in the mirror. If you can’t allow people to exchange information freely, you absolutely have mo reason to call yourself a news site.
this sampa chap is not circumcised thats why he behaves like that!
Lets not waste our time with this self centred feeble minded arm chair noise-maker under5, we want to develop the country not yacking and yapping everyday.
Xce atshani chi maxwell, muli che?? Ba uncle Sata bali shani xce? Boyi uka mpele ko ka 10 mill ba uncle balekufolesha weekly, it seems uleumfwa bwino mwa chazanga!!! More time
Sampa you have missed the point HH raised, HH is not against the money itsself but his point is that as much as he appreciates that Zambia need money; borrowing is not the best to have that money becase Zambia has the capacity to raise that money on its own. Google will not adress this concern raised by Chief HH.
@ The trueth, thanks for that point, if HH is an under 5 then many Zambians are still zygotes & what an insult to the Zambian new generation. Pf the best you can do is to listen to the point HH is putting across bcoz HH is not a common man in this issue. I will ever respect HH for his hardworking & boldness in national matters.
Sampa is it true Sata is your uncle, Chikwanda your g/father & GBM ………? Family forest indeed even in national affairs!
Actually, I have just googled on the net and what I have found written on it is that there are no benefits from the Eurobond, because its not free money. Its actually a loan and that money will have to be paid back. Further, I thought my colleague Miles, who apparently was just a below average student at varsity, knows that any rubbish stuff can be found on google.
Its not called United Party of Narrow-minded Dunderheads (UPND) for nothing, I highly doubt it if they even know how to use Google search. Just look at the drivel being posted on this thread ati free money where do you get free money you chaps?
Mwe bantu surely this money should be used for the economic benefit of our country. Those of us who have lived in the western world know for certain how ruthless these private lenders can be when it is pay back time. So really there is nothing to be excited about this loan. And also we want transparency on how theses funds will be used!
Why ask HH to google the benefits of the loan when he can articulate those benefits for public appreciation as minister? Money that you spend on infrastructural development does not yield obvious returns that will acrue to the national fiscus. Infrastructural development is part of government’s social responsibility. Government will have to find monies elsewhere to service the loan and if the nations fortune slips and we down into a debt trap!!
If borrowing so much money can bring so much excitement to people, we are in serious trouble. We remember the KK debt and the problems we went through. I foresee the same situation.
Theft in broad day light!
Come ten years from now, you’ll need to pay that money all at once when the bond matures. You’ll need to put aside more than a billion dollars. The question is how are you going to raise that kind of money? The only way you will raise that kind of money is through windfall tax. There is no room for default, and that is what the opposition man is talking about. If you default you mess up the entire country for many years to come.
Y cant govt lock up HH and throw away the keys.
Hon. Sampa and other Ministers, please note that HH is a very bitter person who will oppose anything that Government does, my advise is that you ignore him or assign some lower level cadre at his level to be repsodning top his tantrusm, he doesnt deserve your attention!!! Well done for the sucess of the maiden offe rof the Eurobopnd. When you left for for the road shows promoting the Eurobond, they argued in the Zambian Watchdog that the Euro bond has failed because of poor policies and that is why yopu went to beg. Now that we suceeded soundly, he turns around and says its a debt which should not excite us, and his ofllowers keep on urging him on. Please assign a lower level cadre to be answering him!!! The giuy does not deserve the attention of a busy Cabinet Minister!!!
Minister, Miles Saampa
The clear argument is, in whose interests will the benefits be attached to? Certainly not in the interests of untaught Zambians. Give us a simple successful era in which Zambia successfully achieved excellent economic growth in its history and use it as a yard stick to measure your intended economic success.You were indicative of an inventory of ministers who are according to you are economically impressive in managing the economy. What achievements have they recorded so far ? Not long ago your nation was weeping like a dwarf dog to your same masters to write off the external debt and it came at a terrible price. What are your level of qualifications in Accountancy? A PhD, in accountancy? Do not tell us hog wash. HH is right all the way. You are not an expert
WHAT HAPPENED TO THE $2BILLION RESERVES BANK OF ZAMBIA HAD DURING LP MWANAWASA’S TENURE? IS IT STILL THERE? WE NEED TO KNOW. I DON’T UNDERSTAND WHY WE ARE GOING BACK TO UNIP DAYS OF $6BILLION. THE LAST YEARS OF UNIP RULE WERE PAINFUL & I WOULDNT WANT ANYONE TO EXPERIENCE THAT AGAIN. NO COCA-COLA, FUEL & MEALIE-MEAL SHORTAGES. ALTHOUGH FTJ BROUGHT A NEW FORM OF SUFFERING, AT LEAST WE DIDN’T HAVE TO QUEUE UP AT 03.00AM FOR A BOTTLE OF COOKING OIL.
