GOVERNMENT says infrastructure development projects being undertaken to open up the country for investment can only be financed through international borrowing.
Deputy Minister of Commerce, Trade and Industry Richwell Siamunene said Zambia should be opened up for investment and diversification of the economy through infrastructure development.
Mr Siamunene said this in Livingstone yesterday when he opened the 17th Zambia Institute of Marketing (ZIM) conference being held under the theme: `The Evolution of Viral Marketing’.
It is aimed at improving marketers’ skills to enable them understand the changing environment.
Mr Siamunene said external borrowing is vital for Zambia to achieve the Vision 2030.
“Borrowing is bad if money is used for consumption, but we are borrowing to invest in infrastructure development to grow our economy.
“Projects like the Link Zambia 8,000 and Pave Zambia 2,000 are aimed at opening up the rich natural resource areas of the country,” he said.
Mr Siamunene said Government cannot sustain huge infrastructure development projects through domestic borrowing as doing so would restrict the growth of the private sector and push interest rates up.
He said the country’s vision of becoming a middle-income nation will only be attained with everyone’s participation.
“It is for this reason that my ministry is happy to see ZIM contribute to Government’s efforts of wealth and job creation
yes this is good we need this get more look at usa is it the $ or the gold reserves
How do you create wealth by borrowing for consumption? Do we have the capacity to pay these loans? If we do, why do we postpone repaymemts to be made by the younger generations – when this government is obviously out of office? Why don’t we start paying back the loans now? It simply shows that we do not have the capacity to borrow now! Please Siamunene don’t leave us in a debt trap once again. Thanks to the Church, Mwanawasa and Magande we are still where we are now!
His argument of ‘diversifying the economy through infrastructure development’ is false. Government expenditure is all that the borrowing is increasing. No new industry is being created.
We are not as dull as you think.
do you know how many new mines have opened? visit Luapula and N/W. you will see for yourself and more mines are soon starting in Northern. Keep sleeping.
You miss my point fake zambian lawyers. Diversifying the economy means decreasing the reliance on one sector. In our case mining. He should have rather said that the investment in infrastructure will promote development in other industries.
How can i create an industry in nabwalya where only a govt choppers goes and only during voting. Now they people i know who are starting a brewery there.once the kasama mansa road is complete it will cut over 500ks, in distance if u use it as opposed to the great north road mpika kasama road, if u are coming from the copperbelts.do u see how business will become economically better between the copperbelt and northern, luapula included.These are just a few examples
Just borrowing to construct Muchinga Province and not to develop all parts of Zambia equally!! Projects under construction are mostly focused on Muchinga while most parts of Zambia are neglected. These guys are fakes and are using their government positions to develop their tribal area, Muchinga!!
Whats wrong with developing Muchinga if the province is not developed. Did you complain when Livingstone was being developed in order improve tourism? I remember at one time southern P received more donor funded projects than any province. did you complain. its time we developed other provinces. next time it will be N/W etc
We will end up with all the so called infrastructure WITHOUT quality people to run it due to the Government’s poor human resources development program which does not even exist. What is the use of building all these things without adequate attention to developing the capacity of personnel to run them on their completion?
just wondering whose going to pay back all this money are borrowing!!!
You will pay if you are working in Zambia. do you want Sata to pay? Is he the one using those roads alone?
its your small little A*ss that will pay back
Zambia attained middle income status in 2010. Where has this f00l been?
Low middle income country bwana, we’re not yet there!
The borrowing has been irresponsible on your government. Are you aware that the cost of repaying those loans will be at a high cost? Too much corruption going on in PF, too.
Too much corruption in your a*ss
This money will have to be paid back! With interest,we have been through this before,mwebantu
Mwanawamb you are are not right! It is not Muchinga alone being developed! Can’t you see pictures of Mongu, Kalabo, Chalimbana, Chirundu road, Southern Province, Copperbelt Eastern etc. Boo!
If the majority of the voters were bloggers? we would be more than assured that PF wouldn’t go for a second term. For crying out loud its 1USD To 5.5ZMK.
Having a reinvestment strategy ensures that you grow yourself steadily and keeping a careful watch on your strategies that protects your capital structure and your total gearing, giving you flexibility and leverage to position yourself amongst your peers
Creating value from the already invested and reinvesting the returns helps you to avoid iroding the already invested whilst protecting yourself from opportunists and scalpers who what to reap short
Creating value and having a multiplier effect without the local financial system will be a wise stratergy to support growth in sectors wereby creating capacity for the local citizenery.
Above all assess the asset classes that will be cheaper to buy…
“Creating Capacity and value within the local Financial systeme from already foreign investment.A little bit of conservatism and sluggish approach whilst consolidating your positions”
Bushe kulakongolafye kwati tamwakakongolepo nakabili… Very soon we will start the debt cancellation campaign which late His Eminence Merdardo Cardinal Joseph Mazombwe championed. These countries will continue giving us loans and later on will demand that we accept whatever consequences will follow. One consequence will be legalising homosexuality in Zambia and we shall not say no because we shall be scared of our indebtedness. It’s better to suffer for some time and enjoy later. Bane abana balefyalya bakesa culilamo neshinkongole.
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