Leader of the opposition UPND Hakainde Hichilema has described Zambia’s issuance of a USD 750 million Eurobond as the country’s biggest financial scam.
And NAREP President Elias Chipimo has challenged the Ministry of Finance to disclose how much was paid to the book runners, lead arrangers and transaction advisers for the sovereign bond.
Mr. Hichilema said Zambians are being made to celebrate the acquisition of a sovereign debt which he said will eventually cost the nation.
He said Zambia may only benefit around USD 450 million from the reported USD 750 million when transaction fees and amortization are considered.
Mr. Hichilema was speaking this morning when he featured on Radio Phoenix’s Let the People Talk radio programme on the topic, “the role of the opposition in a democracy.”
“This is the biggest financial scam that Zambia has ever seen. The PF is celebrating Kaloba because they have a huge appetite for reckless borrowing,” Mr. Hichilema said.
Mr. Hichilema said Zambians should realize that the country has the potential to realize over USD 700 million from mining revenue if a properly structured tax regime for the mines were in place.
“With simply a windfall tax in place and the revised mineral loyalty tax, this country could have raised close to a billion dollar from mines but this government is failing to think in those lines because it does not have capacity,” he said.
And NAREP President Elias Chipimo wants the Ministry of Finance to disclose the full details of the Eurobond transaction.
Mr. Chipimo who called for prudent use of the funds said Zambians deserved to know the real cost of acquiring the sovereign debt.
“They have to tell us how much was paid to the lead arrangers and the book runners including all the technical people that helped with this process,” Mr. Chipimo said.
“It’s a call for transparency, we want this government to give us the true cost of this debt so that Zambians could follow through. The late Mwanawasa worked so hard to reduce a huge external debt from around USD 7 billion to almost negligible levels and we should guard against sliding back into that position,” Mr. Chipimo said.
Leader of the opposition UPND Hakainde Hichilema has described Zambia’s issuance of a USD 750 million Eurobond as the country’s biggest financial scam? Ohooo brother!!!
Mr Mumba , this is not time to play tribal games.You are too old to start to think properly. Are you part of the Scam?
Jojo (MJ) before you question B R M, you need to check him first. It’s *****s like you that question people you do not even know. Google him and see who he really is. His is not only an economist but owns a company called Micro Plus Energy where he’s the chairman of the board as well. Check him before you cast wrong aspersions at a fellow Zambian who can shed a lot more about bonds than you.
Jojo, I dont see anything tribal about what Mumba has said. That is shallow thinking. If I say that Kavindele is a lousy politician, does that mean I have criticized all Luvales? It seems to me that you are the one seeing tribe.
And not all Mum as are Bemba. Some are Nsenga, etc.
Edit.
Meant Mumbas.
Chipimo is talking sense! HH is talking sh.i.t!!
Continued: eh . . . .eh . . . . simply because Chipimo is Bemba and HH is Tonga.
zambia is plunging into a debt crisis!
The appetite the PF government country has is not for borrowing, but for spending and looting. The clowns committed the country to unnecessary debt and no doubt we shall be sliding into a debt trap in no time because the clowns do not have the capacity to manage the resources. The found it easier to borrow than be ingenious and creative and use our resources to raise funds for development. An awake parliament would take them to task over this irresponsible act!!
Kuonako chabe na maso
Blubbering, Floundering Fool, uluse.
HH’s biggest fear is for PF to succeed.
Its true NP, the guy is increasingly becoming scared of the mighty boat’s success. It will certainly spell doom on his political career… The best he can do is to join as a cadre instead of wasting our time with his cheap economic assessments. Mind you they are more Zambian economists toady who are able to give a better analysis over the case at hand than what you are telling us iwe ka HH!!!!
U R DULL CHAPS
HH is in a state of shock for he has realised that PF is heading for success.If you don’t borrow then where do you get money for investment .HE M Sata is making progress a d he has been recognised by the international community
Ba Fitaka, matako yenu, you can’t even see reason in these wise words from HH? mwalitupa, you bemba tribalist, I am bemba but i give credit where it’s due, not you chaps, without even reading, whatever comes from HH is trush, give me a break… VIVA HH. mind you i am a former PF supporter, but the guys suck, they have failed…
Pumbwe ulabeja
Kaunda † Mugabe = SATA.
Mandela † levy = HH.
this under 5 fwaka tool much
You’re just an empty tin and financial illiterate! Shut up if you have nothing to say!
Bloggers, Listen to B R Mumba, he is a Fortune 500 company manager.
Really? I know him as the dude who had his Zambian Chronicle blog shut down because he couldn’t afford to pay subscription fees!
Ba voersek: Oh really? You actually know something I don’t. I shut it to concentrate on more productive ventures like Microplus Bio-Energy, LLC, a bank and few more others. I am a capitalist first and time is money.
God bless.
What an impressive CV!
1&2. Both HH & Chipimo are talking about the same thing. They are asking the govt to be truthful to Zambians as to the TRUE cost of the Euro bond. The German and British Banks that facilitated this were paid consultancy or management fees. HH has even gone further to suggest that these monies would have been raised locally through increased resource taxation. Please let us raise the level of our discourse. There’s just too much shallowness and bigotry! Be real!
Why do people want to think that they have the monopoly of business acumen in Zambia??? A good number of us Zambians have and are still borrowing from the same international markets and to be honest transaction fees do not exceed 20%. Since Zambia is a third world country, its almost negligible say 5-10%— don’t be cheated by these good for nothing politicians, who want to ride on majority status of being poor, knowing that when things improve we shall no longer be vulnerable. Be careful poor Zedians….
RUBBISH.
Which resources taxation is HH talking about? windfall taxes? comeone, this money has come and the logical next step is to call for accountability and resposnible use.
