International Trade and Business Consultant Trevor Simumba has warned that Zambia is at great risk of an economic shutdown if definite actions are not taken by the Government.
And Mr. Simumba says the Ministry of Finance should stop being defensive about Zambia’s growing debt
Mr. Simumba has also charged that Ministers and other technocrats are not telling President Edgar Lungu the truth regarding the state of the country’s economy.
In a series of tweets, Mr. Simumba said even the official reports from the Ministry of Finance on the economy is full of inconsistencies.
“Looking through the 2017 Annual Economic Report, it seems Government is now borrowing from other banks to pay the 15% upfront counterpart funding that China requires when it provides loans. Three Loans amounting to $145 million have been taken by GRZ in 2017 to pay for the 15% counterpart funding required by China and India for the following projects: Star Times ($41 million), Industrial and Commercial Bank of China for the Ndola Airport Project ($59.5 million) and for the recently launched Indian EXIM Bank financed Lusaka de-congestion project from Standard Chartered Bank at $44.9 million. This is ‘Borrowing upon borrowing or borrowing to borrow’.
Mr. Simumba charged that this is very irresponsible because the country is now borrowing on borrowing and further inflating the costs of principal loan repayment and interest servicing payments.
He said this is the reason annual debt servicing continues to increase and now stands at US$504 million in 2017.
“Our domestic revenue is being consumed by public service salaries estimated at 60% and debt servicing estimated at0 30% leaving only ten percent for investments. This is why Government is struggling to pay local suppliers and contractors and has built up arrears of US$1.3 billion. When will the Government have the courage to come out clean and engage local and international stakeholders so we can revise the Economic Recovery Plan and ensure we get our country and economy back on the path of growth?”
Mr. Simumba claimed that high level sources have revealed that Government is busy looking for another US$60 million loan to finish building toll plazas.
“Should we borrowing for such? So where is the revenue from the current tolls going if they have to borrow more money to finish building these toll gates? We need to put a stop to this continued borrowing without restraint. As Herbert Hoover once said “Blessed are the young for they shall inherit the national debt”.
And Mr. Simumba says the Ministry of Finance should stop being defensive about Zambia’s growing debt.
“The truth will very soon come out because we have to start repaying much of this debt at some stage. Debt service payments for 2017 were US$504 million alone. Total public debt is now just above US$14 billion ($8.7 billion external plus ZMW 50.9 billion domestic). If you include domestic arrears total debt rises to just above $15 billion. This translates to 60% of GDP based on a GDP of US$25 billion as stated in the latest Economic Report,” Mr. Simumba said.
He added, “If independent analysts are wrong then give us the correct figures not preliminary figures please as is the case in the 2017 report. Citizens have every right to require transparent and verified Government data on our debts. That is why they are called public debts because it is the public that must repay these debts not individuals at the Ministry of Finance.”
Mr. Simumba wondered, “If Ministry of Finance itself four months into 2018 cannot produce comprehensive data on actual debt how then do they expect citizens to have this information? Why is the data preliminary four months into 2018? So if GRZ is issuing official debt data using preliminary figures where will we get the final debt figures that are verified and reconciled? It is clear Government needs to calm down and conduct a thorough review and audit of its public debts otherwise the questions will continue.”
“Second point the report states that 18 new loans were contracted in 2017 amounting to $1,750,849,448.15. What is scary and shocking is that out of this amount the Government borrowed from Israel alone $463 million for a “defence project”. Why is Zambian Government with the current problems the country is facing borrowing so much money for defence projects that have no economic return for the country. We should be borrowing to build economic and social infrastructure that would generate multiplier effects across the economy. Zambia is not at war to justify this level of borrowing for defence projects,” he said.
He further demanded that the Ministry of Finance to provide verified data on loan by Parastatals that are obtained using government guarantees.
“Could the Ministry also provide us with accurate figures for sovereign guarantees issued on behalf of SOE’s? Also how much is Zambia owing China for the 15% counterpart funding that is a key condition for release of funds from China EXIM Bank for supplier credits and for project finance. Could the Ministry also help citizens understand what the plan is for debt restructuring and renegotiation of terms?”
