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Alba Iulia
Saturday, June 6, 2020

Chishimba Kambwili blasts people criticising acquisition of the US$ 1.25 billion Eurobond

Economy Chishimba Kambwili blasts people criticising acquisition of the US$ 1.25 billion Eurobond

Chishimba Kambwili with Amos Chanda at Statehouse Press Briefing
Chishimba Kambwili with Amos Chanda at Statehouse Press Briefing

GOVERNMENT says those criticising its acquisition of the US$ 1.25 billion Eurobond for infrastructure development are mere detractors who are politicking.

Minister of Information and Broadcasting Services Chishimba Kambwili said Government has put in place all the necessary measures to ensure that the country does not get into a debt trap as a result of borrowing.

Mr Kambwili, who is chief government spokesperson, said in an interview yesterday that Government borrows to improve infrastructure such as in the education sector because some schools are currently in a deplorable state.

“I want to challenge some non-governmental organisations and opposition political parties criticising Government that I am extending an olive branch to them to accompany me to tour rural areas so that they see for themselves the state of the infrastructure,” he said.

The minister said those issuing negative statements over the borrowed funds are armchair critics who do not have information on the ground.

Mr Kambwili said Government has taken a bold decision to improve infrastructure, which has been in a bad state even after 50 years of independence.

He said most of the NGOs and political parties that are making ‘noise’ are based in Lusaka and have little understanding of what happens in the rural areas.

Mr Kambwili said Government is not in power to satisfy NGOs but has a mandate to look after the welfare of the majority citizens.
He said infrastructure such as teachers’ houses is deplorable and this has forced some teachers to live in classrooms.
Mr Kambwili said that the US$1.25 billion Eurobond will help to develop infrastructure in rural areas.

Rainbow Party president Wynter Kabimba, who was in Government when Government borrowed the US$750 million Eurobond, has now criticised Government over the newest borrowing.

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22 COMMENTS

    • Kashimba Chimbwili, perhaps you cold also tell us who the beneficiaries for the $34 millions dollars commission are. Bloomberg has described this as one of the most lucrative ever recorded. $34 millennia fees payed to lawyers and consultants. Only in Zambia. This no vision business will lead us to the pit

    • He is not, He is surely mad, That explanation in developed systems around the world would get him a sacking. If the Government has schools that are run down and failed to maintain, firstly systems that should be put in place are to manage facilities. What is the point refurbishing and re-establishing what you have economically failed to raise money, run profitably and maintain with borrowed money. Have you addressed what made it collapse in the first place?

      When literate governments borrow money, they borrow to build new infrastructure when the older ones filled and working to full capacity in the best shape they can be. That is when and then you mongrel’s can and should borrow. Am begging to believe Field though have despised him most of my life.

      I hope you can now think before…

  1. The problem with town people is they don’t want the govt to develop rural areas. Ladies and gentlemen, it is really interesting to take your ka small car to the village and move on a tarred road. You clearly see the difference between then and now. And the people in rural areas are now happy; that is why the pf will continue winning.

  2. Where are PF Cadres? people must now learn that its not about been proud of winning elections BUT been proud of putting right people in offices who can use public resources prudently not these dogs that are busy borrowing for their bellies! shame on you!!

  3. …The fact is that the govt shall definitely spend part of that money(say 60%) on several pockets of infrastructure as a face saver…somewhere they can point at when Zambians ask where the bond money has gone…meanwhile the 40% wont be properly accounted for….a bit of that shall be misapplied….abit ends up in personal accounts…businesses….personal infrastructure….and i’m talking about 40% of $1.25 billion… how much is that in Zambian terms…eish

  4. Why are workers being taxed since our schools and hospitals are paid for by the Euro-bonds?

    Tell the nation why we are now borrowing these huge sums of money so frequently?

  5. Some people are just jealousy of PF cos its clear that the Citizenry is happy with what govt is doing and victory is assured in 2016.Do not listen to frogs….just concentrate on drawing water from the stream.That is my advice to the Govt.

  6. Grants or country to country bilateral agreements are better than the Kaloba Euro Bonds. These PF loans are a burden on Zambians. Our complaint is that these loans attract huge interest and that the PF leaders have not put them to good use, much of this money has been stolen through over pricing projects and outright embezzlement e.g Willie Nsanda’s case(RIP).In short we don’t trust PF with such resources anymore. They need to be kicked out or else we shall become another Greece.

  7. kAMBILI Chizhimba knows that Zambians know the 1.25 will end up no were. PF is just poor planners and corrupt

  8. Bone head Kashimaba yapping from the rafters again, coz, hes not happy with what hes already embezzled, & wants more, to sustain his thick greedy neck.
    WHAT IS WRONG WITH ZAMBIAN’S REALLY, TO BELIEVE PEOPLE LIKE KASHIMBA ARE THERE TO HELP THEM??

  9. He’s speaking like the fool who borrowed from a bank to renovate his house. A few years later the bank came to grab the house because he couldn’t pay back the loan.
    & why is he always blasting people. A spokesperson I thought is supposed to be explaining in a way that the “uninformed” understand.
    Dr Katema & Mr Kapeya were much better.

  10. #from David
    Letter to Dr Levy P Mwanawasa
    Dear my Hero,I am writing to inform you of the dilemma you left yourchildren in Zambia through your untimely death. Since your death,your beloved and our beloved country has beenon auto-pilot without a leader and has descended intochaos, there is no respect for other humanbeings by the ruling Party, no discipline in government. We have had no leader since you left. Your currencyhas depreciated from the amazing K3.30 per $1 to K8.40 per$1, your mealie-meal prices have increased from K40 to k70not to mention the Kariba dam has no water in it and sinceno one continued your wind power projects we are living inthe dark. If its gas, awe mwandi from K5 per litre to K10, apamwana na nsapato zovala alibe kaili mitengo zakwela. Withall the love and respect…

  11. Top cat, i like yo analysis. Pipo that have no shame can not improve anything. FIKAISOVA IFINE that is how they think. Are they not ashamed that during Dr Levy the exchange was K3.40 to $1? Borrow money for projects that will create money. Do not eat borrowed money like in KK era where money was borrowed to buy wheat!!!!!!

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