Kaloba???? realise only $450m out of $750m FROM AMORTISATION!!!!!!!!!! .. Arrangement & fees of almost 40%!!!!!!!!!! AMORTISATION !!!!!!!!! this guy HH is a serious JOKER its not funny.. He’s such a LIER and a CHEAP LOSER. He thinks arrangers charged fees at the same rate he charged Chiluba during the privatisation era he greedily participated in… gross Fees are always in the range of 2% – 7% of the funds raised. This is the biggest amount of HORSE $H!T I’ve read in ages. Finance expert wannabe.
what l have observed most of the people who responded are dull chaps and dot like working hard…HH is right.do u want us 2 go back to havn huge debts again?some of us responsible and hardworkn zambian we even feel 4 d unborn ored….Bembaz dot fik abt 2moro chikulu nakuta or naba…Dats bad. 10 yrs we wil nid 2 pay back its not free…4 u dull chaps HH has put it in simple terms as KALOBA ITS NOT FREE
what have Bembas got to do with this, you useless tribalist? this is the attitude which will get you nowhere c h i k a l a. what have the Bembas done to you? Are Bembas Sata? Are Bembas PF? You stinking i d i o t. if you are tribalist, don’t think bembas have a small brain like yours. If you can’t debate like a human being, don’t expose your foolishness for all to see!!!!
Iwe ati chi Logical Conclusion, what are you talking about mambala, wilatukana anyhow, Chiloto nu lasa nga pakela mune….PF maniacs like this Logical Conclusion just support blindly but hide under a secrecy veil and don’t want to be exposed. shame on you, surely kateka wenu gets Kaloba and you can’t see the madness in that?
Actually dull, ignorant and primitive.
Waffle , waffle, waffle, this man is a nightmare! Thirteen million of us, is this what we have come up with as a potential leader? And Elias has already forgotten about Jubilee 2000 and the campaign for debt cancellation? Maybe there is just something wrong with Zambian Democracy.
its pipo like you who fail to think and contribute to the poverty levels in zambia, learn to accept advise; both Chipimo and HH are right. u tell me thus wht is happening in Europe where u r?please. u r supposed to give concrete views considering where you are living, or r u just a cleaner in muzungu’s house..
@millsz.com. I have a PhD in Human Computer Interaction and currently leading a team of Researchers on an EU funded project worth over €4million which am sure is something you can only dream of. You Muppet!. I can tell nonsense from sense. And as many people have put it before this is a good thing for Zambia as a nation in terms of infrastructure development. Am sorry but Elias is being economical with the truth when he attributes the debt cancellation to LPM when organisations like Jubilee 2000 did a lot of lobbying for our debts to be cancelled.
The problem with HH is that he thinks he is the only intelligent man in Zambia. I wouldn’t be surprising to hear that he has lost even the little popularity he had before PF came into government. The only kind of politics he knows is antagonizing everything. If we voted for him, this is the man would want only entertain his ideas. I think the issue of the Eurobond is done and there is no way it can be reversed. What he needs to learn from is Chipimo’s attitude that would want to promote transparency in the way this transaction was carried out and how it would be spent. Of course HH would want the government to misapply the Eurobond so that he has something to feed his selfish ego with. HH is just drunk with hatred, jealousy, egoism. Its in his blood!
Opposition is to oppose everything
So this Homosexual Hyna ( HH) is insulting the intellengence of all people who sat down and looked at need to look for economic expansion zones by means of facilitating this Eurobound US$750 million? Zambians want development and at this time Zambians dont care wether development comes from borrowing or not. What is important is to put this money into projects that will development zambia infrastructure wise and economic wise, job creation, food security period. HH should stop thinking that he is more clever than all zambians who had put PF in governemnt.
HEZ CLEVER BY FAR THAN U.U R JUS A BOOTLIKA WIT NO PAPERS 2 SHOW
Hh is right in simple little thinking. This man routed our resources he thinks other guys will do the same. Hh keep sh…t and rub..sh to your fuulish foloers, coz we know this government is working extra hard to development this nation, ****** weeee ka chikala.
I KNEW U R BEMBA.U DOT FIK AHEAD NO SUPRISED.WAT XTRA HARD
Y dont pipo try to rizon wit opozng views,i thnk sam bembas r jst rong panks,y shud it b that wat others say n do r owez rite?yet sem thng said by other pipo is rong.beta zambian eth kamz to end fo God to rescu us.there is jst to much sh****t staf in zambia.we r in trouble.n how no mata how long the rop may b,its got an end,on wich pat of the rop o path r u on? 2016 wind of blessed change.
HH is just a pathetic loser.I can`t see any semblance of sense in his argument.Why insisting on raising money thru windfall tax when copper prices are one of the most unpredictable.I now doubt his economics prowess.Smh
Lets put politics aside, HH has a point here…
U R EDUCATED BRO SUPPORT U
Why do people want to think that they have the monopoly of business acumen in Zambia??? A good number of us Zambians have and are still borrowing from the same international markets and to be honest transaction fees do not exceed 20%. Since Zambia is a third world country, its almost negligible say 5-10%— don’t be cheated by these good for nothing politicians, who want to ride on majority status of being poor, knowing that when things improve we shall no longer be vulnerable. Be careful poor Zedians….
Hh is right in your simple little thinking. This man routed our resources he thinks other guys will do the same. Hh keep sh…t and rub..sh to your fuulish foloers, coz we know this government is working extra hard to develop this nation, ****** weeee ka chikala.
Hh is right in your simple little thinking. This man routed our resources he thinks other guys will do the same. Hh keep sh…t and rub..sh to your fuulish foloers, coz we know this government is working extra hard to develop this nation, ****** weeee chikala cobe
I knew you were bemba. Small tribe but full of sh?t.
HH is dull…. seriously.. for someone that claims to have gone to school.. he either forged his papers or didnt really understand what he was reading.. This kind of reasoning on intellectual and professional matters is baffling.. really
dull kwisa chikala……………..u are the one who is dull!!!!!!!!!!!!!!!!!!!!
Blogging, made in Zambia.
in my view most zambian are good at just talking and not heeding to advise and analyzing of national issues as it should be. if you analyse HH’s remarks and those of Chipimo there are meant to advise the govt on prudence and not misuse like giving tenders to people like GBM and Mr.Sata’s relatives as it were. This is a lot of money that may take zambian 10-15 yrs to payback. running the country on borrowed money is a risk because of conditions attached to it. if anything Zambia is very rich but it lacks good managers, and by now as a country we were supposed to had stopped depending on donations from foreign Govts.