Mr. Simumba also observed that the Debt Management Strategy is very weak on this score and fails to provide specific strategies and actions that Government will take in this regard.
“As a citizen and an Economist I will continue to keep this Government accountable because I remember vividly the valiant sacrifice we made as Zambians to dismantle the $7 billion debt in the 90’s until 2005 when we reached HIPC Completion Point. We want straight answers not semantics,” he vowed.
They risk what ?
Come on these vague if speeches don’t impress me.
It’s like saying I wish dying if I reach 90 yers old – and ?
I like Trevor and have umpty respect for him as a man and family.
But come on stop throwing stones and becoming a spectator and join zambia and improve it.
Either you come and help your country or you are ‘ that man’. Trust me you don’t want to be the latter.
I’m very difficult to satisfy I must confess. So apologise Trevor.
Thanks
BB2014,2016
Edgar Lungu’s govt is spending 30% of revenue on debt servicing. This means social services such as health care and education are effected. That is what is called govt shut down….for some asking foolish questions below, has Japan or USA ever failed to provide education or collect garbage?
@Proud Zambian the US and Japan are economies whose annula GDP is in excess of a Trillion USDs, when an economy generates those kind of figures from the sales of its goods and services to both domestic and foreign markets it is able to LEVERAGE its debt. This is something Zambia has tried to do with the issuing of the Eurobonds, and it is only with the resurgence in the price of Copper that yields on those bonds have recently increased. Simumba’s analysis is generally spot on. However, rather than scrutinize the debt record I for one am more interested in how we are spending both the debt and funds domestically generated. I stand on my argument that too many funds are spent on “expensive treats” such as luxury SUVs and high allowances and salaries for top Govt office holders- out of…
Ctn… I stand on my argument that too many funds are spent on “expensive treats” such as luxury SUVs and high allowances and salaries for top Govt office holders- out of the 60% from domestic revenue that goes to financing salaries of Govt workers 50% of that huge figure goes to the top Govt officers luxury SUVs and high salaries plus allowances. That is what needs to be addressed! Let’s be serious with life for a nation as poor as us how do we spend so much money on salaries and expensive SUVs for top Govt officers? How????????????
The car is stuck at the rail cross-road and the train is approaching, but the zealot brain-washed passengers are in denial. They are even changing music on the car radio, laughing, dancing to a Malawian Drunkard.
– Govt is failing to pay 3 pharmaceutical firms owed $25 Million by Medical Stores. Go to any Govt hospital now, even drip has to be bought by the patient him/herself.
– Govt is failing to pay LAP-Green $300-Million for Zamtel judgement. Soon assets around the world will be attached
– Govt lost DeadNBC to Chinese due to failure to repay a $25 million loan
– Crude oil suppliers have not been paid for over 6 months
– Local suppliers & contractors have not been paid for over 6 months now, hence stalling of most white elephant mungulu projects
– Govt has no money for farming…
CONT’D…
– Govt has no money for farming inputs.
– Govt has to immediately look for $750 million, $1.5 Billion & 1,25 Billion for repayment of Euro-bond in 2022, 2024, 2025 & 2027 or else Kwacha will follow its cousin the Zim-Dollar. 2022 is around the corner & there’s a 99.999% likelihood Govt will default. That’s why they’ve been going to IMF with a big begging bowl.
1st Mistake was to move RDA to state house. Over-ambitious, overpriced road contracts riddled with corruption have led indebted our country. 2 elections in 2 years meant that borrowing by PF was accelerated to please voters.
– 2nd mistake was to increase limit that can be borrowed without ZPPA. It has led to rampant borrowing & corruption within ministries without proper checks & balances, e.g. 42×42 wheel-burrows.
