The Zambian government has announced plans to re-finance Eurobonds totalling around $2.8 billion that it issued between 2012 and 2015.
Debt refinancing occurs when a business or a nation revises a payment schedule for repaying a sovereign debt which means that the old loan is paid off and replaced with a new loan.
Finance Minister Felix Mutati told Journalists in Lusaka that the strategy for the Eurobonds next year is re-financing.
Mr Mutati said Government wants to re-finance the Eurobonds and get longer dated bonds at a bit of lower cost so that it can minimise the debt.
The Finance Minister said as at end of September 2016, the stock of Government’s external debt was US$6.7 billion, representing 35 percent of GDP.
He said the stock of domestic debt in the form of Government securities was K26.0 billion, representing 12 percent of GDP.
Since 2012, the PF govermment has borrowed 2.8 billion worth of Eurobonds.
Zambia’s first Eurobond worth US$750 million was issued in 2012, while the second one worth US$1 billion was issued in 2014 and in 2015, a further US$1.25 billion bonds was issued.
The question remains: how was all this money spent?
Is there any transparency and accountability at all with this government?
Point of correction, refinancing DOES NOT reduce debt! In fact almost always, refinancing increases debt!
The only time that refinancing can and or does reduce debt is if you borrow at lower rate over the same period, which might happen for example if overall the interest rates have gone down on the market.
Refinancing over a longer period may enable you to get lower rates because your liquidity improves, i.e, your daily expenditure reduces and therefore you are risk at risk of default.
But this in no way reduces your overall debt, all it does is spread your even BIGGER debt over a longer repayment period.
In short PF is actually just kicking the can down the road!
Clueless Mutati. He is only good at memorizing speeches.
From Mwanawasa’s zero debt due to HIPC write-offs to $9.3bn debt in 5 years of PF! Mutati has just reconfirmed the numbers. How much of this have you seen in your neighbourhood, if you don’t stay in New Kasama and other PF strongholds? Powercuts are worse, inflation worse, Kitwe-Chingola carriageway is still an on-going nightmare, Chingola-Solwezi road is the new Hell Run! Where did all that money go? And PF sheeple still believe PF will develop the country?
Morally will not be allowed to get a mortgage if you have a an outstanding debt.
You can’t for instance get a loan to secure a deposit to buy a house. No morally bank accepts that and you will not pass a credit rating.
That’s right, what I’m saying is, why another loan to pay off another losn – in the Eurobond.
The people at the helm in our country including Mutati are not fit for purpose and are in it for themselves.
Ludicrousi realise politicians shelf life is short and when given a chance they naturally resort to bankrolling where they can.
Someone stop this Eurobond. Disaster is coming.
Thanks
BB2014
THIS IS JUST ANOTHER KALOBA SAID IN ANOTHER VERSION OF DEBT RE-REFINANCING.CRY OUR BELOVED ZAMBIA.
PF you’re cursed with a curse and cursed be the day that this party was formed. The problem we have in this country is that the level of illiterate voters is rising at a rocket speed and no matter what this Chipantepante government does, these illiterate voters will not be able to see the wrongs beyond their mouths
The recent unkempt look of Mutati has suddenly disappeared. “Tata Ashelefye kumutwe naka disproportionate tummy”. He now looks flamboyant.
He has already started dipping into the coffers for which he fought hard to an extent of unseating Nevers. It pays to be in Government. The next beneficiary may be Tayali. Anyway its understandable Felix has to oil the two top-cats to remain relevant to the estalishment.
Uko!
Finally the can of worms has been opened by incompetent PF bandits of visionless Lungu.
PF ni njala. Kulima tower is gone, even the Olympic swimming pool is gone. Zesco, Zamtel & mines are next on top of other failing banks. Load shedding is another!
The Skeleton Key
~206~
More like Mutati digging new pits to bury dinosaur Chikwanda’s pits.
Why have they been quite about IMF of late?
Getting more kaloba to pay back the earlier kaloba. You have unique leaders in Zambia.What a nation!!!!!!
The question is how much is the sink fund account Fossil Chikwanda was talking about? The lies are catching up..
There is no Eurobond repayment sinking fund. That’s why Mutati is talking of refinancing. Mutati’s budget clearly shows that there’s no money being put aside for repaying the bonds. PF keep on lying while hoping that citizens will not remember their old lies.