Ok, HH is saying it was wrong for government to get the Eurobond because they can get as much from the mines. Understood. So it means Zambia needs the money but they should have got it from somewhere else and not the mines. Brilliant idea, lets clap for him!!! But wait, who is talking? Isn’t it the most bitter politician Zambia has produced in history? Isn’t it the most inexperienced politician who has never had a taste of how governance runs? Trusting HH’s ideas is like pouring water into a basket. Let bitterness kill him.
Chipimo sounds better and mature not this egoistic and bitter Cowstan.
Wise hh. This guy is awake now and tommorow.
The biggest financial scam in Zambia still lies undetected and undisclosed.
HH should try to push for such transaction thru parliamentary approval,by the parlia financial committee who are empowered by the pipo.am not sure if thats how the zambian system works.otherwise his arguement is baseless as their is no country in the world that doesnt borrow cash.i hope the money will be used wisely.the truth is even if THE PF GOVT had introduced the windfall tax,HH would have been the first to criticized such a move as hurting the business mines.i have not heard any credit by HH to the PF GOVT.try to give credit were it is due,you will earn some VOTES.
Parliament actually approved this move. i wonder where this guy HH was when the approval was been sought. yaba!
I think advising some tribal Pathetic Fools(PF) is just a waste of time, it’s just like talking to a stone. What more do you want? The man is giving you sound economic advise and you insult him. Worse still, you are willing to listen to your tribesman Chipimo but condemn HH for the same advise, what a shameless bunch of tribal buffons you are! Whether you like it or not HH will continue talking because Zambia belongs to us all. It’s our home and we all want to make sure it is a condusive environment for every Zambia regardless of tribe
And how do you that those condemning HH are Sata’s clan. Man be professional than always seeing things in a tribal lens.
Bembas are the worst tribalists, you can see from the way they are writing. They do not want to be told the truth.
So only Bembas can overrule Bo HH? Who ever say something against HH he is a Bemba? Oh my foot!!!
Chipimo and HH have said virtually the same thing but surprisingly – HH is insulted and Chipimo is praised!!! It would appear that whenever HH says anything – whether it makes sense or not – there is a host of bloggers who springup to insult and call him all sort of names. Some of this seems to be purely on tribal lines. Is this a PF strategy – or rather failed strategy – because those of us who sensible and independent are still able to make up their own minds.
The only thing this hh knows is to make noise, to disturb the good efforts of government. we all know the fact that tne best work he has done to is plundering and lies. Iwe under 5, what do you know, to keep on pouring amasushiii all the time, we know more than you think. When you jump to UPND leadership, it doesn’t mean you are the most intelligent man in zambia. keep you simple opinion to yourself We voted Pf and we ll vote them in because they are on truck. You ll remain barking. Inexperienced gunk
This is the immediate action the Govt has done now that we have mo eh then we have security we can begin to implement hard policies.HH you are yet to see development come. 2016 you will be History
Ian Smith was right. Zambian s are not yet ready to live within the boundaries created by the colonial masters . Reclonisation and making each tribe have its own country. is the answer.
That tribal thinking is from dull people, be professional man.
Stupid *****, we mwana weshilu we. When is anything the government does will ever get your approval. This blind hatred is already spelling disaster for you now that everyone knows including the churches that your tribal bull crap will not take you anywhere. Who is more qualified between Dr Chikwanda and DR bwalya who both have Phd’s in economics? Stupid son of a gun. I pit your tribe especially your family.
Dr Chikwanda, Phd my fooooooooooooooooooooooooot!!!!!!!!!!! @ Coachez, you re the one who is blind and full of hatred coz you can not analysze simple logic!!!! let me pump u with a little fuel in ur empty head, very well, the govt acquired the loan, but the loan has costs attached to it, thus the government need to be wise on how they will going to use the loan, so far they have told u on how they plan to invest the same loan, any strategy in place!!!! or it will be contractors left, centre and right, GBM can also come in coz he pumped a lot money during campiagns !!!!!!!!!!!
Windfall tax would have gotten us $500m:)
So you are one of us, tabofwa bafikala aba!
Would you have collected your $500m in advance, like sometime this year in order to implement programs in the soonest possible time or we would have to wait for I don’t know how long before we get to see meaningful development?
why do zambians always resort to shooting the messenger? just asking
UPND should be an opposition but it does not mean that when PF says the Earth goes around the sun, just because UPND is on opposition they should say no.. Thats a fact that is not a political statement. Zambia”s ability to borrow money on international markets is the greatest development in the future of our nation since our efforts at Multi-party democracy in 1991. We have not made alot of progress as a country but ABILITY TO SELL GOVT BONDS RATED @ B+ is an achievement. The question is how we spend that money because the collateral is the Zambian people!
#2, YOU ARE SPOT ON. THAT’S THE FIRST THING THAT CAME INTO MY MIND, TOO. I IMMEDIATELY THOUGHT THAT CHIPIMO HAD A STRONG POINT, AND AS USUAL HH WAS JUST TALKING HIS USUAL RUBBISH. I HAVE NEVER SEEN A BUSINESS THAT DOESN’T BORROW. HOW DO YOU RAISE YOUR CREDIT RATING IF YOU DON’T BORROW? BORROWING AND PAYING BACK BUILDS YOU REPUTATION. BUT HH BA BUSINESSMAN NI BITTERNESS CHABE. NO REAL POINTS OF ARGUMENT. CHIPIMO NI WANZELU. HH ALIBE NZELU.
Bembas please move beyond and think outside your ethnicity! This behaviour of yours is just too primitive!
My suggestion is since the Zambian people have to pay that money we should focus on this:
1. Education ( Improve the education levels of the people who will pay for that). The duration of the bonds shows that some people involved in borrowing might not even be alive to pay the loans out.
2 Health. Use the money to improve access to medical care for women and children- im certain we all know the very fabric of our nation belongs to them.
3. Reduce Government- Govt only collects taxes; we should not spend a chunk of our money in keeping it rather we should make an effort to invest in private enterprise. They should use the money to make it easy for business men and women to run companies and start companies.
THE LOAN IS TAKEN OUR BY POLITICIAN BUT OUR NATION”S FUTURE IS THE COLLATERAL. THAT MONEY SHOULD BE SPENT ON THE ZAMBIAN PEOPLE; HOWEVER TO SUGGEST THAT IT IS A SCAM SHOWS THAT UPND WILL JUST BE AN OPPOSITION PARTY EVEN IF PF HAS DONE SOMETHING GOOD FOR OUR NATION.. THE ABILITY TO BORROW MONEY ON OUR OWN TERMS IS THE FIRST STEP TOWARDS TRUE INDEPENDENCE AND NOT DEPENDENCY ON DONORS.
