UPND President Hakainde Hichilema has said that the International Monetary Fund (IMF) has confirmed what he has always said, that Zambia is one of the countries with the largest debt stock in Sub-Sahara Africa.
Mr. Hichilema said that when he raised alarm on excessive borrowing by the PF and the reckless manner in which they were using the borrowed resources, he was called all sorts names, before adding that Zambia’s debt has now reached unsustainable levels.
The UPND Leader said that he did not only advise against borrowing from expensive sources, but he also offered alternative financing solutions which included, prudence and investing in productive sectors.
Mr. Hichilema said that it was a tragedy and a time bomb for the country and that what the PF has done is to consign future generations to perpetual debt and poverty.
Mr. Hichilema further added that that all the money that will be used to pay back this debt could have been deployed to education, health and agriculture.
Meanwhile, the Civil Society for Poverty Reduction (CSPR) has said that it was concerned that the government has not been able to present to Parliament key reforms aimed at strengthening the public finance management system.
CSPR Executive Director Patrick Nshindano told QTV News that while Parliament was expected to adjourn sine die this Friday, the Minister of Finance has not yet presented key reforms to the House which include the revision of the Public Finance Act, Public Procurement Act, and the Planning and Budgeting Bill.
Mr. Nshindano said that despite the assurance from the government that these key reforms will be tabled before parliament in this session, his organization is concerned that time seems to be running out.
Mr. Nshindano said that these reforms were important and that the government should attach importance to.
Mr Nshindano stated that the CSPR is further concerned that the government has not introduced the Loans and Guarantees Act to ensure that debt sustainability becomes a guiding principle before embarking on new infrastructure projects
Wabe T kwati mutwe Obe
I like HH
Put it this way, people will appreciate him when he is gone and although he has yet to preside over your country – the importance and significance of certain people is only appreciated after they are no more
The presidency is the pinnacle really isn’t it?
NkUmbula, Sata, Mwanawasa etal
I hold a PhD
Thanks
BB2014,2016
Wabetole oval
So what is the solution? To let PF sort out this mess in the next 20 years so that HH can take over from a good and sound economy. Walasa HH
Reckless and irresponsible borrowing! The idea is to steal big. And they have.
HH wants to claim which glory is not his. HH you f00lish if you think you are not part and parcel of the problems we are facing in Zambia. You will make a lot of sense if you can keep quiet for a year or so.
But HH naena.
Give praise to Sinkamba.
The Ayatollah has spoken … everybody, especially Jay Jay and his cronies needs to listen because, The Ayatollah of UPND has spoken the I told you so story.
With all due respect Mr. Ayatollah (the Supreme Leader) of UPND, the irreplaceable life president of the parte, offer some answers to the current situations.
No amount of I told you so ranting will make you win the next polls otherwise you will always remain a useful clown very needful for our democracy to be strengthened and admired on your back.
It’s up to you, you have done the same things for the last decade or so, and you have lost 5 elections. The next one is yours to lose too if you keep doing the same ole same ole.
@1.7 Sometimes you type sense, but today you lost it again. He already cautioned the ediots not to borrow recklessly and to use the money wisely if at all they do borrow. With your ill timed self righteousness, you choose to make this an occasion to blame HH for Jonathan’s incompetence. HH can do nothing but talk for now, its upto Jonathan and his team to listen or not.
The Debt issue is not a political, tribal or regional issue anymore, it’s a fact and people’s lives will get ruined soon. If you are eating with Jonathan just learn when to shut up and eat quietly.
Give us your plan.
Give is the solution so that we vote for you.
Right now you are percived as asorn sadist.
@ Grade 7 graduate, Note paragraph 3 of the article above, there is insinuation of shared solutions which were hard at sinking into coconut heads! Further to the solution is moving levels up higher when considering on who our leaders and representatives in parliament should be forgetting the likes of Grades 7 &/or 12 when choice for enlightenment the world over has attained much higher levels! How can surely a Grade 7 or 12 understand the intricacies of running a vibrant national economy amidst the current world economic trends? Woe be to Zambia now that the change long awaited for in Zimbabwe has come to pass we are now to witness how recovery of a long brutalized economy quickly overtakes Zambia!
