Cabinet has approved the contraction of a loans from African Development Bank and China Development Bank Corporation amounting to a total of $ 154.5 million.
This is contained in the minutes released by Statehouse and signed by Minister of Information and Broadcasting Services, and Chief Government Spokesperson Chishimba Kambwili.
The Minutes covered a wide ranging of items for Mines taxation, Energy , IMF reports and Farming blocks.
Below are the full Statement
PRESS STATEMENT BY THE CHIEF GOVERNMENT SPOKESPERSON ON THE DECISIONS MADE BY CABINET AT THE 2ND (SPECIAL) CABINET MEETING HELD AT MULUNGUSHI INTERNATIONAL CONFERENCE CENTRE ON MONDAY, 15TH FEBRUARY, 2016
At the Second Special Cabinet Meeting held on Monday,15th February, 2016 at Mulungushi International Conference Centre, Cabinet made the following decisions:
1.Taxation: Re-designing of the Taxation Regime for Mining Operations
Under this Item, Cabinet approved the proposed tax measures which are aimed at sustaining operations in the mining industry, securing jobs for the citizens as well as collecting more tax revenue in times of relatively high copper prices. The specific measures to be introduced are as follows:
(i)varied mineral royalty rate for copper based on the prevailing copper price;
(ii) flat mineral royalty rate of five (5) percent for other base metals, industrial minerals and energy minerals; and
(iii) flat mineral royalty rate of six (6) percent for precious metals and gemstones.
Cabinet also approved the suspension of the ten (10) percent export duty on ores and concentrates for which there are no processing facilities in Zambia and to remove the variable profit tax on income from mining operations but maintain the corporate income tax at 30 percent.
This review in the taxation regime is deemed necessary to sustain continuous operation of existing mining companies and avert the continuation of suspension of mining operations and job losses.
2.Pensions: Review of Retirement Benefits for Former Presidents and other Constitutional Office Holders.
Under this Item, Cabinet approved the establishment of a Leaders Contributory Pension Fund for the President and other Constitutional Office Holders and other leaders, with the following attributes:
(i) it will be a Defined benefit scheme, under which a formula to calculate the benefits will be used;
(ii) the Rate of contribution for members to be 12% of Total Emoluments;
(iii) Government contribution to be made at a rate to be recommended from time to time by Government Actuary;
(iv) the contribution period to be in line with the period of service;
(v) the Indexation Rate to be equal to the increase in the Consumer Price Index (CPI);
(vi) there should be an option to commute 20% of the total pension; and
(vii) Accrued Rights to be maintained, for those serving under the existing terms and conditions, who will have an option to either join the new scheme or remain with the current conditions. This entails that they can either transfer their gratuity into the scheme or they can choose to remain on gratuity until the end of the contract.
The contributory fund will cover the President, Vice-President, Speaker of the National Assembly, Chief Justice, Judges, Ministers, Deputy Ministers, Members of Parliament, Secretary to the Cabinet, Deputy Secretary to the Cabinet, Attorney General, Auditor General, Solicitor General, Secretary to the Treasury, Special Assistants to the President, Investigator General, Director for Public Prosecution, Director General Anti-Corruption Commission, Commissioner Drug Enforcement Commission, Permanent Secretaries, Defence and Service Chiefs, Chief Executive Officers of Grant Aided Institutions and Directors on Contract, as indicated in the Report attached to the Memorandum.
3.Financial and Monetary Affairs: Contraction of a loan amounting to US$ 30,000,000 to be contracted from the African Development Bank for the Skills Development and Entrepreneurship Project – Supporting Women and Youth.
Under this Item, Cabinet approved the contraction of a loan from the African Development Bank amounting to US$ 30,000,000 to support the implementation of the Skills Development and Entrepreneurship Project – Supporting Women and Youth.
The need for this loan arises from the fact that Government is unable to finance the Project from tax and non-tax sources. The loan is an Enhanced Variable Spread Loan (EVSL) which is highly concessional with an interest rate of approximately 1.02 percent (Floating Base Rate of 0.480 + Funding Margin Cost of (-0.06) + Applicable Lending Rate of 0.60), a repayment period of 15 years and a grace period of 5 years. Additionally, the loan has no charges.
