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Wednesday, August 5, 2020

Chikwanda more worried about Zambians’ working culture,commitment and integrity than budget deficit

Headlines Chikwanda more worried about Zambians' working culture,commitment and integrity than budget deficit

Finance Minister Alexander Chikwanda addressing accountants during the ZICA annual ball dinner at Zambezi Sun Hotel in Livingstone
Finance Minister Alexander Chikwanda

Finance Minister Alexander Chikwanda has told parliament that the only way to overcoming the depreciation of the Kwacha is to grow the economy so that the country can export more. Mr Chikwanda told Parliament today that the other alternative is to reduce on imports.

Mr Chikwanda lamented that Zambia imports almost everything including juices, when the country has the right climatic soil conditions to grow the ingredients from which juice is produced, adding that given the state of the economy now, the Kwacha may even be slightly overvalued.

Mr Chikwanda said that improving foreign exchange earnings and diversifying the export base is the only way to stabilize the Kwacha.

Finance Minister said further said that government continues to encourage export diversification by supporting sectors such as energy, agriculture, tourism and manufacturing.

Mr Chikwanda has further stated that all the money Government is borrowing on the international is invested in growth promoting projects in the various sectors of the economy including agriculture and energy.

Mr. Chikwanda was responding to a question raised by MMD Mbala MP Mwalimu Simfukwe who wanted to find out what the value of the two Eurobond loans, in Kwacha, was, at the time of borrowing; and in February, 2015.

He has however bemoaned the country’s poor work culture which he describes as adverse, and makes it difficult to ensure the borrowed funds are used to grow the economy.

The Finance Minister states that to him, what is more worrying is not the fiscal deficit, but the commitment and integrity deficits.

Mr. Simfukwe also wanted to know what the increase there is in terms of interest payable in Kwacha between the time of borrowing during the same period was and what measures government has taken to mitigate the increased Kwacha-value payments in view of the weakening Kwacha.

However, the Minister explained that at the time of borrowing the US$750 million bond was worth K3,825 billion while the US$1 billion was worth K5.5 billion.

Mr. Chikwanda said if the bonds were issued in February this year, they would collectively be K11.81 billion.

He further said government paid K149,676,281 in March this year after it attracted interest amounting to K40, 453, 530.

He added that government paid K578,246,500 on the US$1 billion bond which was settled but attracted two interest rates.

He however, assured that his ministry has been undertaking various measures to tighten monetary policy in an effort to strengthen the Kwacha.

The Minister cited the raising of the minimum reserve requirements for commercial banks from 14 to 18 percent.

Yesterday, Zambia was successfully issued a US$1.25 billion euro bond for infrastructure development.

The Eurobond, with a coupon rate of 8.97 per cent, has an eleven-year average life with repayments in 2025, 2026 and 2027.

Finance Deputy Minister Christopher Mvunga, who led the Zambian delegation, said this success demonstrates confidence that the international financial community has in Zambia and President, Edgar Lungu’s leadership.

Mr. Mvunga emphasized that the Government would strictly adhere to the programmed use of the resources and that this was an opportune time for Zambia to issue bonds given the anticipated rising interest cost in the international markets in the near future.

The deputy Minister said going forward, Zambia would conduct annual investor meetings to ensure transparent communication of the performance of her economy.


  1. Please, stop borrowing instead of giving excuses. How are you going to pay back if the work ethic of Zambians is bad? Are you saying you are the only ones working or are you the same as “the Zambians” you mention?

    • Bashi Bwembya: Ati”The country’s poor work culture which he describes as adverse, and makes it difficult to ensure the borrowed funds are used to grow the economy.” So you already know the wastage that goes on in your PF government. Advise your president Jamasoni Lungu on this so that he reduces his trips abroad including Ester Lungu’s meaning less trips. Waste of money indeed.