– 3rd mistake was to move Ministry of finance functions to State House. Lungu is not an economic manager. He has no sense of the value of money, financial management, that’s why he can say he’ll continue borrowing for his white elephant projects even when it’s clear Govt is broke. MoF has competent technocrats who would have kept the borrowing within limits
– 4th mistake…
CONT’D….
– 4th mistake was to allow Chinese infestors. Sata’s main campaign was that he would chase away tu ma Chinese. When he won, he changed his mind & today they are our new colonial masters and main instigators of corruption. Even Lungu himself is in the pockets of Chinese.
Simply put it WHAT SOCIOECONOMIC value are these so called Loans adding to the suffering peoples of our Country?
We cannot afford to borrow aimlessly least we get enslaved, trapped and neo-colonialised! This can be explained via the utter impunity of Indians and now the Chinese who for all intents and purposes have no single grain of respect for our Laws and let alone Zambians as a people.
AFRICA TWASEBANA MWE BANTU
For the first time Mushota writes sense about Zambia and I totally agree with him. We have a tendency of being spectators and criticizing yet we are part of the sinking Titanic. Its like someone is drowning and you know how to swim but you`re busy taking photos of that person. Let Trevor offer a solution to his friends or to the Zambian in order to avoid this economic shutdown. Because tomorrow Trevor will be appointed minister of finance and the trend of borrowing continues.
Kikikiki @ Mushota very difficult to satisfy in b*d. I am sure you need a Phd holder in in love engineering to satisfy you. Pliz don’t make me laugh.
They stupidity of Lazy Lungu and his empty tins is mind blogging ….they will borrow money to borrow other money yet they will raise the same amount to invest in pointless ventures like National Airline…..they then top up with greed, they will raise money to pay for overpriced ambulances and Fire Engines.
TREVOR MALIWANDA SIMUMBA is an ALARMIST.
THIS CHAP IS FULL OF BUSH*T HE IS FULL OF TITLES. A JACK OF ALL TRADES MUST MASTER OF NONE.
BRO… IT’S TIME YOU SHOWED US WORKING IDEAS AND NOT JUST BEING AN ARMCHAIR CRITIC.
YOU HAVE NO PORTFOLIO TO SHOW. OWE BANKS MONEY. COUNTLESS FAILED INVESTMENT PROJECTS AND THE LIST GOES ON…
ONE MINUTE YOU ARE WITH UPND. THE NEXT YOU WANT TO JOIN PF.
He’s looking for a job in the Ministry of Finance. He wont have it. He’s an empty tin.
Mbili Yakale – He is giving constructive criticism as he experienced the old hard days when we had to restructure the economy…not every jim and jack wants work get that in your dome
This UPND zealot. I think he needs a refresher course. Ati self acclaimed international consultant – with this poor analysis full of emotions and poor analysis. Leave such analyses to great thinkers and do not jump on every topic and expose your ignorance like this. Rubbish.
Pathetic mental blocks on debt. Come 2021, we will be “sonting” and you will be preaching on debt like satanism. We will get the votes and you will lose HAGAIN.
Get a mortgage & buy a pleasing aesthetic house. Not those ugly ifyakuyikulila using cash. Borrow to get those kids in college. Payback is infinite. Screaming for free UNZA all the time. Debt improves life.
Copper output to triple on mountain of debt leverages. Same with power & so much more too much for LT space. More gains for kwacha to cheapen fuel. Continue satanising everything & reap more DEMONS.
Most of these analysis are very shallow from our economists. How do you explain to me as a layman on how the USA and Japan haven’t shutdown with their debt stock being at 108% and 236% of their GDP? I have tried to check on both IMF and World bank reports and nothing points to economic shutdown. I believe for any country or business to improve you must borrow to finance projects. Please Zambian economists help me to understand and not these shallow analysis engineered by imperialists who have more debt than our country.
Proud Zambian: What you do not know is that those countries you have mentioned borrow in their own currencies even when they borrow from abroad and they are also major exporters. Trevor is right and you are wrong. If the kwacha exchange rate collapses, do you know what would happen to that debt? It would balloon to a scary figure.