5.Financial and Monetary Affairs: Design, Manufacturing and Supply of 144 Prefabricated Modular Steel Bridges Project Credit Agreement.
Under this Item, Cabinet approved the contraction of a loan from the Export-Import Bank of United States of America amounting to US$ 73 million to support the implementation of the Design, Manufacturing and Supply of 144 Prefabricated Modular Steel Bridges Project which is intended to improve access countrywide, particularly in rural areas and spur development.
There is need to contract the loan in order to provide the resources required for the implementation of the project. The loan has an interest rate of six months LIBOR (85bps) plus Margin of 1.50 percent per annum, commitment fee of 0.125 percent, a repayment period of 8 years and a grace period of 2 years. These terms, particularly the interest rate and fees are favourable compared to the terms currently prevailing on the market. Further, the loan provides 100 percent financing with no strenuous advance payment commitments from the Treasury.
6.Financial and Monetary Affairs: Contraction of a Loan amounting to US$ 29.5 million from China Development Bank Corporation for the Mansa-Luwingu (M3) Project.
Under this Item, Cabinet approved the contraction of an additional loan from China Development Bank amounting to US$ 29.5 million to complete the Mansa-Luwingu Road Project as Government is unable to finance the project from tax and non – tax sources. There is need, therefore, to contract the additional loan in order to provide the resources required for the completion of the project. This is an additional loan with an interest rate of US$ 6 Months Libor Plus Margin of 4.5 % per annum, Commitment Fee of 0.5%, Front-End fee of 0.5, a repayment period of 10 years and a grace period of 3 years.
7.Financial and Monetary Affairs: Contraction of a loan amounting to US$50 million from the African Development Bank for the Lusaka Sanitation Programme – Climate Resilient Sustainable Infrastructure Project.
Under this Item, Cabinet approved the contraction of a loan from the African Development Bank amounting to US$ 50 million to support the implementation of the Lusaka Sanitation Programme – Climate Resilient Sustainable Infrastructure Project. The loan will help increase access to sustainable sanitation services to Lusaka’s residents and strengthen Lusaka Water and Sewerage Company’s capacity to manage sanitation services. Government is unable to finance the Project from tax and non – tax sources. Thus, there is need to contract the loan in order to provide the resources required for the implementation of the project.
The loan has an interest rate of approximately 1.02%, a repayment period of 15 years and a grace period of 5 years. This loan is highly concessional with favorable terms and provides 100 percent financing with no requirement for advance payment commitments from the Treasury.
9.Financial and Monetary Affairs: Contraction of a loan amounting to US$45 million from the African Development Bank for Cashew Infrastructure Development Project (CIDP).
Under this Item, Cabinet approved the contraction of a loan from the African Development Bank amounting to US$ 45 million to support the implementation of the Cashew Infrastructure Development Project (CIDP). The loan will contribute towards poverty reduction as well as improved household incomes.
The loan has an interest rate of approximately 1.020%, a repayment period of 15 years and a grace period of 5 years. It is highly concessional with favorable terms and provides 100 percent financing with no requirement for advance payment commitments from the Treasury.
10.Boards and Committees: Appointment of Members of the Board of the National Road Fund Agency.
Under this Item, Cabinet approved the appointment of members to serve on the National Road Fund Agency Board. The appointment is in accordance with the National Road Fund Agency Act No. 13 of 2002.
You may wish to note that the National Road Fund Agency has operated without a Board since the expiry of the tenure of office of the last Board in June 2013. It is therefore, necessary to make this appointment to ensure that there is provision of oversight and policy guidance to the Agency management.
11.Legislation: Consequential Legislation following the enactment of the Constitution of Zambia Act, No. 16 of 2015 and the Constitution of Zambia (Amendment) Act, No. 17 of 2015.
Under this Item, Cabinet approved in principle to introduce Bills in Parliament in order to give effect to provisions of the Constitution of Zambia Act, 2015, and the Constitution (Amendment) Act, 2015 which require the enactment of legislation.
12. Boards and Committees: Appointment of the Mining Licensing Committee.
Under this Item, Cabinet approved the appointment members to serve on the Mining Licensing Committee in accordance with the provisions of the Mines and Minerals Development Act of 2015.