      We all know that the country does not export enough, even grade 8’s are writing assignments on this nowdays. The question is what is your government’s plan on export growth in relation to paying back the loan?

      I for one know that Lungu does not have an answer to this question!!!

    • Agreed stop borrowing because the work culture, integrity, commitment of Zambian is like that of the Greeks. Corruption is endemic & celebrated amongst the political elite, showering ill gotten wealth to those in power during electoral campaigns in exchange for political & legal favours, massive tax avoidance by the rich& the corporate (only PAYE tax from poor workers is reliably collected). Only in Zambia like Greece do you have workers of the “evil” service (sorry meant to say the civil service getting higher salaries & pensions than workers in the productive sector. Why borrow for by-“erections”, to pay salaries & cosmectic railway projects (ballast on old sleepers) & roads in townships which have no drainage & will be washed away in next rainy season!

  2. @Mr Chikwanda lamented that Zambia imports almost everything including juices, when the country has the right climatic soil conditions to grow the ingredients from which juice is produced….He is right about this……..But he more than anyone else can change this dire situation. After been in various governments of all shapes and sizes Chikwanda and all politicians have failed in redressing this issue. Perhaps he should have complained of his collective failure to redress this issue. As for the work issue again his right. But it goes all the way to the top with lazy Ministers pretending to do any work. Look at the Energy Ministers with his shambles. If they believed in working hard both the Education and Energy Ministers would have been fired by now. But tulo continues

  3. Mr. Chikwanda, this is what you should be presenting and talking about in your cabinet meetings. But all you do in Cabinet is to just present proposes to raise borrowing threshold, and since its all PF cabinet, they all agree without thinking!

  4. That is what it is anyway, export more and import less. And Right on the money on the working culture deficit, we just work hard in attacking our politicians and calling them all sorts of names

  5. It must start with you ministers. Stop stealing and corruption and the people will follow suit. It’s true most Zambian are lazy, they report work late and leave early at the end of the month the want a huge pay cheque. Same people when they go abroad they work very hard

    • Chikwandasourus Rex “C-Rex” is a dinosaur with no clue except for ravaging the Zambian economy

  6. I have taken ABC’s statement as a personal challenge. But I equally challenge him to provide an environment where I can predict the value of my ZMW against the $ each day (my work will depend on the yusa for sometime), he should also find ways to mitigate loadshedding (one of them is to stabilize the yusa so I can import a genset), corruption in GRZ should be dealt with ba ABC (from fake traffic offenses to bribing bureaucrats for a licence), list endless.
    Of course if you don’t do that I will still take up the challenge but I will create my own environment to overcome the challenges brought about by your incompetence.

  7. Hook, line and Sinker. President Edgar Lungu is a smarter politician than even I thought. He now has shifted focus from himself, it is on his minions, and the opposition. He and my aunt Inonge Wina shall ride the tide to victory this next year.

    Please someone agree with me. Before I posting my President’s name Edith Nawakwi.

    • “… President Edgar Lungu is a smarter politician than even I thought…”
      Five Ngwe for your thoughts?
      Sorry, but that is all I can afford after “more money in my pockets” become “more weight of worthless coins”.

  8. With commodity prices falling most currencies in Sub Sahara have become under strain Its not only the kwacha If you are a random walk guru then you can forecast and not predict the path of the kwacha with fundamental analysis

    Watch what is happening in the Chinese economy there and see the potential in the retail business in Mozambique taking the advantage to those frontier markets

    The country well favoured in trade flows in sub Sahara will emerge stronger amidst the collapses

    Mr Mwalimu exchange risk comment there shows you some thing to think about the growth of the economy and impact of those revenues to ensure support of the kwacha and avoid…

  9. With commodity prices falling most currencies in Sub Sahara have become under strain Its not only the kwacha If you are a random walk guru then you can forecast and not predict the path of the kwacha with fundamental analysis

    Watch what is happening in the Chinese economy there and see the potential in the retail business in Mozambique taking the advantage to those frontier markets