Proud Zambian…kasambe… your type of thinking is really idi0cy…and completely unschooled. Deficit spending and borrowing in most developed countries is against their foreign investments. It’s not Mr. Empty head with a Infuko or Kalulu dental formula trying to bury our beloved country in debt without remedy. America borrowed billions from Chinese banks to fund the Iraq war…why? Americans borrowings were less than 12% America’s long term investments in China. They did not want to suck cash out of the U.S economy. They fight a war, suck oil to keep war debt fully paid in the long term…That’s called wisdom. People aspiring for positions in government need to know how to play BIG NUMBERS! but imwe ba Zambia mulebika ifipuba kuntanshi…twalaikala shani?
True to your words – someone needs to break it down in simple terms for you to surely understand. I do not blame your inabilities
Trevor, plus others, do your part
There is always that dim dingbat who is not ashamed to compare USA and Japan to Zambia …forgetting that the named countries suppliment our budget.
@2 proud Zambian “ pride goeth before a fall”
You are right there in Zambia… tell me you can’t see the economic mess all around you? Comparing the USA and Japan to Zambia is rediculous.
Trevor is spot on with his analysis and advice.
We have to change government as a matter of urgency. Our relatives in charge don’t have the correct concept of money. How to make it or save it or use it to improve the nation. With a Bachelor’s degree in law from an out dated syllabus, Mike Mulongoti’s Jonathan Mutaware should be the drinking magistrate from Chibuku or sorry Chifubu. President is way above his pay grade.
@chanchima, you can’t base your argument on exchange rate only. Suppose your Kwacha strengthens and then what? Help me to understand how the USA and Japan haven’t shut down with such high levels of stock debt which is way above their GDP.
Proud Zambian. Try to also be an Informed Zambian. From Trevor’s treatise, I will be out the simplest digestible line for you and I quote ‘ borrowing upon borrowing or borrowing to borrow’
Here in the west especially after the financial crush 10 years ago to qualify for a loan as in a mortgage its required you put up that upfront 10 – 20% depending on your credit worthiness. This percentage payment should be earned money in your bank account over a period of time. It’s not acceptable if it is borrowed. In other words the lending institution are regulated to investigate and endure that it’s not borrowed money. Strictly speaking these chines and Indian banks should deny these loans but we all know how Chinese and Indian institutions operate. They don’t give a damn what happens to the…
Proud Zambian: I will help. First let’s make sure we are on the same page. Have you ever been to America or Japan? I will assume you haven’t. The fundamentals of these economies are incomparable to Zambia. These are economies operating at a totally different level….it’s like comparing the capacity of a rat and an elephant in their ability to carry a burden. These are economies with incredible power and gigantic competencies. Mention one single iron-based commodity that Zambia is producing.NONE! we import everything!
Desert Fox – you are wasting your time with these tins…some will even justify that an ambulance can cost $288k when they have never seen one before.
Proud numpty, you are still going against the grain of common sense. You must be stealing, because clearly for you not to see that the house is on fire… you must be in on that $1 million fire engine.
These bloggers have no shame they even give themselves these noble names like Proud Zambia, Zambian Citizen, Patriotic this..do you understand what borrowing to borrow is? Its worse than living beyond your means…its very far from sustainable…what dumb people we have…some will even come on LT and sing praises of Maggie and accuse us of making assumptions and even state that they are MIT fellows. Guys have patience for these bloggers.
This govt has no pot to pisss in …just living hand to mouth with no work ethic imagine you are up to your eyeballs in debt and you as President expect to be escorted to KKIA by the whole Cabinet, PS, Cadres when you are simply flying across the border and its on a Monday…how stupid and irresponsible is that!!
AFRICA Confidential has reported that as Zambia’s debt swells, President Edgar Lungu has found a way to avoid being in the limelight by delegating Vice-President Inonge Wina to attend the Commonwealth heads of government meeting in London that ran from April 16-20
The Africa Confidential says it is beyond doubt that Zambia is continuing to contract and plan new loans at “an unsustainable rate without assessment of value for money”.