Self praise stinks. Another should have said that. That is how we decampain ourselves! Anyway, no state house for HH. Muliokela stands a better chance than HH who is in the class of Gucci disgrace Mugabe … Kikikiki
No this is no self praise. He uses the word vindication which means proven right. No need to pillory HH over this. The PF is the most financially indisciplined Govt there has ever been that uses the guise of project delivery to line their pockets. Bwafya.
Ba HH, that Zambia is one of the countries with the largest debt stock in Sub-Sahara Africa is a fact most of us know – including all well-read and educated PF and UPND members. There is therefore nothing profound or new you are saying here other than just restating a well – known platitude.
Then why do some of you support this PF if you know they are ruining our country? Are you saying it is OK to keep on mismanaging our country?
Pathetic morron. Just go to bed and stick it in Mrs Armageddon
Wabetole
You ushore!
Mr. Hichilema I know the collapse of IMF deal is now a cup of tea to you but I challenge you to tell the nation the cheap financing solutions that you claim you had advised the PF government to pursue and when you had done so. Try to be honesty even for a while, you were busy criticizing without offering solutions, please don’t think you are the most intelligent person on earth, you are more of a theorist than practical. Reasonably I don’t see how this has vindicated you because we know you are anti-Zambia-you don’t want good things to happen to this beautiful nation Zambia.To me this is not the end of the world for us as a nation, I still believe we still have the capacity to service the external debt stock and develop this nation with our own resources.
The solutions are in the words he speaks and in writings like above ,problem is kandiles like you just see HH,s name and there you go pouring scorn on him.
Deep down you know he speaks the truth and addressess the majorities concerns.
Carders like you are just parasites.
AN Evil man celebrating the suffering of Zambians. These IMF i.di.ots have never meant well anywhere.
Self-inflicted suffering. Lungu long told you Zambians that he had no vision for Zambia, except to loot the national treasury.
People would rather stay hungry than listen to a tribalist give so-called good advise. Who cares?
What about stolen companies from the same people he wants to protect. Is this not a fallacy?
Regards!
Kuwayawaya kwa mukamwa when facts glaringly stares at you!
Which people are those who rejoice in someone stealing their food & keeping them hungry?
Wabetole oval
Doesn’t change the stats. Zambia is broke in less than 10 years of this administration. Just admit it!
Broke with more hospitals, roads, schools, bridges…better than a lot of reserves and 1 UTH for 3m people in Lusaka!!!
The iiii*****s who are insulting the innocent here do not know, the depth and heights into which these corrupt thieves have plunged this country, the next generation will suffer for the visionless, stupidity and incompetence of the masquerades.
HH You failed to advice properly on the selling of the mines and now you are saying rubbish simply because there was nothing for you, rubbish!
If I were u, I would have been quiet on this issue. U have failed the whole country zambia when we trusted u with our life, our future and our wealth. All these depended on that one decision u made to sell our only source of income, mines. U are the one who has made zambia the way it is today. I will never forgive you on this one.
How come the country was doing well under Mwanawasa? Expecting bakaponya to number crutch at that higher level was giving them too much credit.
Under Mwanawasa we bragged to the international community that we have huge reserves. We showed off our exchange rate. But even Chongwe residents had to travel to UTH for medical attention as they still died at the entrance of UTH due to overcrowding. Places like Shang’ombo were NatGeo stories where people ate mangoes due to lack of accessibility while kwacha hit 3 to 1 and the Mwanawasa family tree grew wealthier.
Hey Man @Zambian Citizen, what’s wrong with eating mango???? That stuff is soooo good.
@Eye-of-Horus i agree that mango is good. Why is it that people reject something just because it is in abundance. We should be proud that we have this fruit. Just imagine if we had apples, we would still reject them because of the situation.
So mango as a main meal is ok for you dimwits??? When people of Shang’ombo couldn’t leave their village to get mealie meal, fish, meat etc and resorted to mangoes it is ok for you??? Try and be realistic and objective, not f.a.rting all the time to please your 1.d.i.o.tic supporters!!!
What is the solution? Is it plot one for u in 2021. Good, so we will wait for that solution till you become a president in 2021, The good news is that you are not the sole economist in Zambia. The best you can do is give them a solution and when it works out people may consider your for the office. That will be a tick. Thereafter, you have other areas to prove like: You care for people, you are not selfish, you are not just after plot one, you are not a tribalist, you do not impose decisions on people but unanimously decide together, you are willing to let people to chose.Build an image brother HH or else will …
Not reckless borrowing bwana!