    The country well favoured in trade flows in sub Sahara will emerge stronger amidst the collapses

    Mr Mwalimu exchange risk comment there shows you some thing to think about the growth of the economy and impact of those revenues to ensure support of the kwacha and avoid…

  10. Mr Chikwanda lamented that Zambia imports almost everything including juices,

    That would be the result of 24 years of relentless pursuit of ‘free trade’ at all costs, and destroying domestic manufacuters through a combination of dumping cheap imported goods and no access to financing. Work ethic? How about not following the prescriptions from the IMF/World Bank?

  11. You see there is even a greater risk of the USD strengthening further as the FED ”” lift-off”” nears in September this year,remember the documented effect of the “”’temper””

    Make sure you have the correct information to effect sound policy and see the markets you trade in and start with Sub Sahara and move either direction

    I like the exports by trade kings in the regions and afar because that is what will count to make the kwacha more robust and resilient

    ABC is very sound on points but often the structural shift of our economy is long to react positively to match the current trends

    Mozambique retail business is proving attractive for…

  12. Mr.Chikwanda you may be right but what has your government done to specifically address the ills you have brot out? Generalities are not helpful!! Look at other countries and how they are benefiting from openings in regional and global trade! Look at how Lesotho,Swaziland,Madagascar,Mauritius,Ethiopia and Kenya are benefiting from AGOA! What do we benefit in that regard? What do we plan to export as manufactured goods to the region where we have signed tripartite free trade agreement? The main news we see is opening shopping malls and to some extent copper mines instead of encouraging investment in manufacturing, agro-processing and Tourism. Govt should lead in moving away from more copper mining we have done enough of that with little or no benefit esp of late! Lead by example!

  13. Truly laughable indeed…laughable… these utterances by the Presidential appointed Fossil with no constituency, he has the audacity to lecture us on work ethics when the taxpayer are paying him as they earn and his weak lazy boss who has hardly spent a month in his State House Office as I’m typing now the visionless bum Edgar is in Uganda for 2 day holiday. They preside over a bloated cabinet with utterly useless deputy ministers and its also laughable he has never borrowed to invest in Agriculture its always some misplaced priorities eg. $192m to procure overpriced cheap substandard Chinese defence equipment, $200m to buy motor vehicle… etc
    Only in A Zambia can a politician say this to a people as they know that Zambians are docile.

  14. Watch and insulate the exposure of the kwacha to the US rate hike expected this time around within the New Inflationation Targeting mechanism by BOZ given the current weak parity conditions

    Its workable and gains can be made with careful flexing of policies and industry activation

    You sometimes need to think about creating a portal at ministry of commerce to list the various products and services available to Zambia with price equivalent for foreigners to shop around and buy ZAMBIA Its the way others have done and industrial activation and exports have been massive

    You can house it at ZDA or Ministry of Commerce on all sectors like you have your LUSE equity market

  15. Most of our products and services are not known and the marketing support has been poor and costly for most industries I have only seen trade kings products being bought heavily in some good listed chain store and hardly most of these industries we see around The kwacha cannot be any stronger

    With information edge create a portal list the manufacturers like in amazon and Alabama maintain links to the banks and the manufacturing with a clearing house with efficient delivery lines in Zam post DHL and other working together at the same time maintaining the directory and prices of the products and letting ZDA or ministry of commerce market that in expos and carton fairs

  16. Jonathanmhango Financial Analyst
    Can you please apply your analysis to the topic in question rather than being a scatter gun.

    However, Chikwanda is a criminal and feels no qualms about giving lame excuses for the huge debt he has plied up. In parliament, he is supposed to be talking about fundamental and long overdue reforms instead of the rubbish he is now Waffling about.

    • This Jonathan is a very special, special case..he doesn’t know how to communicate or put his messages across on blogs, I doubt he completed his studies…I have told him time and time again that communication is having the ability to put your message to everyone at all level…its not simply copying and pasting financial jargon you don’t understand.