The Mines and Minerals Development Act of 2008 was repealed and replaced with the Mines and Minerals Development Act of 2015. The 2015 Act provides for the establishment of the Mining Licensing Committee to be responsible for various functions. It is hoped that the appointment of the Committee will lead to expeditious granting of mining rights and non-mining rights in a transparent and inclusive manner to ensure benefits from the exploitation of mineral resources. The tenure of office for the nominees is for a period of three (3) years.
13. Legislation: Amendment of the Loans and Guarantees (Maximum Amounts) (Amendments) Orders, 2014 and 2015
Under this Item, Cabinet approved in principle the amending of the Loans and Guarantees (Maximum Amounts) (Amendments) Orders, 2014 and 2015 in order to increase the:
(i) maximum amount of loans with maturity of more than one (1) year that may be raised outside the country from K60 billion to K160 billion;
(ii) amount outstanding at any one time on loans raised within the Republic and payable over a period of not more than one year from K13 billion to K30 billion;
(iii) amount outstanding at any one time on loans raised within the Republic and payable over a period of more than one year from K20 billion to K40 billion;
(iv) total contingent liabilities at any one time in respect of guarantees given to persons ordinarily resident outside Zambia from K5 billion to K50 billion; and
(v) total contingent liability at any one time in respect of guarantees given to persons ordinarily resident inside Zambia from K2 billion to K30 billion.
It is necessary to increase the maximum amounts of both external and domestic loans that can be raised under the Act in order to allow the Minister of Finance to access both external and domestic loans amounting to K10.5 billion to bridge the financing gap in 2016 Budget and to provide development resources in the medium term. There is also need to bring the outstanding amount into conformity with the legal thresholds following the increase in the debt as a result of depreciation of the Kwacha by more than 40 percent since the beginning of 2015.
Cabinet also took note of the following:
14.Economic Affairs:
Outcome of the Visit by the International Monetary Fund (IMF) in November 2015.
Under this Item, Cabinet took note of the information that at the invitation of the Zambian Government, a team from the International Monetary Fund (IMF) visited Zambia from 11th to 20th November 2015. The team discussed recent macroeconomic developments which all seem to have deteriorated as well as the outlook for the Zambian economy in the medium term. The IMF team indicated that they stand ready to assist the Zambian Government in any way they can and are due to come to Zambia in March for a further review. It should be noted that the discussions were held in a cordial and frank manner, reflecting the change in the tendency by the IMF to prescribe policy to member countries, as well as the improvement in the analytical skills within the Government system.
15. Agriculture: Land Allocation to Prospective Investors in Luswishi Farm Block.
Under this Item, Cabinet took note of the information that a total of 15,000 hectares of land in the Luswishi Farm Block in Lufwanyama District has been allocated to three prospective investors, namely Xantium Dairies Zambia Limited, Luswishi Investment Zambia Limited and Hybrid Poultry Farms Zambia Limited, who have been allocated 5,000 hectares each.
Xantium Dairies Zambia Limited will invest a total of US$ 18.9 million over 5 years in a dairy farm with 11,000 dairy cattle and a UHT milk processing plant. The Company will create 700 jobs and will operate an out grower scheme of not less than 250 smallholder farmers.
Luswishi Investments Zambia Limited will invest a total of US$ 20 million over 5 years with the capacity to produce 30,000 metric tonnes of wheat per annum and create 500 jobs. The investor will be engaged in mixed farming of a soya/wheat rotation, livestock production, fruit tree and vegetable growing and a milling plant.
Hybrid Poultry Farms (Zambia) Limited will invest a total of US$ 42 million in developing 6 breeding farms over 5 years, produce 21,840,000 eggs and 16,380,000 day old chicks annually and grow cereals for production of stock feed. The Company will create 350 jobs and will operate an out grower scheme. Currently, there is an investor called Global Plantations Limited (GPL), which was allocated 5,000 hectares of land in 2013, and most of it is cleared. The Company is producing sunflower, soya beans and irrigated wheat and have installed a 200,000 metric tonnes capacity oil processing facility in Ndola.
16.Energy: Demands by Drivers of Fuel Tankers.