Well said george. My question to HH is; how is the paying of transaction advisers to the paments he received when he was a liquidator(?) of RAMCOZ and indeed as privatisation agent of other companies. HH has lost all credibility.
THE PROBLEM IN ZAMBIA IS THAT PEOPLE BUY HOUSES, CARS, TRUCKS, PLANT MACHINERY (ETC) WITH CASH. GO TO EVEN BOTSWANA AND SOUTH AFRICA. TRANSACTIONS ARE CONDUCTED THROUGH FINANCIAL INSTITUTIONS MAINLY ON HIRE PURCHASE, SORT OF WHERE ONE PAYS THE CREDITOR ON A MONTHLY BASIS FOR A SPECIFIC PERIOD OF TIME TO FINISH THE TRANSACTION. SO DOING BUSINESS WITH BORROWED MONEY SEEMS TO BE ALIEN IN ZAMBIA EVEN TO HH.
Exactly Peter that’s the reason why they will forever be small dots on the African continent and not global players; debt is good only becomes bad if you misuse it…. a typical example is Pub Chains and Casinos in Europe who borrow to achieve growth only the unwise use their own funds.
Under5 is the biggest feeble minded imbecile to have graced the Zambian political scene even Chama Chakomboka i give more respect, Last week BOZ announced that the money was in their account $750m; how long is it going to take us to raise $1billion from tax, under5 will be the chap to cry in the Zambian watchpig about investor confidence. The best he can do now is encourage the government to put the funds to good use. Let’s ignore this under5 chap who is full of garbage at least Chipimo is talking some sense as these things are not free.
Please why don’t you look in the mirror! There are no insults in what HH has said. You lot why don’t you create your own country where you come from . Please take your bigotry away with you. HH and Chipino are more or less saying the same thing but you seem to pick out the former for your stinking diatribe! You’re a stinking tribalist!
You funny chap has Chipimo mentioned anything about windfall tax? your leader has his strategy all wrong nothing to do with his tribal background; you are directing your drivel to the wrong person.
By definition, an opposition party is a form of political opposition to a designated government. The job of an opposition party is to oppose and not to praise a designated govt. That is what HH is doing and that is what we want him to do. If Sata and his PF govt will manage to prove HH wrong in 4 years time then he will win another 5 years term, otherwise the people of Zambia will give HH the chance to rule. So you can insult HH as much as you want but you are wasting your time because more and more people are begining to listen to him.
Iam a layman on this topic so am appealing 2 sum1 out their 2 educate me.And i wld start by asking a question.{1}can zambia excute big projects like running nitrogen chemical 2 full capacity without borrowing funds.(2)is it possible 4 a zambian goverment 2 finance Zambia railways and bring it 2 international stardands without borrowing money?
@30, Ulemona:
No they are not saying the same thing! HH is talking while looking in rear view mirror, Chipimo is talking while his eyes are fixed on the hazards ahead! And that’s the diffrence between the two!
The Eurobond is done and we are not going back! So why can’t HH focus on requiring that this govt is transparent about how this money is spent?! This involves disclosure of the costs involved in aquiring this Bond. And that’s what Chipimo Jr. is talking about. Not bring up issues (Windfall tax) that have already been debated and analysed and found wanting! And just listen to HH’s language: “…the country’s biggest financial scam….”!! How can a person of HH’s caliber call the insuance of a Bond a Scam? Rreally!
Blah blah blah HH you are still a private citizen, you have no chance of being president until 2016, even then you have no chance, maybe president of Southern Province but no we don’t have provincial presidents
On another topic the same bigots will be shouting one Zambia one nation to suit their stinking tribal agenda. Just no long ago we had Levy and RB as our Presidents and I doubt remember easterners nor Lenjes or Lambas rally behind these presidents on the basis of tribe. No wonder even Sata only finds it comfortable to work with people from northern and luapula provinces. This type of tribalism from PF and their supporters must be ingrained in their DNA. Zambia belongs to us all and we have a legitimate right to question the borrowing that is been done in our name. If you condemn HH you should also condemn Chipimo!
The only reason why tribalism has entered politics is because a tribalistic tonga has joined politics and he hates bembas so much. I am not bembe but I am not the only one who knows that in Zambia the the tribalists we have are Tongas and Lozis, Even when you check this dialogue you will see that every comment that supports HH has some tribal statement in it reason being that they are from the same tribe and they support him on that basi. As long HH’s supporters do help him to get a reality check, he will not only destroy his chances of becoming president but other tongas who intend to do so in the near future . Stop looking at everything through a tribal lens. We want peace in Zambia and God forbid that a tribalist should become president because we do not want to be divided.
Zed Patriot
Here is a list of what the role of an opposition party should be just for you;
In a democracy, opposition parties perform several important functions. These include:
– Interest aggregation: Political parties are important organs for aggregating the
interests of the political community. Interest aggregation often culminates in the
articulation/ projection of certain preferences, values and ideologies into the policy
and lawmaking process (eg in Parliament) and in the budgeting process.
– Promoting responsible and reasoned debate. This promotes “national conversation”
and pushes democratic discussion to a higher level of political development and
maturity.
And you haven’t noticed that you are the one whose reacted unreasonably? Honestly what do people like you have between your ears? My dear this is the 21st century learn to read and comprehend what somebody is saying . Focus on the message and not the messenger. That will help you cure your bigotry!
Some mis-educated people on this blog don’t understand a single formula in financial mathematics and frankly this is the problem with little knowledge. Those people celebrating that Zambia has borrowed US$750 Million should dare to ask Sata this question:
1. How much interest is Zambia expected to pay on this loan facility?
2. Is the interest compounded daily, annually or semi-annually?
3. What will be the terminal value of this amount after 15 years?
If anyone can’t ask these questions, they have no right to insult HH. Please prove HH wrong with logic not dull arguments which will keep Zambia perpetually in poverty.
Where did you get the 15 years? It is a ten year bond!!!!!!!!!