  17. Okay that way you will be reversing the flows and helping the gains of the kwacha
    I understand what elder ABC is saying but Zambia has marketed products that needs to be seen by would be importers Those products should not be marketed in a scant way you simply create a ZAMBIAN PRODUCSTS portal in mining ,energy, financial services, agricultural, real estates ,food,clothing,education, hospital and amongst others

    Foreinstance,I have studied the hotel and hospitality sector, I have never seen any locally established hotel or resort listed on BOOKINGS.COM no wonder hotel occupancy and this sector has been below potential simply because of marketing strategy and media with no…

    • You are incorrect there are at least 18 Zambian lodges/hotels on booking.com and you claim be studying tourism , you must be working for that other useless gov’t body Zam tourism board who knows nothing but travel the world to trade fairs but does not bring home the goods because they are to busy shopping. Check your facts before you comment.

  18. The rand has slipped very low in 14 yrs. time and observe that the US economy is on the recovery putting more pressure on the kwacha dollar exchange rate given our exposure down south and the reserve currency we hold in our coffers

    You will see the kwacha coming under increased strain I am sure you can guess the reaction in policy from our superiors and authorities in policy to ensure in the last quarter of the year its sustained and come next year grounds are gained to make it trade within its mean value

    I have followed the words and pronouncement of the Good Governor and I like his thinking and laugh at those who pass swiping statements without giving basis

    • check the BOZ website and see what currencies Zambia and guess what its mostly USD, UKP and Euro very little Rand. so saying that our currency should be staying stable, the reason its dropping is investors get no return so they go or new investors see no reason to invest here because of lazy labour, red tape and government corruption.
      good example both Singapore and Zambia became independent in 64/65 both had same bad economy today Zambia has got worse even after 50 yrs of foreign aid (1 trillion $$) and Singapore is the most modern and banking /trading capitol in Asia and has no natural resources. The whole country is the size of Lusaka. With a population of 5 million but there is no corruption and everyone works hard.

  19. I like also the observation by Mwalimu Sinfukwe on the duration risk that is imbedded in the exchange rate and the interest rate in those bonds as they impact on the reinvestments risk profile of the bonds okay

    Mwalimu Sinfukwe its my other full name in the middle Good simple question to ABC but revealing

  20. The strategy for Zambia in the Kwacha economics as I conclude to let others post and share is to support growing SMEs like the case of china to become the next global value enterprises of value in derived products and services facilitating, enabling to support and develop carefully the trading manufacturing and services that support ,focusing on sectors in skills development and knowledge in resources and markets supported by appropriate capital and funding methods
    Then the kwacha will have a solid army fighting on many fronts unlike the current exposure from one single commodity 75%
    A portfolio of 75% SMEs will support the economy in labour and value addition massively impacting on the ZMK…

  21. I hope you have seen that ABC has gotten the approximate value of the bonds wrong in the as he explained “‘ However, the Minister explained that at the time of borrowing the US$750 million bond was worth K3,825 billion while the US$1 billion was worth K5.5 billion.”‘

    Mr. Chikwanda said if the bonds were issued in February this year, they would collectively be K11.81 billion.””

    If you Jay Jay give me the correct approximate valuation then I will say you are fit to critic chikwanda okay

    The valuation given in response is not the approximate correct

    • $1bn/$0.75bn =1.333
      K5.5/K3,825=1.44 (rounded up)

      the Minister explained that at the time of borrowing the US$750 million bond was worth K3,825 billion while the US$1 billion was worth K5.5 billion.”

      Different exchange rates at the time?

      Mr Chikwanda said that improving foreign exchange earnings and diversifying the export base is the only way to stabilize the Kwacha.