@Buck Teeth Lungu
Zambia’s debt was never written off to zero. There were conditions to the debt ‘write off.’ The conditions were that the money used to pay the debt should be used to achieve the MDGs. This meant building schools, improving sanitation and alleviating poverty on the one hand and privatising state-owned institutions that were a charge on national coffers. All this was to come from Zambia’s own resources. Copper production was at its lowest and copper prices only started picking up during Levy’s second term. Please look at the big picture. The UNIP $7 billion debt was 200% of GDP.
In Zambia, anyone tall enough to wear a suit, is considered tall enough upstairs; better yet if that individual is able to mimic the white man’s language.
@1.14 Meimatungu
It behooves us to realize that though the Chinese and the Japanese are less fluent in the white man’s language, they are adept at making prudent decisions.
@1.15 Meimatungu
Frederick Chiluba was such an icon, not for his prudence, but rather, for his eloquence. His mastery of speech was the measure of his stature – though short, he stood tall among us; though a coot, we considered him wise and smart. We adored him.
@1.16 Meimatungu
Chiluba’s flamboyancy, as I recall, only helped to enhance his transformation into a superstar, a hero many extolled. We were dazzled by it and captivated by its aura. Scarcely did it ever occur to us that if charisma and cute adornments were what made a leader, then Angela Merkel would never have become Germany’s most accomplished and outstanding Chancellor.
@1.17 Meimatungu
No, Angela Merkel would not have made the grade – particularly if Zambia were the country of her nativity.
Point of correction, refinancing now reduces debt! In fact almost always, refinancing increases debt!
The only time that refinancing can and or does reduce debt is if you borrow at lower rate over the same period, which might happen for example if overall the interest rates have gone down on the market.
Refinancing over a longer period may enable you to get lower rates because your liquidity improves, i.e, your daily expenditure reduces and therefore you are risk at risk of default.
But this in no way reduces your overall debt, all it does is spread your even BIGGER debt over a longer repayment period.
In short PF is actually just kicking the can down the road!
Totally agreed. Mutati’s knowledge of economics is shocking. Even if the debt repayments look smaller due to lower interest rates over longer dated bonds, you can discount both debt repayment streams to today and conclude that his strategy is wrong and conclusion misleading. I am sure these dimwits have not thought of doing that. PF’s primary focus is to prevent an impending debt default. That’s why they want to push this debt millstone back to our children and grandchildren. They full well know that any default is game over for their stealing.
@2.1 Buck Teeth Lungu
Rather – ignorance of economics shocking.
The debts were borrowed at a high rate…only god knows the rating they would obtain a loan at this current downgraded rating.
The debts were borrowed at a high rate…only god knows the rate they would obtain a loan at this current downgraded credit rating.
Don’t be ignorant, ask Fredson Yamba and old Alex, they are still around.
Ask the thief to teach you how to steal?
Oh, and Miles Sampa. This one was fully embraced (and hugged publicly) by HH so no UPNDonkey should comment on this.
@Terrible well said – in fact Miles Sampa even got selfies when he was plunging us into that one.
Two 5tupid mules complimenting each other, did HH did appoint Sampa firstly as Deputy Minister of Finance and then as Deputy Minister of Trade?
It is like getting a new credit card to pay off a maxed one… People listen up: If you are obsessed with milk keep a cow – don’t keep skipping to your neighbor’s farm to get some. It is about time we really showed some decency and integrity by itemizing what we really did with that Eurobond otherwise this idea of perpetual borrowing on nothing will not end well.
Spot on!
This is a very well known loan scheme to an average miner on the copperbelt, ‘loan refinancing’ popularly known as TOP UP…ask a miner what it has done to them it has brought a lot of misery… so my point is these PF clowns are no different from a common miner when it comes to managing finances.
WHAT MORON OF A LENDER WILL LEND MONEY TO PAY OFF A DEBT? THE WAY THINGS STAND OUR CURRENT LENDERS ARE JUST GOING TO DEMAND PAYMENT AND MORE INTEREST AND DEFAULT PENALTIES ON EXISTING DEBT. THEY MAKE MORE THAT WAY. THIS IS IT THE DEBT TRAP IS NOW GOING TO MANIFEST. ITS OVER FINISH!!!!!!!
A loan sharks and vultures noone would refuse to lend a country…people die but with a country the debt is simply accrues interest.
Its stupidity to borrow to clear off a debt.
Remember this is PF! There’s no cure for stoopidity.
We warned you against borrowing for consumption…did we not? We warned…we warned you
You borrow all day yet you have millions of kwachas left in the hands of thugs at Kulima tower and inter-city bus stations. Now I agree with old folks who said that ‘food always grows well for those without teeth.’ Tilibe nzelu.
