Minister of Finance Felix Mutati.
Minister of Finance Felix Mutati.
Zambia has signed a confirmation agreement of a 246 million U.S Dollar credit facility with Export- Import Bank of India -EXIM- for construction of infrastructure that will decongest Lusaka roads.

Minister of Finance Felix Mutati signed on behalf of Zambia while Debasish Malick, EXIM Bank Deputy Managing Director signed for the bank.

And Mr. Mutati is hopeful that the actual works to construct roads in points of congestion will start in less than two months.

He notes that most business houses have relocated because of congestion in the central business district.

Mr. Mutati said this at a side event during the on- going 2017 African Development Bank -AfDB annual meetings in AHMEDABAD, India.

Meanwhile, the Finance Minister has held talks with Chief Minister of GUJARAT, Shri Vijay Rupani, who has promised to help Zambia in areas of agriculture and energy.

And speaking at a side event, Swedish Ministry of Foreign Affairs Deputy Director General for Global Agenda Magnus Lennartsson praised Zambia for taking a painful decision to cut off subsidies on fuel and electricity as such acts are not sustainable.

At another side event, Mr. Mutati met Canadian Foreign Affairs Global Issues and Economic Development Director General PATRICIA PENA who has requested Zambia to support her Country to vie for a seat at the UN Security Council.

And the Finance Minister has taken time to explain to key bilateral and multilateral partners that ‘Zambia Plus’ is a smart way to revamp the economy as key economic indicators such as inflation, foreign reserves, debt sustainability, interest rates and a stable currency exchange rate have now been achieved.

Mr. Mutati explained that Zambia will seek the endorsement of the IMF on its economic recovery path asking Sweden, Canada and other AfDB Governors seating on the AfDB board to encourage the bank to support Zambia with external budget support.

This is according to a statement issued to ZNBC by First Secretary for Press at the Zambian Mission in New Delhi, India, Bangwe Navilley.

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68 COMMENTS

  1. Please vote PF in 2021
    So this type of headlines continues

    I have a PhD and honestly the future is bright

    Thanks

    BB2014,2016

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    • What this great Government and let me single out mr Mutati has done is seen the population growth in zambia and this loan which we will easily repay will do arrest the traffic jams that have been seen in your country.

      Don’t get me wrong my fiancé and I live in Europe and this loan will try and replicate this type of life I lead here.

      You must have a mild concussion and mentally challenged if you are not excited by this great news.

      I competed my PhD in April 2017.

      Thanks

      BB2014,2016

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    • You are a infested toilet cleaner with your fiance’ for last 7 years who has refused to marry a woman with ugly face, uglier thoughts and the ugliest beliefs.

      Your fiance’ in dreams left you in 2015 for above reasons. Once a loser always a loser, Phd in adultery Ka Mushota

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    • you are remaining with picking papers in Europe’s Savin’s. that’s the PhD u just completed.

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    • This is a SAD for Zambia, KALOBA again. The PAIN of the early 80s will soon be back. Educated Zambian economists got no brains. Can’t help you, you’re on your own GRZ. I feel SAD for my people.

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    • When will this stop? How many such loans have we contracted for the same Lusaka ring roads with minimal visible results? Starting with E Kasondex2, R Penza, E Nawakwi, K Kalumba N Magande, S Musokotwane, F Mutati & the aged Fossilx2 all have burdened Zambians with endless ring roads loans!

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  2. Another Indian Exim Bank loan signed by the Loan Accountant Mutati…dont be surprised when you see a lot of Indians on this selfsame project as this is an Exim Bank loan….what a country of beggers!!

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    • SOB – pathetic drivel and obnoxiously put as always.

      Give credit to Mr Lungu and Mutati and learn something.

      Thanks

      BB2014,2016

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    • @Mushota, Seriously you could use your presence here to influence intellectual conversations. Since you literally live here, make some positive change to make LT worth visiting. You seem to enjoy being a nuisance, an irritant and you spoil the mood here.
      We need to feel the weight of your supposed PHD, or it could be a “pull him down”

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  3. Not good news.

    Uko shamoneka kukongola.

    Why should we keep on borrowing when we could be getting sufficient tax from those mining copper, gold, emeralds and other minerals?

    Not a good policy.

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    • Please write in English – stop showing your limited ability in communication.

      You must be another lost soul that has a problem in the great achievements by this greatest assembled Government this country has had the privilege of witnessing.

      Thanks

      BB2014,2016

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    • Mushota,
      Kapenene ukokwine!

      I am not written to or for the English world. This is about my country and to fellow citizens.

      For you “Mushota” everything is comedy and drama. You love too much entertainment and attention.

      Chioneka ngati ufunika thandizo ncobeni biya.

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  4. Zambians should ask themselves for how long they are going to continue to ask outsiders to help them with our economic recovery programme. I heard this in the Kaunda and Chiluba era and regrettably is the case now with Mutati. When will it ever stop, these loans will have to be paid back at some stage with interest.

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    • Do you understand borrowing from running a country perspective? Do you know that governments of the richest countries in the world borrow in order to fund programs. The fight should be on accountability not borrowing – it will never stop.