According to Africa Confidential, Zambia’s debt was ballooning and for that reason, the Head of State opted to be absent at the just-ended meetings in London.
“The finance minister (Margaret Mwanakatwe) starts crisis talks with the IMF after the government fails to convince creditors, leaders of the 53 Commonwealth member states gathered in London for
the 15-17 April summit, one African Head of State was conspicuously absent. Amid growing concern that Zambia’s debt has ballooned to unmanageable levels on his watch, President Edgar Lungu keeps out of the international spotlight (AC Vol. 59 No 7). His country is on the brink of crisis and the slide in the economy is damaging the copper-rich nation’s bargaining power,” the AC reported.
“Under fire from opponents – and, increasingly, from members of his own governing Patriotic Front – Lungu chose to avoid tough questions over both the debt debacle and his failure to begin dialogue on political reforms with opposition leaders, as previously agreed with the Commonwealth.
WEBMAN; lets stop blaming these characters – we are squarely to blame as we are the one who go to ask for these loans – BORROWING TO BORROW; ubu busali bweka bweka bane
Simumba, is right the president is so much surrounded by yes men who would not want to give him blood pressure and hence they lie to him. There is need to listen instead of throwing away every good advice out there. The economy is not doing fine and we shouldn’t continue lying to ourselves. People are barely making it out there, it’s tough. I only pray Lungu can see the signal now before it gets worse. When it gets worse people are going to be taking to the street and demand his removal after he dodged the impeachment
@Proud Zambian I agree with you muntu wandi Trevor Simumba has always been UPND hence whatever he has written it is because of jealous, malice and hatred for ECL and PF
Save for being this or that – inkongole na koloba tamwaba umuchinshi awe bane.
What jealous is there in BORROWING for others to pay?
Zambia’s $504m debt service bill (its probably higher ) is most certainly a ticking time bomb .Gotta fear for the next generation being burdened with debt by today’s kachasu drinking leaders.
@2 Proud Zambian,
You’re a stinking stupid *****! How would the kwacha strengthen when high interest rates for capital are decimating the manufacturing base? That’s stupid wishful thinking, don’t support Lungu just because ni bonse kumawa kumodzi!
Mr Simumba
U are a political condom of HH , UPND party. What I like most about what u have said is an observation u have made regarding borrowing and the projects that are being done as the result borrowing.
In this case borrowing is good because it shows that money is being spent wisely. Sontapo.
Zambia Will stop borrowing if our God given Zambian tribal Tonga thief HH bring back our money he has stolen and bank it elsewhere. HH is a big *****. Do people serious think about his devilish actions?
If they do they can’t ever vote for him. the man is evil itself.
@Proud Zambian: if borrowing is our chosen route to development, let us acknowledge so and state how much we have borrowed so far and how much further we intend to borrow. What is disheartening to the lay person is the culture of denials and contradictions we have seen on this issue.
The only credit I can give Trevor is that he’s put something on the table for debate, it’s better than what the entire opposition and some rogue chiefs are saying. How does the Jonathan Mutawali debate help us fix the economy? Our problems are more economic and not of identity
First, toll gates can not possibly generate surplus instantly. However, taken as a unit investment, toll gates are sustainable. That is the reason why borrowing for toll gates is not only justified but necessary. Remember, this is just the initial phase of toll gates. Tool gates are also about employment creation and tested security surveillance systems for criminals escaping from the Zambia Police. Second, defense budget is in national security interest. It is absurd to spare a few dollars only for the country to go up in flames. Security is a top priority. Zambia’s air space is one of the safest where intruding machines will be stopped instantly. Ground forces are marching night and day to guarantee Zambia’s territorial integrity. The armed bandits are too scared to dare security…
Second, defense budget is in national security interest. It is absurd to spare a few dollars only for the country to go up in flames. Security is a top priority. Zambia’s air space is one of the safest where intruding machines will be stopped instantly. Ground forces are marching night and day to guarantee Zambia’s territorial integrity. The armed bandits are too scared to dare security agents. Please take time to downgrade a successful country.