2.8billion,how was it used.mr mutati we need accountability
@9 Dundumwezi arise!!!!!
Ask Alexander Chikwanda, not poor Mutati.
Why not ask Lungu whereabouts of “sinking fund” ???
WHAT’S WRONG WITH THESE P.F CLUELESS GOONS KANSI??
Government coffers now completely depleated, via dressing the whole nation in Edgar Lungu’s visionless head on T-Shirts, Chitenge’s, S.U V’s, & tu ma U$D “50 pin, 50 pin, 80 pin, for what??
JAMESON, WA ONONGA CHALO!
While the smart Asians borrow to invest in business ventures and factories ,the fool-ish Zambian breed of African is borrowing for debt repayment and consumption.
In a speech given on 7 April 1960, the greatest of all pan Africanists Kwame Nkrumah advocated, & quote:
“an African common market, a common currency area & the development of communications of all kinds to allow the free flow of goods & services. International capital can be attracted to such viable economic areas, but it would not be attracted to a divided & balkanized Africa, with each small region engaged in senseless & suicidal economic competition with its neighbors.”
What PF is doing is what the great man had warned against more than half a century ago, so sad ?
Vulture funds are back
Easy money…they will lend them knowing too well they will default as they are reckless corrupt empty tins…
THE THIEVES IN PF ATE ALL THAT MONEY, WITH EDGAR LUNGU GETTING A LION’S SHARE. THESE LOOTERS HAVE DESTROYED OUR ONCE BEAUTIFUL COUNTRY. THE LATE LEVY MWANAWASA AND HIS TEAM LEFT US WITH A VERY BEAUTIFUL COUNTRY.
Where is Lazy Lungu in RSA on holiday with corrupt empty suit Zuma as if everything was rosy!!
When HH called Sata and all PF ba Chimbwi Ndwiii No Plan, you said he was being insulting! Bushe te “mwamoneni” mwa isanga umu nomba? Mu linja za mutanganyo masipa amina kaufela, mu pinyize!
Infact those institutions issuing those loans would be very foolish to give Zambia some other loans when they are still servicing the previous ones.PF sure, is this the level you have gotten us to? This country one day will be sold off due to failure to pay back loans, especially if we continue with this government. Zambia’s biggest mistake is this PF regime!
I wonder why people like shooting in thin air. Where in the article does it say govt will borrow to service the debts. People are just jumping to conclusions that refinancing means borrowing. When you are indoctrinated by hh that coffers are depleted this is what you end up with. A tittle whether right or wrong if it does not agree with the story it becomes nul and void.
Its clear that you are blank on economics and finance. For goodness’s sake and indeed for your own sake, why can’t you come out of this locked up cadre mentality and get concerned about the collapsed state of our nation? How can a nation survive entirely on borrowing? Why is this leadership kicking the can down the road for future generations to suffer with debt? And how has this PF government used the Eurobond it borrowed? Oh, what a country this is!!
@Techilema…..I didn’t know u have a Zikas head…just a head without brains,,,,
in this day and age we still have people that cannot understand simply English..Geez am appalled by your ignorance HH Techilema..GRZ is borrowing to clear off the euro bonds. They don’t have money to pay them.
@Techilema
You are truly a product of group 3. You cant understand the simple word ‘Refinance’. Please don’t even use HH’s name, you are a disgrace not only to your children but also to the Zambian at large.
@17 HH Techilema
“…shooting in thin air?’ Are you serious?
Such are a people i call nincompoops all round about. I didn’t know what dununa reverse meant until now
go to dictionary and check the meaning of refinancing. its you who is illiterate to the core!!!
MUTATI is the DULLEST finance Minister Zambia has ever had. I’ve said this on this forum & many other forums. Managed by a dull/lazy president, it’s one blind man leading another into a ditch.
PF has no capable people to run Govt, that’s why they brought MMD through the back door to rule even after Zambians rejected them & their failure to rule. For 25 years they were chanting “The Hour has come”. Which hour?
Adding Kaloba on top of Kaloba is like getting a credit card to pay off an old credit card. It happens when u live beyond your means & want to get credit after credit even when your salary is little. The end is usually disastrous.
@15 maloza
Are you blaming poor Mutati, and not those who ate the Euro bond money?
@ meimstungu:- Im blaming him for making the same mistake made by Alex Chikwanda. We know he’s borrowing to fill up Balance of Payments (BoPs) in his hollow budget.