Under this Item, Cabinet took note of the information from the Ministers of Energy and Water Development, Labour and Social Security, Local Government and Housing, Home Affairs and Lands, Natural Resources and Environmental Protection on the issues that came out of the consultative meetings held with the Tanker Drivers’ Union and Petroleum Transporters Association of Zambia. The meetings were aimed at finding solutions to the Tanker Drivers demands.
Hon. Chishimba Kambwili, MP
Minister of Information and Broadcasting Services
(Chief Government Spokesperson)
Seems our cabinet is just convened to approve loans. Do they discuss any other pressing issues?
This is what happens when you get kaloba without thinking!!!,,,, You eat kaloba and get more kaloba finnaly you sell your soul
Reason for borrowing: “Govt unable to finance the project from tax and non – tax sources.” Can’t someone tell them it is more expensive to borrow and service the loans? No one in cabinet is discussing the economy, really?
I thought under the new Constitution Parliament is supposed to debate and approve such loans…!
Seriously speaking someone somehow needs to put an end to this, how can a contry depend so much on borrowing, where is the accounts and economists of the land to work out the amount of strain these loans will put on our people.
Why borrow to finance a budget deficit and does it stop.
Most of this money will be used for PF compains.
We need a total audit of of the loans so as to know our money is being used, let us wake up our country is headed for doom.
I think Mulungu abwele fast.
Tavutika nkongole mwebantu.
This is day light robbery , Vikawalala …
Borrowing in the morning and stealing the very money in the evening. Shame that this is the only thing PF has been consistent with.
Zambia at this rate of borrowing will soon be the next Greece of Africa, making Zim situation look like child play.
These 1diots really think we are fools.So the Road Fund Agency has had no Board for 3 years?And this is the entity that has virtually sacked us dry from the so called massive road infrastrure?But they had a Board Chairman[Nsanda] who after his demise massive funds were found in his bedroom.
Why can’t the opposition lobby for suspension/discontinuation of awarding of loans to Zambia till such a time when a reasonable Govt takes over? These lenders, though in business, are from Countries whose leaders if convinced that the loans are in bad faith(not well intended) can prevail over the money lenders.
Good and timely move.
To understand why we make certain decisions in government, you need to have experience in government. Theorists, don’t just issue meaningless theoretical statements on the economy. Under 5 (HH), watch and learn from us. Or else we gonna castrate your filthy stinking cow balls
What is good and timely, more borrowing??
@Mr Kudos: There is nothing wrong in borrowing as long as the money is put to good use. Just to remind you the loans we have acquired for Lusaka sanitation between 2014 and now according to reports on LT:
Aug 9, 2014: ZEMA approves Us$350M loan for Lusaka Water and sanitation project
May 26, 2015: World Bank approves Us$130M loan for Lusaka sanitation project
Aug 12, 2015: Us$355M Loan for Lusaka Water supply, sanitation and drainage
Feb 17, 2016: Us$50M from ADB for Climate Resilient sustainable infrastructure
Has there been an improvement in the availability and quality of water in Lusaka after spending almost Us$900M?
MORE KALOBA! THIS IS REALLY TOO MUCH!
Not even one suggestion about how this will be REPAID!
You swines are stealing the food out of our children’s mouths!
You know very well that you will not be around when all these bills come due
Bastards!
@Mr Kudos:
Just go and castrate YOUR Grandmother!! Arse.whore!!
Mr Kudos just enjoy that civil service job allocated to you like a plot. Have a good time while it lasts.
Twalya again . . . .PF forever. Ba UPND niba njala
Look at these thieves dancing and claping at more loans.
Comment:nikulimba zoona!!!!
PF monkeys at work.Kanitudila
under Item No.1, here is another “Policy Inconsistency on mines” let us hear if mines will condemn this one which favors them as they always do when they have to pay even just some reasonable taxes. I expect all those patriotic Zambian who condemn policy inconsistency to do so because this one appears to favor export of ores and concentrates,s against value addition and employment creation in Zambia!!And HH is very passionate about value addition that he advocates that we stop exporting maize grain but:bran,mealie samp etc. On another hand why borrow money for sanitation in Lusaka when we heard that the MCA project from US will solve all water and sanitation problems? Why again borrow for the Mansa- Luwingu road without explaining what remains to be completed?