      Not so, the best way to stabilize the Kwacha are economic policies that work for the people. More goods are produced and no new debt is taken on, then the Kwacha will appreciate. The more debt is taken on, the more hits the Kwacha is going to take. The people pay for this anyway, either by seeing their savings reduced in purchasing power, or by increased tax…

  22. in price basis points since and duration forgetting the convexity adjustments ???

    • Jonathanmhango Financial Crapper has contributed nothing apart of enforcing his self-belief that the future of Zambia is in the hands of parrots with dubious degrees.

  23. Hon. Minister, I know of foreign Investor who set up a plant. He produced for a short period, complained that cheaper inferior imports were flooding market, and closed shop. Who then is to blame for the unnecessary imports?

  24. Mr. Chikwanda, how dare you insinuating about integrity of Zambians?
    You, shameless corrupt incompetent senile thief are lecturing Zambians about integrity whilst enjoying luxurious life paid by the Zambians which are on the receiving end of YOUR LACK OF INTEGRITY?

  25. Minister you are not a spokes person…your job is to take measures the improve the economy and our livelihood….be serious minister…

  26. Listed currencies and tradable will always have the sport and future exchange rates that you can exchange and use the implied conversion rate , in parity in this case the, rand in a well diversified economy supported by mining , agriculture and services

    The currency in the rand is one of the few that are reported and tracked on rate sheets as a mark in Africa and if it falls then the rest of the currencies are proxies to and normally in the sub Sahara such is the pronounced case because of the structure of trades and settlements
    I still await for the correct approximate value of the bonds mentioned above by the minister there today in ZMK ‘”…

  27. Extremely laughable, laughable because this is a man who has been in government for more than 50 years, yes fifty years ago was minister of finance. Before most of us were born or kids he created the lazy, dependent, and stealing culture.
    Today Chikwanda plucks audacity to blame it on his own sons, grand sons and innocent Zambians which is total hypocricy of these old chaps like him.
    Get off stage or step down in face saver from your own great, great grand children.

  28. You will then also have the cross currencies always apart from the base and quoted currencies to which you can directly or indirectly work out your rates there Having reflective rate sheets therefore is important not necessary the traditional

    Having a balanced growth in population amongst the ages in income is also important for GDP as the two will have to emerge and meet somewhere to register some growth or subtract from that depending on the quality of that growth

    There ABC comment are appropriate in that sense If population is not being matched by income growth then GDP growth will be superficial and unsustainable and to keep citizens happy, trade-offs occure

    • iwe chikala… are you campaigning? Ikaleni panshi… You’re bad at taking hints… your analysis is based on very weak background knowledge. You think you’re slick but I deal with people like you everyday. You use what you think is ‘complicated’ economic jargon to try to look more knowledgeable than you actually are. You compensate for your incomplete knowledge with patched up language. I would be surprised if you graduated. I will leave you with this; Ukafaka salt pa manure, bushe inkala ndiyo?

  29. Mostly to blame are the carders sent to sign bilateral pacts with our neighbours, when singing free trade pacts they forgot Zambia produces nothing, the South Africans and other countries must have been smiling when signing, knowing shopping malls will filled with their goods.
    The best PF can do now is to insist on brand owners of best sellers opening production branches in Zambia. But again the high cost of production due to corruption by top government is our undoing.

  30. Every product will have its own market It will find its on unique penetration

    Cost of production has significantly been reduced and most Zambia’s manufacturing have actually followed suit

    The issue is not really on production but accessible markets and its time GOV moved from now activation of industries to marketing of produce and services

    I like the penetration of trade kings across the regional competitive markets

    You have the infrastructure and industrials together with services create the trading platform and market to create appetite then the Bonds for ABC will be value for Zambia

    • If the industries are there and costs of production down, why do we still import everything as chikwanda says???