We need real solutions not digging a hole to fill up another hole. It’s like u have a patch (Magamba) on a trousers, then u put another Chigamba on top of it. the end result will be a terrible embarrassment.
@19.2 maloza
Mutati inherited a cracking migraine headache. He has to have the painkiller. This, however, must not be construed to mean that I know him well enough to defend what he is doing. I sincerely don’t. I see him rather as one who is being accused of having impregnated a woman he had never slept with. I wonder why he is not calling for a DNA test to determine the true father of the child? I conjecture he wants to be seen as the father – his prudence on the line – as he now seen borrowing in order to buy napkins and formula for the malnourished child.
@ Meimatungu
Mutati willingly deceived Nation in his Budget blabbing.
Without an IMF Programme for Zambia these Investors are intelligent enough not to increase their exposure to Zambia with these corrupt managers at State House. Without good macro-economic management and Financial discipline how will these increased debts be repaid? Without a Financial Policeman like IMF nobody will stop rampant corruption in this PF Govt. The fish rots from the head downwards.
Not a word about how to increase money generation. The only way PF govt knows to make money is to borrow it and no idea how to pay back. It’s difficult to understand why any sane human would deliberately vote into power a punk party like PF! And worse they believe PF will deliver goods though evidence says otherwise. The govt’s crackpot thinking should give an idea where they are driving the economy, borrow more money to pay existing loans! Is that right thinking?
@17 Wantanshi
PF has no value for education. Otherwise, they would have asked better qualified people to be in charge of the economy. It’s what the late Levy Mwanawasa did. It worked.
Another top up???wonder at what interest rate this loan is at? Financial mgt students sitting exams this December… This will be a gud example for refinancing questions…
So you did not get me first time? Let me repeat in another way. UPNDonkeys cannot morally comment on this one. They senselessly and continuosly criticise anything and everything so that it is impossible to tell whether they know anything at all. In short UPNDonkeys are not a reference for good things. You can hate your grandmother for nothing if you follow these donkeys. Just look at their reaction to Princess Kasune doing what an MP is naturally supposed to do. And after being dressed down by public sentiments they are conveniently quite. Next time his excellency the chief donkey of UPNDonkeys speaks it will be another gibberish and predictably no reference to statement by Donkey Katuka.
You’ve been smoking that lettuce again dude.
Aah, so UPNDonkey has banned its MPs from attending parliament and other state functions? Now if that is nott donkey thinking tell me what it is.
Donkey thinking is exactly what YOU are doing, bringing UPND into a discussion that has NOTHING to do with them!
Obviously you are too dull and ashamed of this huge kaloba that PF has borrowed and stolen, and now has no idea how to pay back!
You have just proved to every one that YOU are the brainless donkey!
@ Truth
More likely mule than donkey. And Terible is a offspring of donkey which was f*cked by horse.
@17, read the budget and other pronouncements. Its a package of measures that will be continuously taken and monitored and modified under the economic recovery plan.
More donkey rubbish from the Chief DONKEY?
@20 Terrible
Much like caring for a terminally ill patient. Is Zambia’s economy in ICU?
its people like you who letting the Zambians down,this cadre mentality is destroying our country.. being object does not mean you have stopped supporting PF it just means you are putting the country first,but if don’t understand simple economics just don’t comment…
The borrowing will be at a higher interest rates therefore we are getting into more debt. How was the money used? They are talking like we are not educated.
Terrible your PF hyena ass is terribly stinking, How on earth can you say people sinking to your own way of cadrelic kind of debating.You are the the who were dancing dununa patako Fools’, instead of supporting the people who genuinely won the election but you were busy dancing to the thieves album. See now what you have brought.
The question begging answers is: Who are the main principal bond holders here? Because bonds by nature are syndicated due to the scale of capitalization required. Equally, if the refinancing is to occur it has to be for the purpose of the following short comings inter alias:
(1) The biggest portion of the funding went towards subsidizing consumption, eg civil service salaries, payment of subsidies on essential commodities eg fuel, staple foods, to curtail public discontent if subsidies are removed. These are recurrent expenditures which government is obligated to meet
(2) Funding cost differences of capital projects that could not be implemented on time
(3) Under estimations in capital project budgeting, so that when actual project implementation takes effect, government cannot…
(3) Under estimations in capital project budgeting, so that when actual project implementation takes effect, government cannot afford to raise the contingency costs and any other cost gaps.