MMD claimed they started the eurobond. The PF got the job done. Are both MMD wrong on eurobond? Is HH right? What conditions did MMD leave under this arranngement? Is Zambia the first country to get eurobond? If not are our borrowing conditions so different ffrom that of others who have gotten eurobond? What I know is a country just like a company, can borrow even when they expect to raise money internally. When you borrow you increase your capacity or your operational level. HH even knows this. He has borrowed before. Lets see what unfolds soon.
Sometimes I do feel that HH should be taken back to school and learn some civilization. This is the 21st century and you cannot live on jealousy, hatred and bitterness. HH boasts to be a successful businessman but real businessmen know that you take risks in your venture. Its not unusual for a businessman to borrow money or some loan. And he should know that only secure businesses can attract loans. Of course HH might know all this but hatred and bitterness clouds his judgment. That’s why he should never rule Zambia. We are now too progressive for bitter politicians to take over the running of the country. That’s why Chipimo sounds better and more convincing. At least even when you hear his comments, he never talks from bitterness but from facts and realism.
You’re just a primitive Bemba tribalist. Maggots like you have no shame!
The only thing that has improved ever since Mr Sata took over is his looks. His skin is much younger and lighter, obviously suggesting he now has money to spend. The loser is the average Zambian, including those PF cadres causing troubles. I wonder they even realize the goverrnment has a responsibility to help them improve their lives.
@Yambayamba, ubufi in broad day light will not help you win an argument. Chipimo said the following words: “It’s a call for transparency, we want this government to give us the true cost of this debt so that Zambians could follow through. The late Mwanawasa worked so hard to reduce a huge external debt from around USD 7 billion to almost negligible levels and we should guard against sliding back into that position,” Is this statement refering to the future or past deeds?
Ba @Zed Patriot:
Where, even in the quote you have highlighted, is Chipimo talking about WINDFALL TAX crap? Read the pieace again b4 you accuse others of ubufi!!!
If the PF govt had instituted what HH is encoutaging them to do now, I can assure you HH would have been the first person to criticise them. It looks like this guy has made it his mission to always wait and see what the PF govt does and then take the opposite of the issue! The Eurobond issue was never a secrete, so why didn’t he say all this before the Bond was issued? If this is what opposition means to UPND and Hakahinde, then I am afraid this Party has a lot of growing up to do. And 2016 might be too soon for them to take the reigns of power in our beloved country!
Yambayamba, there’s nothing wrong with talking about taxation windfall or otherwise. Besides in most political discourse there’s always a divide between the left and right leaning parties about the appropriate levels of taxation and on whom the higher levels of taxation should be. HH has told you that this PF loan you are celebrating is not only expensive to Zambia but inappropriate as this amount would have been raised through taxation. There’s no need to get emotional over a straight forward argument as this. My dear you need to grow up! Your childish rantings are boring. You should not expect everyone to be in love with your PF. There’s nothing special about PF and Sata.
@voersek:
“HH has told you that this PF loan you are celebrating is not only expensive to Zambia but inappropriate as this amount would have been raised through taxation…Your childish rantings are boring” Wow, and this is coming from someone who claims to be mature than others!?
My friend, if you want to see a CHILD, stand before a full-length mirror and see what will be stirring back at you—I suggest you invite HH too!
If you have followed the MO of your HH, you will understand why people think he operates like an under 5—likes to whine unnecessarily!. Bululu, “adults” work to help prevent “disasters” if they can. Not showing up afterward to blame everybody else but themselves. Where was HH with his “sweet ideas” the issue of the Euro-bond was being discussed?!
people like yambayamba dont add any value to meaningful debates he sounds uneducated. voaserk dont waste your time by arguing with people trying to justify irresponsible leadership. maybe its just tribalism rooted in their heads.
Mmmmm, ba Bwalya chiselema, the only valuable argument/comment to you is the one you agree with, right? Ubupuba! You don’t even no what my tribe is for you to insinuate my comments are based on tribalism, you TCP (Tribal Chauvinist Pig!), to borrow Nawakwi’s words—Kekekekekekekekeke!!!!!!!!!!!!!!!!!!
By the way ba Mr. EDUCATED Bwalya chiselema, I meant “…know my tribe…” and not “…no my tribe…” before you now accuse me of being overly educated! Hahahahahahaha, LOL!!!!!
@51. Halak. Please shut up if you have nothing to say. Hatred, bitterness etc like a broken record. Stinking tribalist!
My HH thinks along the lines of RAMCOZ privatization.
@Maxwell. What I have stated is the umbrella role of an opposition party without going into details. An opposition leader performs his role of opposing the govt by promoting responsible and reasoned debate. HH is doing exactly that but instead of engaging him in debate you PF cadres concentrate on insulting him and trying to distract resoanable debate. HH always engages the govt in responsible and reasoned debate but the only response you get from PF cadres and leaders(including Sata) is bitterness this, tribalism this, hatred this as if HH ever mentions those words. Such reaction is symbolic of someone who can’t debate but prefers to hide behind the cover of rhetoric and mudslinging to distract people’s attention.
some bloggers are hired PF thugs just changing names thinking they will win support for there dull, un educated leader. heed to advice you hired fools and stop insulting HH
Just like you are a hired HH thug and ass-leaker, yes?
its you who is hired seing that your part is only in southern province….dont confuse people
yambayamba you a fool. are you guity mathar facker?. where you born from your mother’s asss or pusssy?
No, ba @Bwalya chiselema, I am the illegitimate son your mother never told you about. So you can ask your mother which hole I came out of, and if ever I have f@#ked her!!!!!
Nubian prencess, u are a pure bemba with a degree in stupidity. Why do u hate hh like that? Look at issues b4 blogging. *****, nowanda some pipo like u will remain in poverty bcause u cant differentiate b/twn gud and bad.
a child who cerebrate when the father borrows money is a fool and lazy. spoon feeding should remain with kk.
I think the biggest issue in Zambia is that no one trusts anybody. Zambians do not trust each other. I am a bit more inclined to trust PF while Sata is still at the helm. He may be a ‘Kaponya’ in the eyes of many people, but his heart seems to be in the right place. This bond is a gamble, but HH is scared that it might just come off. It is arrogance of the worst kind to assume that the entire government is full of illiterate buffoons. This is a bold move which MMD should have taken to invest in ICT and other infrastructure. Instead they were happy to plow billions into the corrupt RDA.
