THE Government will ensure that Zambia’s debt does not reach risky levels as that may reduce the resources for future development projects, President Edgar Lungu has said.
Mr Lungu said the country’s debt burden was still sustainable with more room for future Government spending on various infrastructure projects.
The President said this in a speech read for him by Commerce, Trade and Industry Deputy Minister Raymond Mpundu during the Zambia Institute of Chartered Accountants (ZICA) annual ball in Livingstone at the weekend.
“I am pleased to inform you that the country’s debt burden is still sustainable with more room for future Government spending on infrastructure,” the Head of State said.
Mr Lungu said accelerated infrastructure spending had driven the economic growth, provided jobs and delivered vital services to the people.
He said the Government was resolved to actualise the economic diversification, which successive governments had been talking about over the last 50 years without attaining tangible results.
Mr Lungu assured the nation that his Government was prepared to walk the talk in diversifying the economy from dependence on copper mining to other viable industries such as agriculture, tourism and manufacturing.
“Plans are underway to commence diversification within the mining industry by moving away from copper to exploit other minerals which we are endowed with such as gold, gemstones, diamonds and manganese just to mention a few,” Mr Lungu said.
Is he Normal?
No, he is campaigning.
Instead of “90 days” and “me too” he has adopted “pie in the sky” which only 1mbeciles can believe. If you ask him, he may tell you that IMF bailout has been caused by opposition.
No he is not normal. PF is full of liars, cheats, robbers and looters. They bait people to believe lies while they continue stealing national resources. Why talk about borrowing more when there will be no Ministers to run government in a week’s time?
This is clearly an ignorant president. He doesn’t know anything. Why did Moody’s downgrade Zambia? Edgar was a big mistake..he has failed at everything, even thinking!!
If Chakolwa Samalama doesn’t know that our debt level are already risky, then he’s not only visionless, he’s also psycho too.
Just imagine staying at home where your parents just borrow karoba always. Imagine ichipowe (hunger) at such homes. I have seen homes like that before.
We in Zambia shall develop when we stop this trend of borrowing. This man clearly has no vision for this country. the same borrowed money they use on party trips, extravagance.
MuZed kaya. We need a good leader who would make use of our resources selflessly
My head some how hurt when reading this rhetoric. This man is busy telling us Poems and political songs. Plans are underway, so you mean all these years PF has been preaching diversification, plans were not under way then? Awe sure.
What !!!!!!!!!!!!! We have already reached and past the risk level !!!!!!!!!!!!!!!!!!!!
The government has no money and keeps on borrowing to pay civil servants. STOP THE LIES !
The Scary thing @ Queen is he says and I quote, “I am pleased to inform you that the country’s debt burden is still sustainable with more room for future Government spending on infrastructure,”.
How can any person, let alone a president in their right mind find pleasure in informing people that their debt is still not big enough therefore they can still go on and borrow.
One would expect to hear him say ” I am pleased to inform you that your govt has worked hard to
reduce our debt burden”.
Short sighted fella. If you’re looking for comedy, this is your man Zambia. Bob Nkosha & Choklet are way behind.
Posterity will judge this generation of Zambians harshly for having allowed ourselves to be ruled by quacks.The IMF and Ratings Agencies have already indicted Zambia for reckless borrowing and economic mismanagement yet someone can have the audacity to tell the nation that all is well?!Eish!
He is promising to diversify the economy but what did the PF govt do during its 5 years of misrule? Do people eat roads? The PF govt has ruined Zambia with high cost of living, high borrowings,high unemployment, load shedding etc. PF govt has no idea of managing a modern functioning economy. Its chipande pande all the way becoz they are clueless and visionless. All they want is power and to continue looting. To re-elect this PF govt is to endure another 5 years of untold poverty and suffering. Those who vote for ECL and PF will live to regret it for the rest of their lives. Time will tell!
This is Chainama mental case!
@Kambwili. I agree with you 600.255% with you. Zambia is already beyond risky levels and with elections on the way you will see funny unsustainable developments mushroomed everywhere. Unplanned and un-budgeted projects all in the name of trying to look like his working when he has been wasting tax payer money on trips and has increased corruptions to the highest levels.
THIS IS THE PROBLEM OF HAVING A CLUELESS CHAKOLWA FOR PRESIDENT. THE MAN IS NOT AWARE THAT ZAMBIA’S DEBTS HAS REACHED DANGEROUS LEVELS. HE IS LIVING IN DREAMLAND WITH HIS HEAD SOAKED IN A DRUM OF CHIBUKU.
I THINK WE ARE COLLECTIVELY TO BLAME FOR ALLOWING SUCH A MAN TO BE PRESIDENT.
You enslaving wicked proud Jericho Wall of cozenage, mystification, mesmerism, inveiglement, chicanery, deceitfulness, conjuration, repression, trickery, false representation, seduction, wheedling, snow job, manipulation, shenanigan, slander, shiftiness, conjuration, beguilement, craftiness, hatchet job, enchantment, façade, tribal sentiment whipping, calculated deception, dishonesty, fakery, contrivance, mudslinging, perfidy, dupery, underhandedness, racketeering, deviousness, dirty politics, confusion, violence, machination, confidence trick (conman), sanctimoniousness, dirty pool, corruption, improbity, beguilement, evasiveness, negative campaign, skullduggery, muckraking, gambit, hypocrisy, intrigue, slander, mendacity, snake tongue; breakdown, somersault and implode into smithereens…
…….. intrigue, slander, mendacity, snake tongue; breakdown, somersault and implode into smithereens and nothingness.
You wicked stronghold Jericho Wall power, representing the devil, God has judged you and the hosts of heaven attack you to your eternal destruction. Loose Zambia and let it go to its God’s ordained destiny of peace, prosperity, shalom and greatness!!
Every counsel, plan, evil tongue, desire, expectation, imagination, device and activity of perpetuating enslavement of this nation in mediocrity, debt, tribalism, corruption, grand theft, be rendered null and void in the name of Jesus.
This utterly Lazy Bum Edgar need financial counselling…did he not read Moody’s Statement or IMF statement on Zambia and its indebtedness!!
HOW CAN IT REACH RISK LEVEL WHEN WE ARE IN THE RED ALREADY AND THE IMF HAS REFUSED TO GIVE US MORE MONEY. HONESTLY WE NEED SOME HONEST ANSWERS. WE ARE NOT ALL UNEDUCATED FOR PEOPLE TO KEEP BLUFFING US. SAD INDEED.
“Government to pay the K37 million arrears in allowances for Staff involved in mobile registration”,
so government is not able to pay off arrears, but we are not yet at RISK LEVEL .
And by the way, I miss the other side of the story, and that is, “HOW” is he going to ensure that we don t reach that so called “risk level” which only PF thinks we haven’t reached yet.
Olo munizonde niliye namwe nchito ama ndi ye ziba bwino zaneo singing viva ECL viva