Refinancing and capital restructuring must not be confused here. Government may be intending to raise additional bonds with totally different bond holders. The minister has been seen parading around with Zambeef, Zambia Breweries etc. One is smelling a rotten rat already here. Who knows if these are some of the existing syndicated principal bondholders or the prospective ones that he wishes to convince into the new deal among others?? You need mind power in managing public financing otherwise this will go on forever and the bondholders, if local, will end up telling government that they wont…
You need mind power in managing public financing otherwise this will go on forever and the bondholders, if local, will end up telling government that they wont pay their corporate taxes as an offset measure. And then so what?? the Economy collapses. That is the danger of electing people with poor economic knowledge, unfortunately. The music is on. If you cant dance it, just tolerate it as irritating noise pollution but for those appreciating it, its vice versa.
Why not mentioning main reason for absolute f*ckap? GRAND CORRUPTION!!!
A principal paid over a longer time means your overall cost is higher than if you paid it over a shorter time frame.
At all times each time you borrow you dig a hole a little deeper, and the lender always comes out better off.
Equally Zambia and the U.K. will borrow at different rates for the same amount borrowed. The one perceived to be at risk will always attract debt at a higher cost. This my friends attract vultures who have this insatiable appetite to make money always
Easy money sadly…history being rewritten!!
Small minds refuse to think. That’s why they resort to borrowing as a cure. Prevention is the answer, not cure.
What do we now have to show for those billions of Eurobond money we borrowed? That was pure UNIP economics.
UNIP under any other name is still UNIP. PF is UNIP – sadly so.
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Advance questions welcome and are being encouraged. And for any reactions to this posting please write on our Facebook page and not here.
Have you ever wanted to ask a question about the UK government’s work in Zambia, but didn’t know how to?
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Geniuses! Way to go bosses!
What Mutati is talking about is that they are paying off the first bonds by refinancing meaning that the new bond will have different better conditions than the first one.
non-sense – you don’t have a clue.
GRZ doesn’t have a pot of cash sitting somewhere to pay off the existing loan, if they did, they wouldn’t bother refinancing, because clearly any kind of borrowing attracts interest rate.
What GRZ will do is borrow money and use this borrowed money to pay off the existing loans, in short replacing one loan with another. If someone comes to you and says, they have this huge loan that they would wish to pay off by borrowing from you, would you think to lend them your money at a lower rate so they can pay off someone else? Why, you could as well go to the original lender and buy the debt from them at a negotiated price allowing you to make more money. You Africans think businesses are charities because your entire existence is steeped in being…
@ Global,
Please wake-up. You are dreaming. Do you know why USD is getting stronger? Because at the next Fed. meeting interest rates will go up at least 25 basic points.
cursed is the man who voted for pf
@39 TRIPOLI
What about the woman who also voted for PF???
@ Meimatungu
Double curse with apple flavor?
Public Finance, Economics, Fiscal & Monetary Policy regimes, micro & macro economics are games properly played by the likes of Dr. Situmbeko and the Mangambes of this world. Not political cadres. This is where the mistakes are done. Appoint people with grounded experience, well vested overriding knowledge in Financial economics, Finance, Public Finance, Economics, Investment & Banking- Project Planning will be a bonus. For what I know and hear that the Honoural is an ACCA holder, then our convalescences, because he is just an apprentice book keeper. Top CIMA or Masters Degree in Finance and Investment will have been best for him to understand, the equation of public expenditure visa vie capital acquisitions/revenue generations in the economy.
meant condolences
Felix Mutati is not an economist. He’s an accountant. Wait and see the mess as this is only the beginning. What we needed was someone like Ng’andu Magande.
Note that Felix is not just accountant, he and his brother are principal accountants in the middle of Chiluba privatization. Channel Islands Bank accounts speak a lot about his track record
@ 1.6 Dombwa above has stated our problem as a nation when he/she states as follows:-
‘The problem we have in this country is that the level of illiterate voters is rising at a rocket speed and no matter what this Chipantepante government does, these illiterate voters will not be able to see the wrongs beyond their mouths’
@43 Eagle
Ignorance is our undoing. We are done. Finished!