Most of you PF supporters are stupid as your leaders. What HH is saying is not far from the truth. The money that Zambia has paid through this issuance is not small money. After we may pay back not less Eur250 million over and above the Eur750 million we borrowed. Now if someone is saying instead of borrowing money which require us to pay interest we should have used our resources which are being taken free by foreigners and then you call such advice bad. Are you really normal or you are as confused as your leaders? You want us to be like Greece or what?
Where are you going to get the money to pay back that loan with interest? You want PF to succeed at the expense of country? You want Zambia to get back to a debt trap. Just $4 billion is too big for Zambia to pay back you fools.
@voersek, first of all your name tells everything about you. you should be concerned that HH has never said anything positive. everything for him is seen negatively. even when the Zambia national soccer team won the first ever AFCON, what did he do? he went to criticize the manner they were celebrating the goals. yet, HH has never even played for a fourth division club. wasn’t that bitterness? everyone who is wise has seen how bitter HH is and it doesn’t take much to see that. open your eyes. your HH is busy antagonizing everything when his friends such as Chipimo and even new MMD president are strategizing and criticizing realistically. we are tired of his bitterness that’s why most of the comments here are made against him. we r not tribalists but just reminding HH to begin to think.
@voersek, I like your articulate reasoning and of calling a spade a spade.
These are just two personalities. It’s like two individuals looking at a glass with water in it half way. A negative person will say the glass is half empty and the positive person will say the glass is half full. The one who says it’s half empty expects it to be empty but the one who says it is half expects it to be full. You don’t have to be poor just because you borrowed. The biggest debtor nation is the richest and the most powerful nation in the world, that is America. Poor people borrow money to buy depreciating assets but rich people borrow money to buy appreciating assets in other words, they have a mind set to borrow and invest to make more money than they will repay. Build good roads and introduce toll fees. Invest in the rail network and other good investments, this is easy.
when a govt team went on a roadshow to sell the bond there was no mention of a scum instead HH and fellow critics main occupation was to tease and taunt Sampa and his team on their failure to sell the bond.Today this under 5 crook must turn around and start giving different reasons?What a jerk.And in one breath they want to attribute the bond sell to MMD when the consequences of the bond sell sound unfavourable they throw it back to PF.What kind of morons are these?
Biggest loser and *****. By the way HH does not lead the second biggest party but the third.
A quick study of the balance sheets of even the most successful companies (fortune 500) will reveal that even they have long term borrowings. Actually banks wont give you money if you can’t satisfy them that you already have it aplenty (assets) but you would rather risk somebody else’s money (bank) They are always excited to lend you if you can prove to them you can pay back or if not they are free to come and confiscate the assets you own. It’s a vote of confidence in Zambia’s ability to repay this loan. Using other people’s money, not yours, is the way to go. Only please don’t borrow to finance consumption, it would be foolish, borrow to finance infrastructure which is an investment in itself that can pay off massively if prudently managed.
Zed Patriot
I haven’t finished yet!!!!
– Maintaining touch with the voter-citizen and demonstrating the relevance of politics
to ordinary people, that is, the oppressed, the marginalized, the disenfranchised.
– Opposition parties hold the government to account for its commissions or omissions
(eg. Tony Blair’s Labour Party was re-elected with less support).
– Parties present a viable alternative to the incumbent government by designing
alternative ideas, principles and policies for governing society. Should the party in
power let the voters down, the “government-in-waiting” takes over the reign of power
– through free and fair elections.
.
The problem with PF bloggers is that they want to judge HH by their own leaders flip-flopping standards. What makes you think HH would have opposed windfall tax on mines if PF decided to implement it? Have you ever heard HH/UPND oppose windfall tax or change positions on any major policy issues? UPND is not against borrowing per se but is against irresponsible and costly borrowing. Why should we allow PF to borrow large amounts of money without first stating what they would use the money for in the first place? Who is going to pay back that expensive loan, is it PF as a party or the Zambian govt? Can you chaps learn to acknowledge the fact that UPND just like PF has a stake in mother Zambia. Don’t behave as if Zambia belongs to you alone.
– Parties act as a training ground for future leaders. Shadow cabinet ministers, for
example, typically conduct serious party business in their designated portfolios.
– Parties strengthen the culture of democracy within the party and the political
community in general (by, for example, promoting open debate during delegates’
conferences, promoting intra-party democratic elections and ensuring accountable
use of party finances).
– Parties work with the Electoral Commission, the mass media and civil society
organizations to monitor and improve the quality of voter registration, civic education
and electoral transparency
This Bemba bigotry is now striking a gutless lunatic level, it stinks to the very heavens above. Even when two people are talking about exactly the same thing (i.e The Earth & The World), Bembas in Zambia will try to find a way of rubbishing one & upholding the other. You even have the likes of silly Mumba Tumbwex and Digga who have no clue about concepts of transaction fees or amortization weighing in their bigoted stupidity to defend the indefensible. Do you expect stupid *****s like Digga or Mumba Tumbwex to know how many entities besides the underwriting firm were involved in the syndicate & what their terms of engagement were? At 450mils net, it means fees on 700mils were circa 36%, I would not pus this calamity beyond Chikwanja & his nephew! Only time will tell.
#54, I FEEL THE SAME AS #51 AND HE IS VERY RIGHT.
Zed Patriot
You tell me if under5 and his useless party are at least attempting to undertake any of these roles i have mentioned above apart from trying to throw a scanner in the works. My dear friend there is more to opposition politics then daftly opposing everything.
Going by the blogging flags here, most bloggers are outside the country. If you think governance in Zambia has improved as you claim, come back home. Come home or shut up!
Look who is talking! You don’t seem to be blogging from home either, so who needs to shut up first?!!!
@Maxwell:
The role of opposition parties can not be based on your own personalised self serving thinking. HH is doing a superb job as an opposition leader and that is why he is the most talked of politician in Zambia at the moment. Unlike Sata’s comical non issue based 10 years in opposition, HH is providing issue based opposition to the govt. HH represents the views of UPND, he consults widely before making a statement. He is not a one man comedian who burps whatever comes out of his mouth.
#67, DO YOU MEAN COMING BACK HOME TO USA?