The only mistake that Government is making is repsonding to this guy and the police denying him permits to satisfy his hobbies. This is guy is no threat at all to Government, far from it. His next election results will be less than 10% because of his naked hatred and regionalism. So please igonre him, let police allow him to hold rallies wherever it is possible but not Western Province. Right now he thinks he is the next best thing after discovery of bread!!!
For sure he is the best thing! Try to give him that opportunity and you will see how he is going to disgrace your CNP govn.
Good point!!
Imwe ba fi colour stop arguing here, i want you all to go to youtube and look for documentary about how zambia has been ripped off its copper and money in the name of privatization of mines and bring investors. The documentary is ‘ good copper bad copper’ and i want to see your comment here after you watch this. Mind you ka HH was incharge of privatizing this companies, challange every zambian to watch it.
you are the one who is chi colour. that is why your reasoning is shallow. am sure you are not learned, if not just a college dropout. how do you insult everyone?
The key will be how the 750 Million is utilized. Therefore there is no success the PF government can boast about – Fact is, it takes a very long time to qualify for such a facility and it takes a long to structure this bond process. That said, we know that the PF has not initiated anything in this process except to come in at harvest time. Moving forward, the nation should focus on how these resources are being utilized and the repayment process. Failure to that, we will be saddled with yet more decades repaying a debt accumulated by irresponsible and greedy individuals we have entrusted with our treasury.
What is internet, Minister Saampa? Your country has never recorded any successes except before KK turned it into a waste land. You do not even understand the language used by your masters meant for that which, what they condition you to believe that it is beneficial to your people. Your rhetoric does not prove that Zambia achieved any successes in the past based on debts which you can use as an argument of analogy to substantiate your claims that your pseudo plan will yield any tangible results. Your deal is irreversible, hence you are attempting to justify its legitimacy by rushing out at Mr. HH, shame. Viva son of the soil HH, LONG LIVE.
Imwe I googled and saw the benefits HH cannot see but inkongole ni nokongole .Collateral ni Zambia. So be careful
Miles Sampa is misinforming the nation about the Eurobond bridging funds. A bond is an agreement that binds a person or government to pay or repay money at some future date. In economic terms a bond is redeemable after a period on agreed terms usually attracting interest at the end of that period. HH was offering an altenative way of raising funds for development in the country other than through the Eurobond that will bind (DEBT TO ZAMBIA) us to it for years to come long after PF govt is gone. The alternative suggested by HH is through widfall tax from mines that would be even more than $750 million to be raised from the bond. For Sampa to suggest that HH googles Zambian bond to see benefits to be accrued to Zambia is being naive on Sampa’s itelligence and raises doubts of his understand
Yes, it is simple. They have to pay back because they borrowed! Don’t get used to donations always. All that is required is prudence in the management of the money. Period!
BA SAMPA NI NKONGOLE MWI SAMWA. DO NOT GET EXCITED YOUR CHILDREN WILL PAY IT BACK.
Raising the $750 million does not mean automatically Zambia will be developed, new infrustructures for newly created districts will be in place and unemployment for youths and farmers will be overcome. That is deception which is the legacy of PF govt. Mere statement of achieving a number of national issues within 90 days has not been realistic with PF govt. What Zambians are waiting is spell out (strategic plan) national road map how PF is going to fulfill its campaign promises which is missing todate. How does PF develop the nation when they dont have even priorities in their planning manifesto if ever they have any? Sampa must state how they will deliver than blaming other polititians. PF is in power and must show to the nation they are working and be seen to be working.
