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Alba Iulia
Wednesday, February 26, 2020

Government To Receive Funding Directly From Chinese Banks

Economy Government To Receive Funding Directly From Chinese Banks

Cabinet Meeting
Cabinet Meeting

GOVERNMENT will now receive funding directly from Chinese banks and not through contractors so as to reduce the cost of borrowing for developmental programs.

According to a statement released by special assistant to the president for press and public relations Amos Chanda cabinet today made a resolution in its continued pursuit of better living standards of the people in line with the Patriotic Front Party manifesto.

“Bilateral Debt Restructuring and Cooperation with the Government of the People’s Republic of China… Cabinet approved: Government to source financing directly from Chinese Banks not through contractors,” he stated.

“This will reduce the cost of borrowing for developmental programmes. Government will accelerate infrastructure through the construction of roads countrywide, building of universities, schools, hospitals, clinics and health posts in line with the PF manifesto to improve the lives of the people especially the poor.”

He added that cabinet had resolved that only projects with the highest economic return would be prioritized for loans from China and the rest would be done through private public partnerships and joint ventures.

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16 COMMENTS

  1. Is this when you have realised or you wanted to lose same money through these Chinese contractors? And if you can the next move is to make sure that money remains in Zambia not using Chinese companies let the locals employ the Chinese staff for once. It’s easy to employ the Chinese.

    • The spectacle of the HOODRATS on the table…. oh! pathetic! Is that Zambia’s think tank at work? hehehe LAUGHABLE really.

      the fire tracks were the country’s highest economic return ever prioritized!! LUUUNATICS!!!

      Under 5 HH cannot do much for us either. He is a SCUUMM BAG!

    • Lungu thinks Xhiping is f00lish. He wont allow any more chinese money in Zambia until Lungu sorts out corruption.

      Thats what he did with Zim. And encouraged Mnangagwa to challenge Mugabe with help of the army. Army were promised aid if only they could deliver the deal between Xhiping and Mnangagwa.

      Lungu and his fellow koswes mumpoto bashupa mwe .They need to go.

    • Sad reading what will be worse is the accountability for this money besides why isn’t ministry of finance issuing tgis statement??? State house shouldn’t be the one doing so…. that is why they are being accused of corruption ….mwibala

  2. Please reduce also the amount spend on some projects they have abnormal pricing consider this as a priority as well I thank you

  3. By the time this corrupt thief lungu is finished with Zambia , you will owe something like $40 to $50 billion to the chinese….borrowing is all they know…

  4. Proverbs 22:7 The rich rule over the poor, and the borrower is slave to the lender.

    This is very Biblical. Botswana avoided these traps a long time ago.

  5. Where is the statement from Ministry of Finance?

    What is the current stock of debt?

    Why can’t Parliament draw up a framework of oversight that will protect the interests of our children who will have to repay this mounting debt?

    Dununa Reverse for sure.

  6. The chinese govt preffered position s that its loans are thru their contractors so that they are guaranteed the work and that the true position of govt loans are shielded from public.
    I doubt whether this will happen, more political rhetoric from the true head of state Amos chanda

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