What solution can they understand? They were told reckless borrowing will ruin the economy, they still went ahead and borrowed recklessly. Now you want another solution to your recklessness! How many solutions do you need? You just want to sit there waiting for solutions from others that you don’t even follow. What is the use of having you there?
It amazes me how people can justify misuse of funds by PF. Everything in this country is expensive and some people seem okay with that. God help us!
Zambia will always borrow.What we need is more tight control in terms of why,when,how and who we borrow from.
As for HH,let him focus on preaching alternatives.Unfortunately,most of us don’t have time or space for tribal cohorts.
They call it: “collaborated perception.” We are well advised to listen to the concerns raised by other stakeholders. It is blind folly not to. Borrowing is one of those things that a country, any country, must have to do judiciously. In Zambia, we have a tendency not to listen to each other. We despise what the other person says, particularly if that person is from the other side. That’s why the IMF, World Bank, and latest the Common Wealth, have to come and build walls around us. It only goes to show that we behave more like children, and not as mature adults.
You are right on point. They have their guns ready at the person and not picking up the substance. Sadly lots of people will have to pick up the tab though they were not at the bar.
We have also been vindicated that you sold the mines, chewed the money and hid some in the so-called Tax-Havens, bought a few cows here and there to hoodwink us. You are no different from the same people you are accusing !
Feel your pain. Thruth hurts, especially factual one!
You are a pathetic ignorant person, how do you keep deceiving yourself that HH sold the mines, do you reseach or read? Do yourself a favour by doing a bit of research so you are factual. Are you not ashamed of being a peddler of lies. Condemn him for the real wrongs he may have committed but surely not the sale of mines.
Just shut up, we know better why zambia is vulnerable. Our ownership of the economy was sold out to foreigners through Zambian agents. Hope your conscious is clear.
Factual truth hurts…..country with the highest debt burden in Africa south of the Sahara! Muzanyokolewa. Demeaning HH or anyone for that matter will not change anything. Bukaponya could never numbers deal!
He has been vindicated because all along he’s been telling us that he is the rightful owner of the presidency and IMF have withheld the funds until HH is anointed. Ala…kusinduka uku.
This guy can sell Zambia like tomamtoes. I am told that the founder of Jehovah’s Witnesses was a Three Mansion like HH! Had three mansions like HH. Yes, he has been vindicated. Satanisms brings confusion in a nation.
“Three Mansions?” Ohh do you mean free mason? Ulichipuba iwe.
Demeaning HH? Demining President Lungu will not make HH president! He will always be Haluza.
Good. The pf house of cards is quickly falling flat on its back. Not even ashamed to find fault with what hh said. U see when u are ugly and u told so, even a fight can ensue. But wait when ur balls are squeezed by the reality of whay hh is saying, by a failing economy as brot by ur tribesmen with thieving DNA. What good can drankard led govt bring?
Advise for Mugabe2, HH. Why do you pride in seeing things going wrong kanshi iwe? You can’t be the Mr know it all it’s just not on man. I and I is what has killed owe Mugage2.
Please there are brilliant Zambians who are doing good for this country and you all you see is RED, NO!
To the contrary, if you a4e as intelligent as you halluscinate day in day out you could have said Zambia with it’s rich resources doesn’t need the IMF. Let others judge.
Hehehehe
look, HH has proven the PF kaponya rats wrong…….they were busy sontaring and dancing while telling us investors will come flooding in when we build $1 million/ km roads while they stole unashamedly……
it does feel good to say we were right and you were wrong, and boy were you wrong…….boardering on criminality and jail time for condemning generations of Zambians to perpetual debt….
Iwe DJ7 ulichipuba sana.HH has never been in government.You will go mad with your personal hatred.It PF who have failed.Mwanawasa had put things right,but these *****s have taken all that away.
Iwe ukabwele ukowaya mukupula ubwali nokusamba utusungu utukote because nokubelenga tawaishiba. Was it not HH with his fake studies who mislead ka Chilubula to sell mines?