Honestly Zambians HH has a valid point only fools will ignore what he is saying. HH is saying why borrow if you can raise even more money from our local resources through wind fall taxes among other revenue methods. HH gentlemen has a valid point which miles because of being ull cannot see the sense. why go and borrow a bag melie meal from your neighbour and then give him two bags letter when you have maize in your field which you can take to the grinding meal and only pay a small fee for grinding. We are simply going back to the debt trap where Kaunda took the nation in the past. Equaly magande asked the logic of even borrowing from private lenders and governments. PF will take this nation into a serious debt trap.HH has a valid point which miles has failed to respond to and as usual
@mwipota mukabwela HH was not privatising the mines. His comapny was contracted to evaluate the companies. MMD when they were in government are the ones who sold comapnies. Ignorance is a sin. Equally Chipimo was contracted to sort out the legal matters for the government during privatisation.
Miles should have used arguments to show that HH is not right. Instead Miles is just talking of other things. If it was a debate, Miles would get zero for not putting his argument against Zambia raising money from its windfall and mineral royalty. Should we conclude Miles has to google to remember the benefits of the bond?
We will need to know the maturity of this bond and the coupon attached for us to evaluate the risk of this bond and whether it was logical to get it or not. It can go either way but we should never take things at face value, thats what keeps african nations in perpetual dondrums/debt.
zambians wont eat developement that is on paper.
Ka Miles iwe, you should be ashamed of your ignorance….what makes you so happy about borrowing such a colossal amount of money which you will only leave for the next govt to deal with? Tell me what you have dome for your constituence since last years election? wekaliule we.
Is this the same Miles Sampa who always talks trash? Whether government or individual, you borrow as a last resort. Otherwise, debt is detrimental to any economy. What HH said was that the Zambian government could have raised that kind of money they are now excited to have borrowed, and much more from windfall tax. Money raised from windfall tax is not borrowed money and is therefore better money – “Kubiwa ni kubukubu, ukuwana o ku lemalemena” – this is a phraise by Luyana ancients who had never attended any school that says, “Shun borrowing, learn to survive by your own means.” Apparently, these Luyana ancients knew better than supposedly educated Sampa, and do concur with HH. At lease Zambia does have an aspiring presidential candidate in HH, who has brains.
sampa instead of being issue based on why such a loan on Zambians is good or bad, he is busy referencing good , did Zambians voted for google to explain why such credits are bad in view of Zambia’s abundant natural resources? PF can do better in explaining policy and economic benefits in the offing
Sampa instead of being issue based on why such a loan on Zambians is good or bad, he is busy referencing Google , did Zambians vote for Google to explain why such credits are bad in view of Zambia’s abundant natural resources? PF can do better in explaining policy and economic Developmental benefits in the offing
It’s utter stupidity of any Zambian government, not to recognize the means at their disposal and insist on borrowing money from Western banks. It wasn’t long ago when Zambia went bankrupt. Much was lost. You mean our memories are that short and we have already forgotten? Or don’t we see what is happening with Greece, Spain, Italy and even the gigantic United States of America, all due to excessive borrowing? Or is borrowed money that much easier to pocket when you are in government? Shame on you Miles Sampa and your PF government. HH does not deserve all those insults for speaking sense as an opposition leader.
Listen to somebody who is practical fools. Unlike you HH has not borrowed but still made it in life through his own resources. That’s what he is saying. By the way Saasa is not Prof of economics. There is only ONE Zambian Prof of Economics todate. Prof Ndulo. Ask economists they will tell you. Saasa was never in economics but Development Studies. Ask any HSS graduate of the 90s or 80s s/he will tell you.
HH is not an economist. He did that old accounting which is no more today. You should understand him when he shows dullness on economic issues. If the USA can borrow for Investment what more Zambia which is so much underdeveloped? HH , I think he is just bitter who has for gotten even about the accounting equation he learnt that debts are also assets which every business should have. HH and his cadres are just misplaced.
This is totally shameful and hollow response to the issues HH articulated regarding the EURO BOND, I am even wondering if these guys will put the money to good use. Watch the space, Zambia will pay heftly for this. What will Google tell HH about the deal that was cemented between Zambia and the private banks? Is it on public domain, If so publish it the Zambian newspapers than talking about google. Honestly who would buy or listen to such type talk.
