Former Finance Minister Ng’andu Magande has charged that government should state clearly its position on worries by the International Monetary Fund (IMF) that Zambia will slip into another debt trap.
Speaking in a telephone interview with QFM News, Mr. Magande says it will only be fair and good enough for government through the Ministry of Finance to tell the nation if Zambia’s debit is sustainable.
Mr. Magande explains that he is on record having advised government several times not to continue over borrowing as the country risks falling in a huge debit trap.
He says he is only hopeful that government will now take the words of the IMF more serious and stronger as they have failed to listen to advice from different stakeholders on continued borrowing.
The IMF fears the 10 per cent increase in total public debt in the last two years might plunge Zambia into another debt trap.
And International Monetary Fund (IMF) has warned that Zambia will next year borrow money at a higher interest rate after rating agency fitch downgraded the country’s credit rating to b from b-plus on the country’s crumbling government finances and expectations that the deficit will remain high.
PF guys are deaf and are only borrowing to enrich themselves. Sata knows just like Chikwanda, that their days are numbered and will soon be joining their ancestors. They have nothing to worry even if Zambia’s debit becomes unmanageable. We the Zedians must do somusing.
Yes, We the Zedians must do somusing…. like what? The proble we have is that we were mixed with fools who believe that they are there to eat from government like useless Munkombwe. So they mislead PF which also has no plan on how to deal with economy. As long as we remain mixed with these fools we will keep drowning. God must come to my prayer tosplit us according to levels of civilization and colonial map.
A lot of voices have echo the above sentiments. PF cadres have had one thing to say, “PF ilebomba.” My point of contention has been that less analytical minds just look at the road projects or universities under construction without looking at the countries ledger. Some have used a non comparative arguement that even the US has debts without acknowledging the fact that the US economy is based on a manufucturing and export base. What have we got? Typical of the “chumbu munshololwa” mentality, that of not heeding good free advice.
Supposing that money was borrowed from IMF, would IMF have said the same thing? I am just asking.
what are you asking???
Peter, do you mean that IMF advice is wrong?
You magende also sold kcm at a give away price now we are being insulted by mwenyes. I think we just a total of new politicians from councillors to present not anyone who has served in govt before. Its too much of over dependence on nkongoles and nomone is thinking of anything.
The intoxication to borrow and then pocket away what they have borrowed is second nature to PF. It’s part of their culture, akin to Chiluba and team who sold off the copper mines and whatever had been left of Zambia and looted the proceeds. Zambians being Zambians, they forget so easily and we are back to chapter 2 of Acts.
Mr Magande took the advise, hook line and sinker from IMF and World Bank to sell Konkola mine when he did not know how much copper was underground. How dumb is that? You can NOT sale something if you don’t know its value. You should have consulted Geologists, Metallurgists, and Engineers before taking any action.
(My people perish for the lack knowledge- Hosea 4:6)
I THINK BA MAGANDI MUST BE WORRIED ABOUT KCM AND THE REVELATIONS BY IT’S OWNER ANIL ARGAWAL NOT THE MONEY WHICH IS BORROWED AND MOSTLY PUT TO GOOD USE.
This man was a pawn of a corrupt government. He should be embarrassed . His complicity in the sale of Konkola mines shows he has no credibility or integrity His opinions cannot be taken seriously.Europeans were buying cooper at low prices and selling it to China, India etc at more than double the price. When the China, India etc realized they were being swindled by Europe they decided to deal directly with Zambia. That is why copper prices went up and the previous government were aware of the enormous value of the mines. Mwanawasa and Chiluba were corrupt. They blind-sighted the people of Zambia. They sold Zambia’s assets to the lowest foreign bidder for a commission. Their commissions are now in offshore accounts for use by their wives and children.
Don’t blame Magande, he is one of the best Finance Ministers Zambia has ever had. We bought cars and built houses under Levy and Magande. He brought the dollar to 3pin so dont jst condemn him to protect the failing image of your Sata and P while deep down your hearts you know very well that we are in trouble with these guys. Soon you ll be like Zimbabwe.
Lubuto you are delusional. Magande should be on trial like Banda . Common thieves belong in the gutter. He should be careful as all his accomplices are dead. The man must confess and repent before he ends up like his former bosses.
Zambians are so docile and good at nothing but talking!! You knowingly voted for a President whose stealing instincts are part his DNA – so what else did you expect?
How can Zambians allow the Old ar.se to even budget for shopping trips by his mistress and concubine when the constitution does not allow it?
The Old rug is literally stealing in broad daylight and the ever drunk coward Zambian soldiers are doing nothing!
The Old AR.SE takes the whole RDA to State House where he alone allocates contracts to relatives and his children? All borrowings for infrastructure development are STOLEN through RDA by the same OLD Fag and his children and serial shopping concubine Kaseba!!
Wake up Zambians! IMF has officially told you that your country is BROKE!! This is time for ACTION not…