If you go back to the start of their tenure, you will find that these PF are borrowing over and over for the same projects and this will be seen soon when we become another greece
Greece has been overtaken long time ago
PF is a classic example of how not to do things
Comment: PF are hynas.They want to make sure that they paralyse the country in all sectors b4 11-08-2016.And a few stupid Zambians ara busy praising pf at fintu ni chagwa, *****s!!!.
another about turn on mining taxation. More Kaloba!!! and more kaloba!!! These people aweh mwandi whats wrong with them?
Stupid PF hyenas burden Zambia with more loans while driving down the economy.
It is loaded statement that require a thourough analysis in order not to paralyse the country. Let everybody read it thorough than commenting letter a case of our constitution.
I wonder where we are going, don’t blem ECL we shud blem ourselves bcoz he told us, (we the votors) that he has no vission.
We told you, the PF only know how to borrow and steal. They have no clue of how a country can produce wealth.
All they have to show for the massive borrowing so far is the most expensive roads. Where will the money come from to fix those roads??, more borrowing??? And if you look back PF have borrowed more than twice for this sanitation system in lusaka.
Ba PF ukutemwa inkongole awe mwandini elo lwanya ukutekwa nefifi bantu
The Item 3 Loan is the most scary & mark my words, this money will not be channeled to women & youth entrepreneurship development. What was the yard stick of coming up with with the the $30M figure. Please opposition, if we have to take you seriously ask the PF for a detailed program as how this figure was calculated & let them show you a very detailed report of every calculation, plus how it ill be disbursed. This money will go straight into PF Campaigns.
You are right, that money is going to be given to marketeers in the streets but most of it will be stolen. The Govt formed after 8/11 should refuse to pay back that amount because it is purely meant to hoodwink marketeers to vote for PF.It is PF’s campaign money.
…I just pity the next government….how will it come out of this mud debt….
My thoughts exactly.
On the other hand, I am scared to think what other misery will be imposed on us by this bunch. How on Earth they can come out of this mess?
There is nothing about helping SME, nothing about job creation, nothing about amending Customs and Excise Act to facilitate diversification of exports, nothing about fiscal policy.
Just borrowing, borrowing and mopping-up of remaining liquidity on the market.
Scary thoughts.
I just hope that these 1mbec1les would continue being in Gov’t so that we see how far they will go with this kind of mismanagement.
Mema
Exactly my thoughts.In te worse case scenario that Jameson wins he will just die from pressure.How is he going to pay for these debts while at the same time continuing to run government?Any which way he is in trouble.
Kaunda and his group used to boycot certain things to show seriousness. you can also boycot roads, water and hospitals built from borrowed money.
Once upon a time KK’s UNIP hallucinated that Zambia’s copper wealth was infinite. He introduced a philosophy of humanism and the culture of free things even for foreigners. Expenditures of millions usd for independence celebrations! Mealie meal coupons! There was the watershed speech of 1969 & by 1974 ZIMCO/INDECO was running riot with wanton NATIONALISATION & ZAMBIANISATION. The state, instead of governing, grabbed bakeries & was baking bread in SUPALOAF & running taxis ZAMCAB/UBZ turning what were small profitable businesses into top heavy blood sucking/loss making monsters. Raw graduates & low calibre outright UNIP cadres with were made into CEO’s (General Mgrs as they were known those days) overnight over more experienced expatriates & apolitical Zambian professionals with disastrous…
CONTD: consequences. By 1990 the mines were operating laundries and dishing out baby nappies (amatebela). We still see such reckless destruction enterprises through the appointment of cadres to head corporations today e.g. ZAMTEL, ZESCO, ZRL. Look at what Mwanakatwe has done to ZAMTEL! Then there was the compulsory but expensive (military & production) ZNS for all school leavers from 1975 to 1982.The border with S. Rhodesia was closed & we were airlifting copper to overseas markets (absolute madness). Zambia Airways which NEVER made a profit from its inception in 1967 until its liquidation in 1992 continued waste precious forex earned by the mines flying its employees & their relatives for shopping to London & other regional capitals. Then there was the unbridled support of liberation…
CONTD: struggle/movements across the region as the seat of the Frontline states. ZAMBIA BORROWED RECKELESSLY to fund utopian ideas in order to keep KK in power. By 1990, 75% of the national budget was funded by Nkongole! Thanks to THE TRUE BLUE (original MMD) & the HIPC initiative, we had a chance for a fresh start. Now this PF is leading us to the inexorable path CHRONIC INDEBTEDNESS. If KK’s UNIP had cut our coat according to our cloth, Zambia would not be so poor today. WHY DON’T WE LEARN FROM OUR OWN HISTORY? I could go on and on but this is NOT a thesis. AS ZAMBIANS WE ARE EXTREMELY POOR MANAGERS. PERIOD! As if that is not enough EPIDEMIC CORRUTION today makes poor economic manager (KK) look like an angel today. Millions were stolen at RDA offices & millions were found at late…
Nsanda’ s house for example (OUTRIGHT THEFT)! Breathing hot air/politics mixed with drunkardness has messed us up, big time much the same way it has ruined Zimbabwe our Siamese twin. QED.