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  5. Poor planning or problem solving. De congestion of Lusaka can be done by building satellite CBDs instead of continuing to contest already congested areas. This is a lot of money going to waste

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  6. At what interest rate? over what period and how do we intend to pay it back? toll gates? or will the mines finally start paying taxes? The intention is good to decongest Lusaka as driving there now is a death trap.

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    • That’s the thing with all these exim bank loans which are like store vouchers loaned out to you at unknown interest rates with utterly 0% benefit to local industry.
      There is absolutely nothing nothing to be proud you mean we can not put absolutely nothing for sanitation and traffic. Where is all that money from toll gates going?
      Zambians wake up from your docility!!

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  7. The same money the government is using to subsidize cheap power for the mines is the one they were supposed to use for doing the Lusaka roads. Now these imbeciles masquerading as ministers are throwing us further into debt, unnecessarily so while the ERECTIONABLE Mushotas of this world cheer such masalamusi on. Sometimes one really feels like shooting some I.diot in the head.

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  8. It looks like Mushota today is saturated on mtototo viagra and has a hellish ERECTION that has drawn most blood from the brain to the genetlia in her nickers! Mushota, you aren’t gonna get laid here today, you better rush home and wank they self senseless. I mean, look at her postings, masalamusi eka eka!

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  9. It looks like Mushota today is saturated on mtototo viagra and has a hellish ERECTION that has drawn most blood from the brain to the genetlia in her nickers! Mushota, you aren’t gonna get laid here today, you better rush home and wank they self senseless. I mean, look at her postings, masalamusi eka eka!!!!

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  10. Corrections EXIM bank is a Chinese owned bank not Indian owned. EX EXPORT, IM IMPORT.
    Do your research.

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    • Either way we are damned, nothing to be proud of here. The cadres will win the tenders and nothing good will come out of it.

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    • “Zambia has signed a confirmation agreement of a 246 million U.S Dollar credit facility with Export- Import Bank of India -EXIM- for construction of infrastructure that will decongest Lusaka roads.”

      Where does it say China? Do you know what the role of an Export and Import Bank is?

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    • Bakanyoko even India just like any other developed nation has an EXIM bank. EXIM banks typically help the home country to create employment and services for its citizens in host countries. In this case the Indian EXIM bank is helping India export services for Indians to Zambia

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  11. Can you image it’s your Dad proudly announcing to the family that ” he has just borrowed some money from his friend to patch up the family house”!

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    • @Kayote:
      …True and add that it would be you that will have to repay that huge loan because your father will be long dead when repayments start!!

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    • You forgot to include that the Dad has borrowed money from his friend and he can only use the friend’s son to build at whatever price!!

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  12. Why do you donkeys like to beat about the bush? Just say what everybody already knows, that the tribal clique in UPND shall not rest until a tonga President is installed in State House. Isnt that what was stated when HH was annointed as Mazoka’s successor? Unfortunately under5 has botched the job, and now Zambians are acutely aware of this and it will take another generation to forget this.
    If not this, what did you mean during the 2016 campaigns when you stated in varioua government offices that “…..if you cannot speak our language then how are you going to work with us?”. Kikikikikiki…but English is the official language, did you mean to change it to something more aligned to UPND culture and what is that, if I may ask?

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    • It is definetly not borrowing every time you meet an Indian or Chinese.

      Hehehehe bally, every foreigner you see now you harass for kalaoba ????

      Heheheh bati being a koponya all the time is bad.

      Hehehe ati we had a successful meeting, but they were only borrowing…

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  13. WEll done your Excellency MUTATI (MMD President) atleast we have moved away from borrowing from Chinese, lets borrow more from amwenye ofcourse they bring their own contractors so SABLE CONSTRUCTION AND TRANSPORT WALYA BWINO

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  14. Hehehehehehe

    Ati investment Forum’s Have been over subscribed

    HeHeeHehehehehe

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  15. @11.2 Chilyata, congratulations! So you can comment without a single insult? Keep it up my brother, you are fast learning to be civilised. The UPNDonkeys like Gary Nkombo teach you bad manners hey?

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    • LOL! Cheers Terrible! We not enemies but opponents and above all we are all Zambians! It is still One Zambia One Nation except PF Lungu thinks it is no more!

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  16. Mushota is not a PHD holder you would think. He is a Puppy Hair Dress and just take your puppy for blonding she is good at that hence the PHD you hear mentioning.

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  17. The only calamity Zambia has is to have PF and UPND as the major political parties. They are both a disaster. But the ruling party in Government also, every other week, they have to borrow. Even as an individual teti ulekongola chila bushiku

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  18. Just watching the edited version of Africa Freedom Day graced by His Excellency the President. Observations
    Foreign ambassadors and high commissioners, including the representative of the Pope. I was rather surprised, and said to myself, “…but the UPND boycotted? And yet the foreigners whom they want to fight battles for them are attending? I am absolutely correct that UPND are donkeys!”.

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  19. Most important, it was such a nice ceremony. Didnt notice the absence of UPNDonkeys, but just as well, these are uncivilised donkeys arent they? You saw what they did in Mongu, we didnt want them arrested again, do we? Badly brought up donkeys!