HH is right, some of you are celebrating getting credit. You read some silly explanation equating getting beer today and paying for it at the monthend, you are still paying interest. fools. same like celebrating borrowing maize when your farms are sitting idle.
I say a big Yes for Chipimo, the young man is talking sense…transparency in the use of the $750 million Eurobond is what us Zambians are asking for. PF should not steal it as the MMD did. Great man Chipimo very wise.
Now look at the rubbish of the uneducated HH, him always vomits rubbish why? I wonder who his advisers are…oh I forgot , its William Tekere the thug, Mumbi the broke man and Lifwenkelo the big mouth. All his advisers are coming from the fallen MMD. Bo HH is losing ground for sure.
Zed Patriot
If under5 consults then if feel sorry for the chap as he has surrounded himself with Yes men!!
witness
With dullard chaps like you; we don’t know where to even start; do you think buying beer or a luxuries will pay off your loan,invest the money even this is rocket science to you chaps.That’s how people become wealth; work that money,do you think those global property developers building skyscrapers and hotels are using there own money??
#1, B R Mumba – the majority can’t figure out what you’re saying, mainly due to serious lack of exposure. They don’t understand the value of creditworthiness – which, for crying out loud, is not free but whose benefits far outweigh its initial cost. Look at Chiloto – completely lost!
Fellow Zambians, here in the West we draw more salary than the Zambian president, yet we enroll into credit facilities to build creditworthiness. Why? With good credit rating, your cost of borrowing is close to nothing. For instance, my bank has been ‘applying’ to me to get a loan at 0.9%, while my nephew, who is still yet to build his credit, can only borrow at a minimum of 15%. So, you can see the value of good credit standing – when rain unexpectedly comes I’ll still be above the waters!
maxwel you are as empty as yo grade seven presido sata. HH is bright than yo *****s, wait and see what will happen 10 years frm now. Go to school and learn. Nowanda you have a masters degree in ignorance.
Yes I agree with Chipimo 100%. This debt thing is nonsense especially if nothing tangible comes out of it except for corruption and only enriching greedy politicians and their families. And then the country has to suffer paying it back.
Bembas are real thieves.
leave them. they will dance ndendeule come 2016. Tribalism aside, these people should give HH a chance to rule the country for even one term and they will see how things will get better. A people driven constitution will be passed, corruption will be reduced to negligible levels. Tongas do not naturally believe in having what does not belong to you. They don’t generally believe in treachery but hard work. Chipimo can make a good vice president if he continues in that path avoiding the PF bemba government mentality. We need a responsible government.
Bitter Man
Simple logic why borrow an amount you can raise from domestic taxes like mining taxation.Zambians sometimes to keep up appearances for no benefit beacuse other countrie s did it. From the time of high copper prices what has zambia benefited for longterm prosperity other than jobs. it is strange and ridiculous that PAYE is still highest contributor to the budget. The point HH is gving out is valid.
I didnt know that most zambians are this dull! you mean you cant see the sense in what HH is talking about? What is the difference between what Chipimo is saying and what HH is saying? kwena you Bembas are tribalists! Just because Chipimo has opened his mouth saying the same thing which HH has said you are busy praising him! and you choose to insult HH for speaking the truth m****** mwe!
Sorry, but have you read the article and you can honestly say there’s no difference between the views of the 2 leaders?
It seems the UPND’S govt will just come from Heaven,if at all it’ll ever form govt bicoz this HH thing is critisizng anything the PF govt is doing. this is not the issue of Bembas suporting PF, you guyz. Am not Bemba myself,so you bloggers pointing fingers at Bembas SHEEEEEEEEEEMMM!!!!!!! bicoz it’s like you cant help it seeing your HH fulmble whenever he opens his mouth. you have nowhere to hide. ha ha ha ha ha ha ha ha ha ha ha ha….ki ki ki ki ki ki ki…………
Oh ya, this usual Bembanised approach and Bembanised entitlement of righteousness in almost every issue whether trivial or significant is stinking sky high and boring to any person of fair observations if you like. This is not to argue that any person with extreme views should identify himself/herself with my analysis nor do I share concerns which are violent in nature against members of the aforesaid ethnic group. I am of a just perspective that a sample of arrogant Bembas is not representative the entire population of Bemba nation. I respect the Bemba nation or the Tonga nation or any nationality in Zambia. Viva HH, UNPD. Peace to all Zambians.
Stupid, *****, fool, etc are the worlds many bloggers use. How far can you go with calling others sso before they say the same to you. This kind language blocks you from fostering good ratiomships with other people. This positions enshrines that its even difficult to discuss with others people important issues that are of mutual benefit to both sides. Discuss issues with no recourse to insults and good things can happen betwrrn and among peoples.
The issue is not about the borrowing or the Eurobond as it were,the key lies in investing the money in high returning assets.Today Zambians have got an apetite to live luxurious lives and one of the ways to live such lives is by aquiring property or putting up fancy malls.Zambia generally is a cash economy and people spend.Build nice houses,put them for sell and a lot of us will buy,either on cash and nkongole and whatever profit from the sales of such houses will go towards servicing the Eurobond.Wind fall tax is technically complex and it needs a clear business case with the mines.It’s also good but it can’t be guaranteed as a given!
Compare the two statements made by these two opposition leaders and clearly you will see that Elias Chipimo is wiser and more incise.
@ Digga. i hope you hav something to say over gbm’s alleged corruption.
CAN SOME 1 TELL ME PLIZ, IS HH MORE EDUCATED THAN ANY 1 IN ZAMBIA?
Nawakwi was right, HH is schooled but not educated. Wonder how such a man can lead a country like Zambia. His calibre is far below our expecttions. To him, all PSs, Ministers, Donor Agencies, Ambassadors, Financial institutions that congratulated the PF govt are dull only him understands the situation better. Sorry young man you are heading no where. We all know the move was good and will benefit this country, especially with MCS is on the driver’s seat. GOD KNIS NOW SHOWING US WHY YOU CANNOT BE PRESIDENT FOR THIS COUNTRY!
#95 M2,
The answer is a categorical NO. He has that old accounting professional which ZICA has phased out. HH know nothing about economics either. He has a certificate in accounting not a degree. kekekekeee.