@Quest. The difference between now and then is that you can see the projects where the money has been spent although one cannot deny that a good portion of it has been eaten under the “mwibala” concept. Can anyone point out which projects were constructed under the 7 billion dollars debt that accrued under the UNIP regime but instead infrastructure deteriorated while the town dweller ate free mealie meal at the expense of the peasant farmer in rural areas? I remember buying a business class ticket because economy class was fully booked by Zambia Airways staff. But is it water under the bridge? Some may say water is still flowing above the bridge. Otherwise I commend you for your well researched thesis. It almost seems like yesterday.
@ Senior Retired Engineer: I beg to differ my brother because firstly there was less corruption & theft under KK. Now we hear of people that were selling dogs owning mansions in Cape Town & Gauteng in a period of two years! Countries like Ethopia are building electric trams, electrified railways, spaghetti junctions in Addis to decongest the city but look at how filthy and congested Lusaka is? What have we got for the $2.75 billion Eurobonds (unforgivable debt bcoz it was gotten on commercial markets). A patch up of rickety Njanji commuter train. Have u seen the roads (a thin coat of bitumen and stone over old poltholed road) done by ARZ in Kabwe for instance with no drainages. The “roads” are being washed away by rains as we blog. What economic benefits of such township roads yield?…
Rather build power stations! It took UNIP 20 years to borrow (cheap money largely from IMF and World bank) what these PF guys have borrowed in 3 to 4 years from very expensive commercial markets (unforgivable debt). Read about Argentina’s debt!
And you pride yourself on so called infrastructure built on slavery money//. We will see how you will maintain these white elephants you are producing in the next 3 years when their life span expires.
@ Lucy
Easy, borrow some more
THE WAY FORWARD FOR ZAMBIA AND ALL AFRICAN COUNTRIES IS TO AVOID BORROWING FROM THE WORLD BANK AND IMF THAT HAVE BEEN EXPLOITING AFRICA FOR DECADES. AFRICA MUST BORROW FROM AfDB AND CHINA. AfDB HAS THEINTEREST AT HEART FOR AFRICA AND BORROWING FROM THIS FUND SIMPLY MEANS PLOUGHING BACK INTO AFRICA. IT IS ALSO IMPORTANT FOR AFRICA TO NEGOTIATE LOANS WITH THE CHINESE GOT AS THEY ARE THE MAJOR PARTNERS OF AFRICA’S DEVELOPMENT WITH A WIN-WIN SITUATION VIEW. MOREOVER, IT’S HIGH TIME ZAMBIA STARTED SERIOUS MANUFACTURING TECHNICAL GOODS FROM COPPER AND OTHER MINERALS. THIS WILL CONTROL COPPER ON WORLD MARKET. WHILE FARMING, TOURISM AND FOOD PROCESSING MUST BE STARTED, NOW.
Keep it up guys we are behind u…
@21 “…I MEANT CHINESE GOVT INSTEAD OF CHINESE GOT..”. Just to take this correction opportunity:
EVERY TIME THERE IS A NATIONAL BUDGET, I RASH TO CHECK ON WHAT HAS BEEN ALLOCATED TO TOURISM, AGRICULTURE, FOOD PROCESSING, AND MANUFACTURING I GET SO DISAPPOINTED TO ALWAYS NOTICE THAT TOURISM AND AGRICULTURE ARE MASSIVELY UNDER-FUNDED. WHILE THERE IS NO DEFINITE POLICY ON MANUFACTURING AND FOOD PROCESSING. REALLY, 50+ YEARS OF SLUMBER SHOCKS ME. BECAUSE EVERY GOVT TALKS ABOUT DIVERSIFYING INTO THESE SECTORS BUT IT’S ALL LIP-SERVICE THROUGH AND THROUGH. IT’S HIGH TIME WE JUST STARTED DOING STUFF RATHER THAN JUST YAPPING.