Copperbelt was the best province in zambia but do you know how it is now?
HH is self centred Tonga Bull. He failed to advice then and he want to advice now because there is nothing for him? Hypocrite donkey.
DJ7
What best towns ?? Those were lose making things ?? How much did the Indians buy those mines for ????
Its a well known fact that HH rejoice and celebrate any bad thing about Zambia. Patriotic leaders always speaks for the citizens nor matter how bad things are. We needed HH’s professional advise during privatization and he betrayed us for his personal gain. We cannot make the same mistake by making him a president coz that will be the end of Zambia. He can go to hell with IMF. All we need now is to minimise on the number of capital intensive projects and just focus on the already started projects. A cutdown on unnecessary activities as we continue repayment of our debts. HH is not a solution but us Zambians have the solution. Already HH is too old, we have young and vibrant individuals and well educated than HH. He is supposed to be retiring from active politics now.
HH is a sadist he even celebrated the death of President Sata lncluding his sickness…He enjoys the suffering of other people but his time will come also to face reality just like everyone else including me…
Hrhehe hehe
HH told you kaponya rats so……you were busy dancing and sontaring……continue let’s see sontaring , let’s see how many toll gates you can build……..music pleas mwe Bantu.. ….
So Kalusa “HH” knows that we call him “all sorts of names daily?”kekekekekekeke nice one!!am very glad that this tonga man feels the HEAT FROM MAJORITY ZAMBIANS IN 6.5 PROVINCES WHO HAVE NO KIND WORDS FOR HIM!!!!am sure HH curses himself as why WHATEVER HE SAYS IS CONDEMED IN ZAMBIA!!!!kekekekeke ….You will die while dreaming about state house Kainde!!!
Back to the issue at hand…..IMF can be with its loans because we have China ones!!! PF Govnt has done wonders since 2011in terms of development.plus today’s PF do not borrow heavely like the Michael Sata’s PF because Mr Sata was feared by all.ECL listens to economical experts.HENCE HH CAN HUNG!!!moreover,HH must stop celebrating about negative news concerning mother Zambia.WHY DOES HH FIND JOY IN ANYTHING NEGATIVE ABOUT…
Can you sontapo pleas……music bane…..
continue…
WHY DOES HH FIND JOY IN ANYTHING NEGATIVE ABOUT ZAMBIA?hey this man is a masonist because only devil celebrates about negativities minus offering any solution!!!HH NOTE;NO WEAPON FORMED AGAINST MOTHER ZAMBIA SHALL PROSPER!!!ALL GONNA BE WELL IN ZAMBIA BADAALA!!!
come 2021 ni PF nafuti nafuti!!!
NJIMBU BB 2017!!
Hehehe njimbu…..hh told you pf kaponya rats so…….
Because he’s been warning you fools but you chose to insult him. Enjoy
But why should Pf subject Zambians to so many negatives…dunderhead
I wonder who be witched this poor hungry nation, of self inflicted misery. Are you so blind to support such a government which is sliding the nation into the bottomless pit at such a blistering speed. Please notice the shameful glaring facts of you country in the eyes the world: THE 3ND HUNGRIEST COUNTRY IN THE WORLD; THE WORST INDEBTED COUNTY IN SUB-SAHARAN AFRICA, is this not so shameful to bare, I would vote out such a government from power, even if the President was my father , for the sake of saving the nation.
@29 Life Experience: Very depressing indeed. How sad. What a shame these are the statistics now associated with a country that, at independence in 1964, was the richest in Africa, north of the Limpopo!
And yet we laugh at Zimbabwe, thinking we are better off! Are we, really?
@Mr Kudos
Sometimes common sense should prevail than being slavishly loyal bordering on stup-idi-ty. It is common knowledge to all Zambians now that the government has been left nursing billions of debt and individuals have stolen all the money. The politicians, top government officials and some government workers have amassed wealth far beyond their earnings and government as result has failed to provide basic services.
They are bent on borrowing not with genuine intention to develop the country but as way of stealing the loans by inflating prices on all procurements and building projects.
It respects outsiders than insiders.
Go Zambia, go! Borrow and develop! But he steals and hides it in “Paradise!”
The Prophet of doom has spoken. Son of Satan who rejoices when others are facing trouble.