  31. Funny guy this. He appears to be the most unsuccessful finance minister Zambia has ever had.

  32. Look at the marketing strategy involved in selling those products and psychology behind to ensure it creates an impression in the mind of the customer

    Most of the contents is the same but brand positioning and firmness in the quality of the products

    • Local industries, little we have are saying they can’t compete Pricewise with outside goods, all that branding and marketing adds to cost. That’s why we only sell forigne goods. We have no industry’s capable competing. What’s the point in trying to export when you can’t even sell in your own country

  33. Its a correct observation but you need to see the famous names in products and services and see the product development and cycle including the common chain stores we have in the names and eatery not to speak about the clothing chain stores You will observe that they move together and use common simple signage and adverts and often utilise most captive media and that gives a wide audience with local Its only here in Zambia where I have not seen a suppliers or manufacturers directory with products or services I will have to go round the whole entire industrial siting and location simply to identify and associate a product Now that is critical information to clients

  34. The cost of production on marginal basis has reduced with most small to medium industries having gone through the learning curve except for a few still bogged with a lot of redundant methods that have impact on their bottom line and most Irrelevant fixed costs that can be smoothened to ensure quality earnings

    Look at the Milling and Beverage including most local hotels and restaurant ,the cost of service has gone down but most of our locals still in the old usual style but good to say that most of them also have adapted and are within the industrial norm

    Yes that is why commerce and ZDA must pull resources and market to activate most of the firms above branding costs

  35. Township industrial parks as small business activation into medium and large scale is also important because big things start from backyards and graduate

    Then you have all the information that you need to effectively strategize on industrial sector’s and help craft workable solutions From PACRAS data base of registered firms to Zambia Procumbent authority and finally to ZRA tax data base there You can analyse and see the quality of industries we have and see the impact on GDP numbers and map up effective activation I am sure you will see the proportion of mealie meal ,sugar,oil,steel and beer to other industries and see the gap in the sectors to call for investments promotion

  36. I know the cry has been on load shedding but having as an added cost of production , without grossing over load shedding, at the same time urging for a firm grip on power if the growth forecast is to be attained as revised ,most of the industries are not operating at full capacity and yet they can tap in this potential in energy shortage to venture into markets facing critical shortage of power

    Sometimes you tend to think what goes on in these industries or is it warehousing and repackaging

    You will not create FTSE or DOW Jones and Xetra Dax to ensure the trades on luse are precipated and people invest without a full data base in cycle of activities It will be…

  37. How do you make economy attractive ? Load shedding, is the talk of the day, civil servants, those using computers, cannot function 100%, due to power, so who do you blame for the job not done (government). Who is losing (government) this is PF at its best.

  38. Its important also to track the mid yr. to long-term performance review forecast and analyst both the nominal and notional contribution PER SECTOR and see the contribution

    You can also do similar on energy consumption(hydro) per sector and see the performance contribution as you urge the power deficit scenario

    Some of these industries are basically non performing and the cry for power shortage is often a lame excuse I hope you have analysed the performance of the sectors and seen what the minister Chikwanda has been saying above to be correct

    You can also move further and see the peer performance of Zambia sector by sector against major

  39. competing countries and regions

    Sometimes the quality of industrial output in terms of opportunity cost to export power favours the later in revenues generated from exports of power but because we have to sustain and develop the country, power is being made available

  40. Imagine sometimes if you load shedded some sectors ,you will actually make enough money to meet your coupon repayment and principal on these bonds comfortably as most industrial sector contribution is below the reinvestments return made on most infrastructural projects

  41. Zambia’s future bleak due to incessant govt borrowing – Haabazoka

    THE future of Zambia is bleak looking at the incessant borrowing being made by the PF government, says Copperbelt-based economist Dr Lubinda Haabazoka.
    The Zambian government on Thursday issued a US$1.25 billion Eurobond, the highest ever, to be repaid in 10 years.
    The facility, which was over-subscribed by US$500 million, is the third that Zambia has issued under the PF regime, at 9.37 per cent interest annually.
    But Dr Haabazoka, who is also a senior lecturer of business studies at the Copperbelt University, said looking at the expenditure by allocation, much of the borrowed money might even go to consumption.
    “No country in the history of economic development has ever developed on borrowed funds. One might…