Ainii!!!!! Bushe batini te ba kateka balandile ati “zambia is tired of begging????”
Hey begging and borrowing are not the same. Ther are many ways of doing bussiness. The only thing is some fools always captalise on anything , just to make a name. There’s nothing new on he Euro bond. But a certain idiooot wants to readin this everyday . You simple people with simple tribes, please avoid so much coments on triblelism, you fuuls.. Its one Zambia one nation and some empty leaders with nothing to offer wants to rise on triblelism, you dogs
Assume windfall tax is re-introduced today, can we collect in advance from the mines some time next week? HH is speaking as though we can collect within days + anyway, prices go bad, and there goes your windfall, coz it’s dependent on copper prices! We need meaningful developmental projects implemented like yesterday. PF’s “90 day talk” should tell you how urgently this country needs developing and here comes someone talking like all is well for now. The call for transparency is justified though coz that’s one value of good governance.
This debt was unnecessary as many options were open to gvt to raise similar amounts with interest accruals on state account without having to borrow and pay interest as is the case. In layman’s terms, issuing a bond is simply to borrow money at an interest to paid at a future date,So HH is absolutely right. $750million plus interest would amount to an earth-shuttering 2 billion dollars plus by the time PF leaves government in 4 years time.MMD left a healthy balance of trade surplus due a its attractive investment prospects, increased mineral production output and a stable tolerant government that investors had confidence in. Yes, mistakes were made but a bigger picture suggests a health economy was passed on to CNP. I do not see that happening at the rate PF is going.
We do not need to borrow to increase our credit rating as some some bloggers have misleadingly suggested, in fact it is the other way round. Fiscal discipline that credit rating agencies and finacial institutions look for entails an increase in tax base, reduced government expenditure and only to borrow for investment purposes once all options to raise state revenue are exhausted. In CNP’s case countless remained on the table but went for a debt, unbelievable! Sad for him he doesn’t get it Anyway, how could he? He surrounds himself naba kaponya beka beka. CNP-chief kaponya, GBM-assistant chief Kaponya, then comes Kambwili,… the list goes on. Zambia is headed for doom once, lets off-load these illeterate at the next nearest opportunity. Hopefully it won’t be 2016, we are suffocating.
Zambia’s borrowing appetite can extend way beyond $750m because our GDP in the 10 year tenure of the debt surpasses that threshold.
Any opposition leader worth the name finds loop holes in what the PIG does. That is what Sata did and did it very well. Just follow politics in Australia or US and tell me if opposition leaders go about singing praises for the PIG. That level of praising government is for parties without ambition like New Generation Party President and its leader Silulapwa and not HH. Borrowing per se is not bad, bad what we need to know is the cost to Zambia & to ensure that PIG uses the money to benefit the country. Already people like GBM are busy lining up personal projects
Why does LT always segregate against my comments when they are not even offensive. Look at all the insults in most comments and yet they are past
BEMBAS are fools!!! Ngabalimilekafwe mule shunguluka fye mumatole!!! Mulebabafye infact!! chipimo and hh are saying the truth (opposing) but y are you sidelining 1 person only yet they are all oppossers?
mwanawasa reduced the country’s debt to a lower level, the hyenas are widening the debt to a higher level and are cerebrating for that as if they have discovered a heaven of bornes, just where have they taken their brains
HH was part of the selling of Mines. The mine owners will not give you windfall tax. MMD tried none of the mines paid until it was withdrawn. Stop cheating. We are a third world country that cannot survive without borrowing. Every budget has an element of outside funding even in MMD Government. That is not free money. Be realistic.
Chipimo is talking sense! HH is talking sh.i.t!! I thought both HH and Chipimo were saying one and the same things? Kwena people are hateful! have you forgotten how we tightened our belts in order to have our debts forgiven? suddenly there is nothing wrong in borrowing! My foot! You people are mediocre. HH and Chipimo are right. We could have gotten much cheaper money if we had been honest and prudent in planning and managing the affairs of this government. please let us see sense in criticism.
DO NOT THINK THAT HH IS THAT DULL. HIS GREATEST FEAR IS THAT SATA WILL SUCCEED BY THE END OF 5 YEARS. SO THE ONLY WAY OUT IS TO GO ON AN ALL-OUT ATTACK OF PF POLICIES. I DONT EVEN SEE THE REASON WHY BLOGGERS KEEP DEBATING WHAT HH SAYS. HE KNOWS WHAT HE IS DOING. UNFORTUNATELY FOR HIM, IT CLEAR IT WILL NOT WORK.
Ba Homo Habilis, nimajealous yabwanji? Pf is progressing baba. Remain in your tribalism and hate.
fools. wait for HIPC part two. that is when you will remember HH’s words. what zambia is currently doing is what most individuals do. borrow money even when you don’t need to just because the bank is able to give you that cash and you have seen your friends borrowing. yet you have assets in your backyard which you could use to make the same money you are borrowing.
Nubian Princess is always commenting on issues negatively and supporting PF blindly. She sounds prosti/tute like and porbably no respect for her body. You live in a real world, time will catch up with you. Use your brains when analyzing issues not your G….
Can’t believe these *****s blogging here are you that dull, there’s no good that comes from loans stupid ***** supporters always look at the realistic point not your dull blind support you don’t need chipimo or HH to say that’s a dull move made by government, if we can make that money here why go and borrow
Zambia….cry the beloved country..everyday its becomes clear to me why we will remain poor..we have never tasted the good life and can’t fathom anything better than what we have….learn to be tolerant to divergent views and criticism…that’s how one becomes a better person and leader….what’s wrong with pointing out disadvantages of any given situation? We will always be stuck in a rut if we always think anyone who does not agree with our thinking is bitter….wake up and be part of the world that dares to be different and thinks outside the box…the rest of the world is moving and they are not waiting for us
From PF has failed to get the Eurobond to , the Eurobond is a finacial scam???? What a ranting of the year 2012 by the chief hater, Bitter and frustrated HH.
“EUROBOND” SCAM INDEED. WE ALL KNOW WHAT HAS HAPPENED HENCE THE SPPED TO IMPLEMENT. COME 2016, WE SHALL ARREST AND SEEK TO HAVE OUR MONEY RETURNED. MORE MONEY IN THEIR POCKETS INDEED. SHAME ON YOU PF