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  20. PF and UPND are busy insulting and calling each other names on LT daily. What do we do to stop these id1ots from these two useless parties from verbally abusing one another. These two parties are a disaster for this country

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  21. For all those living in South Africa, it’s obvious that come 2019, Maimane and Malema are forming a coalition government. I hope he doesn’t forget Lungu’s gesture of denying him entry into Zambia today. Elyo nomba we will see where Dununa will Reverse to for his life saving ARVs for his HIV!

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  22. If the UPNDonkeys showed some civilised characteristics, the EU ambassadors and other parties would adopt a sympathetic attitude to plead for the release of HH. But after what they saw for themselves in Mongu, they can only say that he should ne treated well in prison BUT not to plead for his release. They most probably think that for such an irresponsible individual, his life is safer behind bars as the chap would get himself killed in no time if let loose.

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  23. Get rid of street traders,stop illegal plot allocations on road reserves,stop building in unfit areas and plan the city better – that alone will free us from this unnecessary loan.

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  24. Upnd’s cadre “spaka like lilo” hates good news like this about mother Zambia.
    He cheats himself that since HH is in jail,no bank or foreign organization shall ever give Zambia money.NOW WHAT IS THIS $246 mil?this will improve our roads in Lusaka-good indeed!!
    IT WILL BE ANOTHER “SONTA APOWABOMBA” IN 2021!!WITH A DUAL CARRIAGEWAY BETWEEN NDOLA AND LSK COMING UP SOON,HH WILL BE PUSHED FURTHER FROM PLOT ONE BY PF!!!SPLENDID DEVELOPMENTAL PROJECTS BETWEEN NOW AND 2021 WILL ATTRACT A LOT OF VOTES TO PF IN 2021-MARK MY WORDS!!!pleass keep up Hon.Mutati.talk less and let good works speak for you!!IGNORE HATERS IN UPND AS THEY HATE ANY GOOD NEWS FOR ZAMBIA.JUST KEEP ON WORKING HARD!!

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    • Hehehehe njimbu

      Borrowing is good work ???

      I tel you the kaponyas are so desperate to start the looting that every time they borrow they celebrate hehehehe

      Njimbu borrowing is good news ???? hehehe

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  25. You are celebrating of debt, what infrastracture are the going to build….road! When we borrowed Euro bonds they told you they will build infrastracture … .road. How was the money used? They told you in Zambia Railways improving the speed by 15km/h….its not 100 km/h less than 25km. Some of you call yourself PhD holder, I don’t hold one but my thinking is not as though I am a grade 7.

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  26. When mutati was telling us all investment forums for Zambia are oversubscribed, is this what he means. …?.hehehehe

    Kwena being a PF kaponya is easy, all you do is look forward to more borrowing….. ati oversubscribed? …hehehehe

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  27. Mutati and team they are all about borrowing. At the same time they don’t want to allow there lenders and donors to comment on their corruption and impunity. Shame!

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  28. Anything that comes from MMD is a waste of space in this universe just like Mutati a former UPND ally in the 2015 elections and Dora Silya a die hard MMD cadre.

    My father the Late Great MCS is turning in his grave…

    I pray for the day One ECL will fire these MMD chaps for causing widespread misery in the land!

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  29. When will local resources be used for roads? There is a lot of money collected every day in all forms from motorists – road tax, fuel levy, toll gates etc. Where is it being spent? This is not to undermine the objective, but to question whether we are doing things properly – and whether this means we have failed to account and are now perpetually borrowing to ‘plug’ the gaps.

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  30. Mutati is a let down as well I cant even advise this borrowing govt as long as he is account is getting fat, its wrong Upnd has a formula of making money within the country’s resources but you busy putting the people with visions in prison….PF swallow the pride and surrender power so that the country moves forward

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  31. Those who have been blogging here for a long time know that whatever the species Mushota is, we have been subjected to statements, claims, insults, albeit incoherent and sometimes utterly despicable, intended only to provoke and play with serious minded bloggers minds. It is a ploy (that seems to be working on some) to divert from constructive debate. For the most, I ignore the outpourings – I am only putting this across for the newcomers and the uninitiated. I can assure you that even the PhD claim doesn’t exist.

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  33. Ukutemwa kalobaa… Paka mwakongola naku india. Anyway, We still have along way to go. The more credit cards you play with the problems you are in….

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  34. Maimmane missed a great opportunity to assist HH.

    Really, he should have advocated for a fair and speedy trial of HH, instead of advocating for the impossible – his immediate release. Just like the British HC before him did.

    Truly, no one on earth has the power to force a case that is before the courts to be discontinued – not even Her Majesty the Queen. The need to let the courts arbitrate without undue influence (from public or leader) was bequeathed us by the Queen’s bench!

    So it will be inimical, pretentious and folly to replace what is generally seen as the executive’s interference with the judicature with interference of our own. Interference is unacceptable, irrespective of the source.

    In all honest, Mmusi shouldn’t have let political emotions get the better of him…

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