He told you so…..you were laughing..dancing and sontaring……more music pleas….
Most country borrow money mr masonist including the biggest economy USA. The problem comes in if the borrowed money is for consumption. What I have read is most the money is borrowed for infrastructure development which contributes highly to the economy i terms of efficiency. Stop seeing everything through the eyes of politics. Your mates are recognized by Forbes and you are nowhere near 400 rich men in the world. Stop hiding money in Tax Havens and invest in Zambia and create employment. Why should Dangote come and build a cement plant here when you claim to have capacity to do likewise?
Let him govern. The aura of corruption is something Edgar Lungu will not shake off. PF is corrupt to the core.
HH is an economist and surely should be educating us about infrastructure development as a conduit for stimulating economic growth. China is an example and the West (through the IMF) will not mention it. Yes, there have been reported cases of abuse (as reported by the AG’s report) but there have been many positives as pointed out by @Senior Citizen. As for Mwanawasa, he has to his legacy – the sale of KCM to Vedanta! And not forgetting the family tree that blossomed immediately following his assumption of the Country’s executive office.
Adolf is an interesting creature every time he opens his mouth he sticks his foot in it. He was not the only one who pointed out that borrowing for consumption as opposed to borrow for production is a disaster. Its much easier to sit down and write papers on how to dismantle nationalized assets such as lima bank and charge exorbitant fees for the obvious. It is also much simpler to use insider knowledge to bid for some of those assets in an ‘open’ tender and buy a house. Then using some of the cash you place it off shore in tax havens that are associated with sticky accounts and then talk about bringing the money back to buy cattle. That’s how you fix an economy no production just text book maneuvers. Pat yourself on your vindication!
The right thing for PF government is to accept that there is financial mismanagement and indiscipline within PF government supported by rampant corruption. IMF looks at all these signals beside good governance.
Does it mean you bloggers can’t for once discuss issues with open minds without insulting? What we should be discussing here is the solution. Bring suggestions of what can be done now to manage the situation. Please don’t bring suggestions like vote out PF, because you can only excise that option 4 years from now. We want what can be done now or what should every Zambian do? Also for HH and other opposition parties please try to engage in wealthy generating activities at political party level, so that we can test what you can do at a larger scale. Where is FDD, MMD, NRP or UPND investing in production and Value Addition activities. It may not sound good but Zambians don’t change governments for the sake of changing. UNIP 27 years. MMD 20 years.
Saimbwendex2 – And you still think the current crop of PF politicians will turn the economy of this country around with all the fiscal policy in tatters? Continue dreaming.The discussion here is not about HH but the economy and even the blind man can perceive that the economy is in intensive care unit and all you can do is attack HH. Is that your best shot? So disgusting.
Fellow country men women, in as much as we are being objective in opinions at least we show maturity by not insulting. We are just netzens and in actual sense we are citizens of this beloved country called Zambia. Let’s respect one another, 90% here we are parents. Let’s avoid injuring one another by our uttered words, remember its one Zambia one Nation. By the way if have injured anyone here my apologies.
Our Foreign Debt should be written off against the effects of the Slave Trade. So that we start afresh. Its our raw materials that have enriched some of these Shylocks.
We should be more Objective than Subjective in our Contributions. Let’s put an end to verbal diaorrea. Let us debate Solutions to our problems instead of mud slinging.
@B R Mumba, Sr; you can do better than your current rattling with no solutions for your PF; how can you be an educated blind? i suppose you don’t care about Zambia’s debt and what HH has said because you’re one of the PF beneficiaries of reckless borrowing;
Is this not what HH / UPND wanted that IMF shouldn’t give PF government a loan so that people can suffer and turn against ECL? So it has happened now he is praising himself for the job well done one the other hand blaming the government that people will suffer. Is this HH normal or what? ECL once said we can survive without IMF and this is what will happen. IMF loan or not Zambia will still go on. With all those conditions people might have suffered more than without a loan from them.
Running away from loans is not the solution. Loans are for borrowing. Borrow to invest in critical areas for economic development. Loans need to be managed carefully. The management team needs to comprise capable and proven technocrats. A loan is a vehicle for growth. Nothing ventured, nothing gained. Staying away from loans is playing ostrich. It creates institutionalized poverty.