  42. One might argue that governments issue treasury bonds to develop their economies but the type of borrowing that we have seen is unprecedented. In 2011, Zambia only owed US$1.2 billion in foreign debt and now it owes more than US$7 billion. The rate at which we are acquiring debt is very high,” he said.
    Dr Haabazoka said what was more worrying was that the sources of income were narrowing and the country’s economy was being run on borrowed funds.
    He said the government could have cut down unnecessary expenditure such as scaling down the size of government and doing away with projects of low priority.
    Dr Haabazoka said thinking that borrowed money was the only source of the national budget or running government was a misplaced ideology.

  43. This year is going to be the worst economically, after 15 years, because of the huge budget deficit due to lack of proper planning on the way government is supposed to be run. Look at the energy crisis! It will cost businesses because Zesco and government have recorded huge losses in terms of missed revenues and opportunities. Look at the fuel sector! There are huge losses; Indeni has shut and businesses that depend on generators to backup their energy sources have huge challenges to operate. Economically, our performance is dismal as a nation,” Dr Haazoka said.
    He said the state of the economy was making it extremely difficult to operate smaller businesses.

  44. My advice to finance minister Alexander Chikwanda is that he must make this loan his final for the next two years. Those working in government must help in coming up with a strategy on how revenue collection could be improved without burdening the already overburdened labour force and formal sector,” Dr Haabazoka said.
    He said the proceeds from the Eurobond were not likely to benefit Zambia’s economy owing to the massive externalisation of financial resources in the construction sector among foreign contractors.
    “I see a lot of externalisation of resources because most contractors that are going to work on these infrastructure developments are Chinese and other foreign nationals so we are basically borrowing for foreign economic participants,” Dr Haabazoka added.

  45. He also said the government’s intention to address the widening budget deficit, which is projected to soar to around K20 billion from K8.5 billion by accumulating new debt, will actually widen it even further next year.
    “In trying to solve a budget deficit by borrowing, we are actually creating a wider deficit for the next year so basically, we are not solving anything! The easiest way to solve a budget deficit is to reduce unnecessary expenditure. You have to prioritise which sectors need money most and which ones can wait for the future,” said Dr Haabazoka.

  46. If the quality of your growth is based on quality earnings you will move the present to the future or you move the future to the present and ensure you shorten the time you need to accelerate growth and have some multiplier effect and also register some savings Stargard growth has also its implications in the negative way but accelerated growth attracts further synergies that otherwise would not be possible except some risk in equity or debt investments in those infrastructures that will need that acceleration the worst thing also is to have abandonment of already near completion projects
    Yes we expect savings and returns to translate on borrowed which is the thinking

  47. of the people you can simulate the GDP growth in notional or real value It will take a while for Zambia to grow without accelerated in growth areas that will give you the return above risk adjusted returns

    You simply cannot also really on the “‘capital structure”‘ the famous Debt to GDP ratio and overlook the growth prospect and the turnaround opportunity in the massive debt financing that can free much needed revenue streams to smoothen over the period of time and create space in the fiscal to ensure robust economic progression

    The assumption is that the debt contracted will create returns to reinvest and translate into equity growth prospects in the economy…

  48. Though its important not to miss the forecast and ensure that growth is within the targets sustainable and to be attained within the acceleration

    With infrastructural development comes other programmes that may require similar financing and will therefore fall within the forecast to actualise and activate ,especially industrialisation You may have different objectives to attain lively hood for the people but often finding the right mix and effective achievements is often a problem There are so many programmes amongst ;industrialisation,mordenasation,infrustructural,communication,education,transportation, entrepreneurship and empowerment, transformation and Zoning that follows infrastructure…

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