@ 71
sanders You have aptly stated my own disppointment. I presume that these guys in government are looking more at how much of a feast they are going to have now that this money will be within their reach. My ancestors would say: “O kuba o mbwa e nyama” literally “it is like giving meat to a dog”. Otherwise, prudent governments borrow judiciously, a point HH was trying to articulate and and did so most ably, albeit being totally ignored by these fake pundits.
@ 71
Sanders You have aptly stated my own disppointment. I presume that these guys in government are looking more at how much of a feast they are going to have now that this money will be within their reach. My ancestors would say: “O kuba o mbwa e nyama” literally “it is like giving meat to a dog”. Otherwise, prudent governments borrow judiciously, a point HH was trying to articulate and did so most ably, albeit being totally ignored by these self-acclaimed pundits.
Fellow Zambians, let us not jump around like monkeys that have landed on a banana tree. Let us instead focus on internal capital growth to enrich our own economy and trickle down effect ( dont steal though). Misappropriation of government funds for personal gain should be a crime with a minimum sentence.
It has become a fashion that when PF members are picked from Kapoto, Kalingalinga or Chisokone Markets and get appointed as Ministers, they tend to wear hats of absolute wisdom. But Zambians know that the likes of Sampas & Co. are too inferior compared to HH’s intellectual capabilities and knowledge on economics. How on Earth would a Government publicly pride itself for borrowing money rather that devise means of generating its own financial resources. Money borrowed for planned misuse by the PF system will impact badly on the Zambian tax payers who will ultimately end up paying back such reckless debts.
More money in PF officials pockets! We will only be given one road, one stadium and if we are lucky one hospital or school and then they will say thats were all the money went. watch this space!
HH is right there is nothing good about borrowed money. Mwanawasa did try so hard to lower our debt and now we are taking ourselves back deep into it. Our history of borrowed money has yielded nothing but corruption and theft.
Sampa just tell to the people the benefits, all a layman know is that its ‘kaloba’. Google what you fool? Did we vote for google to be telling us state issues?
Look at the way Miles is looking at the monitor, in one second i could tell that he wasn’t even seeing anything despite him trying so hard to appear as though he was concentrating just like his uncle the other day scrolling with two fingers on a laptop.In short PF think there governing but there merely doing nothing if not destroying. you get a kaloba then you smile at i have money what school of thinking is that, please tax those mines or maybe these something you not telling us, are they paying TAX to state house just like Zesco will punish the Zambian and leave the mines.are these mines really ours.
Sad to note that both the Minister of Finance and his deputy have no clue of what the Eurobond is all about. How can a Minister really advise people to google to see economic benefits??Why not simply explain if he knows how. US$750 million over 10 years or US$75 million per year causes such excitiment among these stupid silly pf ministers—–shame. I can raise ten times that at 0% interest for Zambia, and am not an economist but an engineer!!!!!
Does Miles Sampa posess a Google Degree like Sata? All HH is saying is that the Eurobond is a loan which future generations are going to pay for at exorbidant interest rates. This could have been avoided by implementing a windfall tax on miners. This tax works only when mineral prices are very favourable beyond noprmal prices and so very fair even for an investor because such prices where not anticipated and guaranteed in the first place. Secondly the PF presented the Eurobond as though it is something it has achieved out of good policies and yet it is just a loan the westerners are over happy to give because they are guaranteed of returns. Any credit house thirsts to give loans to governments all over the world as governments have highest guarantee to payback. Simply said its kaloba.
Yes Sata has two degrees. One from Google and another from Yahoo.
@ TRUTH HATES the USA is in deep trouble over borrowed money. you must be in mass somewhere where you are out of touch to reality about the USA debt.