WHY CANT THE CURRENT TOLL GATE BUILD OTHERS ON THE LINE INSTEAD OF BORROWING?
The extremism of everything upnd. Shimumba exhibits those traits with his every contribution or rather the value he doesn’t add. The day PF ascended to power much to upnd’s terrible dismay, it has been their strategy to trash and ridicule any achievement by PF. upnd deals in absolutes now, “economy collapsing”, “brutal regime”, “break down in rule of law” ” identity theft by the president” and now Shimumba’s “economic shutdown”. It has developed a particular and clear trend that any progressive mind can easily decipher, although it seems to be losing its glitter as time moves on and reality bites as the agenda backers and funders are losing faith in its actors’ capabilities. Cheap shot, Simumba, try something new….
Name one PF achievement that has been ridiculed. How does one ridicule what does not exist?
Why should i waste my time explaining things you have closed your mind to???
@Zambia Citizen, Simumba is not talking politics here, who doesn’t know you are just a blooming PF sycophant. As far as you are concerned anyone with a fact based divergent view to your falsified one and against your once vibrant PF is upnd. Clearly you are a PF propagandist.
Nigga please!!! Hh in RSA last week calling on the RSA govt. to act on the brutal regime in Zambia, is that what you call “fact based divergent view”??? Mukuni, Mulongoti calling ECL not Zambian, “fact based divergent view”, and you expect me to believe what this upnd supporter Shimumba has written as “fact based divergent view”???? You are lost and brainwashed!!!!
When the money is not yours personally you tend to abuse it. You see the sad mentality of the majority of Africans is this, we don’t care about other people! I’m being frank and honest here! We are great hypocrites! We are headed for a serious disaster and even if Govt wants to increase taxes to poor Zambians left right and centre the amount of money the Govt will generate from this exercise is a fraction of what it would get by reducing their huge bill of their wastefull expenditure of luxury SUVs, high allowances and salaries. This goes all the way right into the behaviour of parliament where gratuity and allowances over 5 years can exceed USD100 million! What madness is this pray I ask! Heaven help these mad and selfish children of yours for they are surely cursed!
….i think the cursed are the unpatriotic Africans like you whose minds have been colonised to believe anything African is bad and anything white is good. What a shame…
@Zambian citizen the cursed have always proven to be 1diots white or black who are not honest with themselves! If you are a Christian what did Jesus say about removing specks from other people’s eyes when you have a chi big mukula log in your own eye? Eh???
And an honest mind doesn’t dwell on rubbish which tells them all is doomed. In every situation, there is need to recognise what is good and what is lacking. I am nit saying we have achieved economic success but there are areas to be positive about than dismissing everything as absolute failure. Yours is a dishonest mind that won’t appreciate any good done by PF. Do not try and hide behind Our Lord Jesus Christ and try to decieve people with your skewed philosophies. Colonised 1diot!!
Now this is a reality check, can Mwanakatwe at ministry of finance counter what Simumba has put forward here? The answer is obvious, the gist of the matter is why are we failing to disclose the true figure so that we know were to start from. If a Zambian like Simumba can disclose such alarming information what makes Mwanakatwe think that the IMF can fail to be in possession of such? We have educated people but we fail to utilize their expertise to solve our problems. Instead we take our problems to the outside world and hope that they will solve them for us. What a paradox and sad state of affairs, lies have short legs. Lungu wake up or is it Mutaware.
She has nothing to counter with …that’s why she was appointed there as she is happy to lie; Felix tried it but realised that the lies were starting to pile up and catch up with him.
Well done Brother Trevor for that summary. Please my fellow youths let us ignore all the old and recycled politicians. They just a share waste of time. There time is long gone. Let us focus our minds on our National dwindling economy. I think its about time all the Zambian educated youths and technocrats begin to put up strong debates on the state of the economy.
