Solwezi central MMD Member of Parliament, Lucky Mulusa,said that the rate at which the Zambia is borrowing is alarming and it needs serious attention before the country runs into serious problems.
Mr.Mulusa also observed that Finance Minister, Alexander Chikwanda has done very little to grow the income base.
Mr. Mulusa said that the country is going to record another Budget deficit next year because 10% of 2014 National Budget has been allocated to debt servicing.
He added that the countrys deficit for next year will even be bigger as compared to the 5% deficit the country has recorded this year.
Mr.Mulusa said the 2014 National Budget does not inspire any hope for the Zambian people because the entire budget looks like a supplementary budget.
[QFM]
Hon. Lucky Mulusa is my leader, he is the best voice speaking out for all of us, and he is right on time with this one. Why do we keep borrowing so much as nation, are we taking on too many ambitious projects that cost too much.
as africans it is easier to borrow than to produce. We have abundant natural resources so they say. MMD were at least not borrowing but stealing monies already allocated but PF are borrowing and stealing monies allocated.
Son of the soil and true patriot of Zambia .
i also enjoy his debates
I agree
PF = Playing Fools
Unfortunately you have a gang of thieves masquerading as a government… uneducated, uncultured, uncivilised, squanderers who deserve to be linched
A country which has been taken over by vagabonds and lumpens with no clue as to how a government runs
Are by-elections budgeted for? This component of expense has also put alot of pressure on the treasury. Can the president dissolve parliament so that he can call for fresh elections. Too much by-elections not mentioned in the budget. After all most of the seats will be nullified by 2016
This man deserves some serious consideration for President either MMD or UPND, you cannot go wrong either way!
his guality oriented. he should just join upnd in 2016
It’s unwarranted to expect anything different after monkeys have invaded a maize field. It’s MORE MONEY in their pockets more especially that the ninety (90) minutes of regulation time are about over and we are almost in injury time. Thanks to the impartial referee!
HOW CAN WE DEVELOP AS A NATION?
PLEASE WE ARE IN A HURRY TO REFURBISH THE DILAPIDATED INFRASTRUCTURE?
WE BORROW AS LONG AS THE MONEY WILL NOT END UP IN SINGAPORE?
but the money is just used to finance by election selfish characters.
CHIKWANDA IS THE DULLEST FINANCE MINISTER AND HIS PRESIDENT IS EVEN WORSE OFF! A PRESIDENT WHO IS AFRAID TO EXPLAIN TO HIS PEOPLE AS TO WHICH DIRECTION THE COUNTRY IS HEADING!(No press conference for 2 years). COUNTRY THIS SHUD B THE LAST TIME WE ARE PUTTING AN ILLITERATE PERSON IN STATE HOUSE!
Borrowing is not wrong,even the biggest economy in the world USA borrows.But i think Mulusa’s point is valid because of the rate.This is borrowing is different from the Ba neighbor ndelombako salt everyday kind of borrowing,it comes with interest.The burden of which will be passed on to future generations.
You have grade sevens in charge of myriad complex economic management and they’re failing badly.MMD had deft skills and left us bumper harvests,record forex reserves and plenty of foreign investments all of wich have been destroyed in 2yrs by these PF 1diots.
Where are opposition parties on this one, I expected that by now they would responded to this budget by giving specifics on its shortfalls. It’s not enough to let a lone member of parliament speak out. Unless they also do not have anything else to offer. In that case I do not see why the people of Zambia should vote for them instead. They (opposition) must do more to sell themselves of why they should be the alternative. I am disappointed to say the least. For your I do not support PF.
I gree with you mulusa. Borrowing money is not a bad idea if that money will be spent on assets or capital projects that will increase the net worth of Zambia. The problem is that the money go mostly in undeserving pockets and used to fund less viable projects. Every country borrows but the difference is that other countries use the money wisely on infrastructure development which in the long run avoids inflation or deflation. Deficits are a result of borrowing to spend and not to invest prudently at country level. Zambia needs think tanks to spear head the economy. I would rather buy land than buying expensive perfume or attire- called wise investment to increase my net worth.
MR MALUSA,
WITH DUE RESPECT PLEASE BE REMINDED THAT SOUTH AFRICA YESTERDAY SIGNED A LOAN OF ABOUT R10m WITH A FRENCH GOVERNMENT TO INVEST IN RAIL TRANSPORTATION, SOLAR ENERGY ETC.
AS A COUNTRY WE NEED EXTERNAL FINANCE AS WE IMPROVE THE LIVES OF A LOT OF OUR PEOPLE AND OUR OUR INFRASTURE.
PLEASE SUGGEST WAYS OF HOW ZAMBIA CAN DEVELOP WITHOUT BORROWING.
LUAPULA PREMIER, is among the dullest. Look, where PF is taking this so-called development. How much does Muchinga Province contribute to the national treasury? Only PAYE and NAPSA (and less than 5% of the total PAYE and NAPSA). The province produces nothing and that’s where the so-called infrastructure development is taking place. Other areas are state lodge where PF cabinet ministers have shared state land among themselves…and and are busy constructing roads there.
MMD’s Link Zambia 8000 is being abused…used as a conduit to siphon billions of kwachas by those in power. Now PF is stuck with Wynter because they have looted too much, and the illiterate SC knows all this being an accomplice.
Luapula! Stop comparing mulberries with tomatoes! Flat head.
Luapula! Stop comparing mulberries with tomatoes! Flat head. The only thing Zambia shares in common with RSA is that they are on the same land mass. Period!
Mr. Mulusa also observed that Finance Minister, Alexander Chikwanda has done very little to grow the income base………….if you speak english then am sure you will understand
the issue here is the rate at which zambia is borrowing not that borrowing is a bad thing you foolish *****.read even the content of the story before you show yo stupidity.you chi luapula.
this luapula premium should be reminded that muchinga is not zambia
You know, by extension the ENTIRE leadership gene pool (aka the populace) is sick. I have learned of drivers forging cheques, cleaners making off with their bosses’ loot, secretaries blackmailing their bosses and extorting funds, managers signing off on workshop funds for workshops that never happened, and so on and so forth. It is a very interesting market place for leadership if you ask me. From the lowest to the highest; we may just need to import political and professional managers at this rate – it is small wonder that private companies brought in from outside are struggling to get the right direction functionally.
Mulusa is partially right and partially politicking. It depends which side of the fence you are on. How does 5% budget deficit compare with other developing and developed countries?. When the USA take about reviewing the debt ceiling, what is the percentage?. What is the bench-mark, norms, what is the ratio; Debt/GDP, etc. Can clever pipo put Mulusa comments in Context… Any takers…
bashikulu bachikwanda this time God you punish you for putting the country again into debt trap you did it in kaunda era you are doing it again. Please marry the expenditure with income generation old man. some of this expenditure are not even worth spending money on look at the by elections , the rehabilitation of ndola -kitwe road the road which had more life span just because some one was interested in the contract. You can not boast of development which is based on borrowing and by the way who will sustain this infrastructure once we are in debt trap it will be another HIPC very very sad for zambia
Spot on Hon Mulusa. You are a parliamentarian worth the salt. Had we even six MPs like you things would have different. May the good Lord enrich your wisdom. ZAMBIA SHALL BE SAVED!