MICHELLO OBAAMA 18 September 2012 at 22:58
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Google are you an ***** or what? What kind of management is this, just do your job you failures and deliver to the public what you promised this is getting on my nerve! These fools think we are there for bloody nonsense. This is the stupidest Government we will ever have it’s time for a change right now.
the problem with the hyenas in my zoo is that they have stopped sniffing rotten carcauses.that is why they are starving to death.for them to detect where the dead animal is they have to depend on the flying vultures.They have stopped using their nose.even the animal killed on their own they can’t really know it because their sense of smell is not functioning.they keep on looking at it without knowing whether what they are looking at is a dead animal or a piece of wood.
Very disappointed with Miles’ response, shows PF has no plans for this money, why ask someone to google instead of elaborating as the Minister in charge? Just shows Miles’s sore interest is his commission, our children will suffer to repay this debt. We want a detailed plan on how this money will be disbursed. HH also has a valid point, why borrow when when you have means to raise money? Posterity will judge you.
#93 The money problem of the US is more complex than the borrowed money. If you have followed the genisis on US money problems it stems from the military campaigns that the country is engaged in. This gobbles almost a billion usd per day from the US treasury. The country is spending more than it makes. However, my point to Mr. Sampa is that HH is a politician but above all a citizen who is concerned about the welfare of the country and when a citizen voices concern about his country he is entilted to a plausible answer. Being told to google by a minister who has a responsibility of explain and articulate government actions and programs is way out of line. It shows lack of seriousness on the part of government. It is GRZ duty to clear grey areas surrounding the bond
Yes they financed those military campaigns with BORROWED money!
HH had a valid point.Nawakwi has just been personal against HH and there’s nothing to learn from her.$750million would be enough to build one medium sized mineral processing plant.Lumwana was built for about $1billion plus.The Eurobond is fine but let’s look at other alternatives means as suggested by HH.
typical african mentality, borrow to import corn when you have fertile lands and be proud that you have borrowed.
Iwe ka Sampa. Google efinshi? Is it new to you? Just explain to the people of Zambia, we do not need to your brains and the economy Zambia, or how to run zambia from internet. shaa.
The maize is rotting in the depots by the same proportions you are borrowing your own copper externalised returns. The deutche bank is happy for its cut and coupons not for zambia.
Meanwhile our neighbours are looking for where to import the maize.
Eurobond is a loan people. What are the benefts of Zambia getting that loan? Why has the PF government not implenmented the Windfall tax on mines? We people borrow from banks for a reason and when we use the money properly we see the benefits. If this money will be used properly we shall see the benefits. Can we desist from just commenting for the seek of it.
@Maxwell,Xce atshani chi maxwell, muli che?? Ba uncle Sata bali shani xce? Boyi uka mpele ko ka 10 mill ba uncle balekufolesha weekly, it seems uleumfwa bwino mwa chazanga!!! More time
Let me explain the Eurobond using a talk time example.
A need has arisen to explain the recent Eurobond issue by the Zambian Government using an example that everyone can relate to and understand, talk time.
Now Airtel, a mobile service provider in Zambia, has a promotion called Siliza. This allows you to borrow air time when you have nothing in your account. We shall use an adapted version of this promotion to explain the Euro Bond.
Now before we begin, we must explain two key terms that are vital to understanding a Eurobond. The rest of the article is at http://www.economeka.com/
@97 we are on the same page.
If ability to borrow is what is to be celebrated then KK who put a yoke of US$6 billion which grew to US$7 billion by the time LPM managed to get us off the hook through HIPC is the the HERO. Imangine, accummulating a debt of US$7 billion or ZMK35 tillion or ZMK2.7 million per Zambian. Sata cannot match this feat as he has just borrowed under ZMK4 trillion. But make no mistake that is how Zambias debt started to grow to the unmanageable levels until HIPC saved us. Compatriots, it is folly to celebrate contracting debts. Even corporates dont celebrate loans but repayments and cash generation. In business we say cash is king and debt is a road paved to bankruptcy.
Who does not borrow by the way? If HH did not borrow or inherit wealth then how did he acquire his wealth?HH will revisit the TAX issue but at the moment we want cash
Can HH hold a rally in Northern Province where there is no threat to peace he should not concentrate in areas where peace is threatened.The Police will not deny him permit
I delight in, result in I discovered exactly what I used to be looking for. You’ve ended my 4 day lengthy hunt! God Bless you man. Have a nice day. Bye