NEVER UNDERESTIMATE POWER OF UNEDUCATED PEOPLE IN LARGE NUMBERS
AT THE END OF IT ALL ALL OUR DISCUSSIONS HERE ARE PURELY ACADEMIC. THE REALITY IS THAT NO LENDER WILL TOUCH ZAMBIA WITH A 10 FOOT POLE. THE IMF AND WORLD BANK HAS ALREADY PRACTICALLY TURNED US DOWN BECAUSE WE ARE TOTALLY INSOLVENT. IF IMF HAD AGREED TO AN AID PACKAGE WE WOULD NOT BE HAVING THIS DISCUSSION. PF SINGS OF AUSTERITY YET NO REAL ACTION. 1ST THING IS 1ST. 50% OF CIVIL SERVICE WILL HAVE TO BE LAID OFF. THEN CUT ALL SUBSIDIES. FINALLY ZESCO WILL HAVE TO BE PRIVATISED. ALL THIS FOR WHAT?JUST TO BORROW MORE? MEAN WHILE WATCH THE KWACHA TUMBLE.
I forgot that all upnd shallow thinking hatred cadres are now on Lusaka times since their propaganda watchdog died a sudden death. Plz lets be constructive in our comments not emotions and name calling. Peace..!
Shut up!
Better to be “shallow than living with inbred 1mbecility
Mutati is simply an accountant, expecting him to perform wonders with our economy is like asking turkey to suggest what will be for xmas this season.
Specially when Zambian turkeys voted last August to put roasted turkey on the Christmas lunch menu
If you can remember well Mwanawasa took time to appoint a the finance Minister during his New Deal Government. He researched so hard untill he got Magande. Things paid off as they both Levy and Magande were harding working.The debt was reduced,The dollar was trading at K3000 i.e @ K3 to $1
Farmers input was supplied in time.Was that not prundent enough?At this stage the country should have started enjoying the benefit for having received the Eurobond loans not otherwise.
This was expected from this level of mediocre minister.Only those who were expecting magic from this man are disappointed. I am not and I do not expect anything.If it was Magande taking this route I would worry-this man knows nothing about these things.Hear me please-NOTHING!
#plitical analyst, this kaloba on kaloba.
There are two things that happen in this regard. 1. REFINANCING. 2. STREAMLINING. In re financing, you look for another lender that that lends you money at a lower rate. he pays your outstanding debt and staggers the repayment period and in most cases it leaves you with some change. I think this is what Mutati is interested in, change. Where as, in Streamlining, you look for a lender that will lend at a lower rate for the same repayment period. in this situation , your credit rating must be very good as well as the servicing of the loan. Mutati is not interested in this one because it does not leave you with any change and Zambia’s loan servicing sucks.
Ah iwe! What are you now?
@ Former Zambian
Do you know any 5tupid banker who will risk BILLION to help clueless and directionless PF out of the sh1t- hole?
If you know, please give me his contact. I have similar project which needs re-financing
Group 3! Kikikiki! Do we still have such things in school now? I am sure most of PF chimbwi no plans were in group 3 during their time at school.
Borrowing to pay debt can turn into a vicious circle
I will tell you something and you will prove right not too long from now.
Loan repayments are scheduled in the next 3 to 5 years and not this year!
The statement made by Mutati is to blind the nation so that when the citizenry learn that they have gotten another loan in order to pay off the eurobond, you are satisfied that it is for loan repayment and this will go well in parliament where it will be approved without much objection from the “eaters”. In essence, they are looking for money to finance their 2017 budget, including the roads which any sane government would have shelved looking at the challenges the nation is going through. PERIOD!
You are forgeting small issue. There is no money to pay interest!!!
By the way, you are partialy wrong. First eurobond carries interest and quarterly repayment
Useless ignorant visionless PF.
PF here we go again
Zambians please never do it again.The PF’s came on board to “save” us from mere corruption but ended up costing Zambians much more dearly in economic mismanagement.
The true financial position of Zambia is slowly revealing itself.
The self imposed leadership was warned to address the pre requisite conditionalities to accessing International Financial Markets.
Democratic tenents, rule of law, accountability and transparency are issues still out standing to Zambia before International markets can consider requests from Zambia. The only option left is refinancing existing borrowings. A desperate impudent short-sighted solution.
Fo*ools Paradise in Zambia!
Chalo chalibola. The whole country is on tamanga
EVEN AT A HOUSEHOLD LEVEL, WHEN YOU START BORROWING KALOBA TO PAY BACK DEBTS, THAT IS THE END OF THAT FAMILY. NEXT STEP, U WILL SEND YOUR WIFE TO GO TO HER MOTHER WITH THE CHILDREN WHILST YOU WAIT TO GO TO PRISON. THERE IS NO SHAME IN ADMITTING FAILURE