@21 and 23 ARE JUST A COPY AND PATE FROM THE WRONGLY TITLED: “New World Bank report on Zambia highlights mining sector challenges”. THIS IS NOT JUST ABOUT ZAMBIA BUT ALL EXTRACTIVE INDUSTRY COUNTRIES.
LET ME REPEAT AGAIN: CHINA IS A TRUE ECONOMIC PARTNER IN AFRICA AND TIES WITH CHINA MUST STRENGTHENED EVEN FURTHER THAN THEY ARE TODAY. CHINA WILL REMAIN A TRUE FRIEND FOR AFRICA FOREVER. THE NEXT LEVEL OF FRIENDSHIP IN FEW YEARS TO COME ONCE AFRICAN COUNTRIES ARE TURNED INTO MANUFACTURING AND FOOD PROCESSING COUNTRIES IS MILITARY. WITH THE HELP OF CHINA AFRICA SHOULD START MANUFACTURING ALL MILITARY AIDS, INCLUDING WAR SHIPS AND PLANES.
Ba *****ic PF only borrow when its sound investment with a return.But you stupido PF are borrowing with the economy heading south and to invest in public consumption projects with no returns just like stupid Greece did.
I wonder if this country is not sold out.
I feel for the next govt as this is clearly unsustainable….these empty tins can not think without including a loan in everything.
So these bunch of empty tins sit down merely to approve loans, appoint cadres and dish out land… they are quick to find millions for the silly House of Prayer but can not funds for any of these projects.
Surely do you need a loan for Cashew Infrastructure Development Project, you have lamentably failed to find investors via investor websites now you go and get $45m, all this money will either end up in ministers proxy companies to find elections.
This debt build-up should be a source of worry for Zambians with ability to forsee, since it is apparently being done without any idea were money to be paid back will come from. Who will have the last laugh, our Children or those of the lenders. Time to start taking stock!
Imagine a loan for Skills Development and Entrepreneurship Project –supporting women and youth….this has vote buying written all over it especially at this time of year ..waiting to be misappropriated; Buffoon Kambwili can simply go to markets in Roan and hand out small loans women marketers in the name of entrepreneurship, another PF MP can go to kaponyas hand out gifts in the name of skills development.
Sad the part about all these loans is its everyone of us will be paying back for this recklessness not these utterly useless empty tins in cabinet.
How does one go about denouncing their Zambian citizenship? Is there a form to fill in? I can no longer stand the embarrassment of being associated with what is becoming of this once great nation!
To the voters in Zambia, take the money offered by PF during elections, it your money borrowed in your name, but vote the out.
Even an avid supporter of this government would find it hard to justify such borrowing in such a short period of time this party has been in power. If this guys have love for the next generation that will have to make huge sacrifices to pay off these loans, they would think twice before contracting them. Truth be told; it is all about kick backs and chekeleko!
The Item 3 Loan: THIS MONEY IS WHAT ESTHER LUNGU IS DISTRIBUTING TO WOMEN AND YOUTH ON MARKETS. ANYAWAY GO GET A SHARE AND ENJOY IT BECUASE IT IS YOUR MONEY AND ITS YOU AND ME TO PAY IT BACK
Good move to jump start the economy.IFINTU NI LUNGU
it is global!!! #kuyabebele
Ifi IFIKOPO twavotele mu January last year fyalatusha mundoti. This is the worst Government Zambia has ever had. . SATA himself said it many TIMES on TV that this band of criminals he Had for MINISTERS and MP’s were 1) A liability and 2) OUTRIGHT USELESS, but when we had a chance to remove them we decided to maintain them. We are gonna pay heavily.
Vote wisely come August 11.
Mr.Kudo ,you are a ghost not a human being.what’s good about these reckless borrowing by this pathetic cabinet? Malabishi!!