FEAR: is our Legislature invoking and/or exercising it Power in accordance with Article 63 (2) (d) and (e) of the Constitution of Zambia? We, the Zambians Trevor included, are constantly questioning the State [Executive Wing of Government] on issue like DEBT and PUBLIC EXPENDITURE, Parliament seem to be sleeping for one reason or the other.
CONSEQUENCES OF ICI VOTE VOTE!
What we need as Zambia is IMF or WORLD BANK to set up in Zambia so that every citizen can borrow on their own and pay back on their own. No need for Government to borrow on our behalf. What is the interest rate? Let IMF set up everywhere so that even rural farmers can benefit.
Ine, pamo nga Chitapankwa, nkaya mkuikongolela nemwine ku Washington DC. Its called self-reliance. Lets move away from this diea of government borrowing on our behalf. We can do it on our own.
Mwe mfumu it sound good but not feasible
So IMF and WB can come chasing you all over Chawama when you default…too expensive
It is shocking to see id1ots such as BR Mumba coming out and support the recklessness of these f00ls in government and try to lecture to Zambian people why they believe PF is the best government in the history of this country. These id1ots (BR Mumba) must be benefiting mountains of cash from Lungu and company because a normal person in his right frame of mind cannot support these visionless imbec1les at the helm of this country.
This is worse than reckless; borrowing to borrow an Exim bank loan which will not add anything of value to the economy…then you have the cheek to smile as you commission the project.
@11 Dr Makasa Kasonde,
Your contributions above are glaringly devoid of any intellectual substance, I doubt you have even a simple bachelors degree. It’s because of such Chinsali intellectual snobbery that Zambia today stands ruined.
BR Mumba is also another cantankerous donkey! It’s blasphemous to god that someone could possess such a monumental gift of stupidity, I mean, not even clowns come out so foolish as this BR *****! Some people deserve to be shot, they’re such a waste of space.
As long as Zambians remain comfortably cozy with being rented out to support foolish charades like the one Mutaware is staging in our corridors of power, we shall alaways remain in debt and under developed. The Mumbas and Mushotas of this world ought to wake the hell up and smell the coffee!
With Mushota, he mental “erections” are truly striking a gutlessly lunatic level, sometimes one is given to wonder whether she is on drugs or it’s just a gift of stupidity god endowed the silly whore with. She needs prayers, sick in the head she is.
Iwe Simumba, like your HH, you used to score Cs at UNZA and now you want to lie that you know something when not? Your HH calls himself an “economic manager”but then, what has done for those who support him? Why aren’t they better than most of us who dont believe in him? If you cant run run your small entity party like UPND, how on earth can you better run a country as massive as Zambia, bufi! Charity begins at home, and what we see is UPND going from bad to worse under the watch of the “economic Manager”. HH says, “when we form government, we will create jobs”, which jobs? Categorize them and explain how you will do it, otherwise it is just a political rhetoric no one can buy in.
Simumba you should try advising the USA on their borrowing, The USA borrowed and borrowed and they are still borrowing, look where they are Today. Headless chicken advise !!
You mean the US that is funding your filthy sewer systems in Lusaka for half billion dollars because you are too lazy to do it yourself!!
Umulembwe wafipuba bupwila muli Tumfweko!
Rats are dangerous! They bite deep and soothe!
By the time the victims wake up, there will be nothing left!
Africans never learn! Look at the way they support their tuma political parties – as if they are supporting Man U or Arsenal! Things are going bad but they don’t get it!
Maybe they will listen when more people with correct surnames speak out!
To those in the Diaspora, don’t make the mistake of coming back to this wrecked place! Zambia is finished as we speak! We are just waiting for credit rating agencies to put the final nail then we go the Zim way!
From these loans, the PF have to please themselves first and the electorate second. There is a genuine desire to deliver some “developmental projects ” as they call them to their mostly illiterate electorate but the problem is everyone with an influential position from the head to the toe want to “eat” from these loans including those who are supposed to be enforcing accountability such as the ACC.
What will in the end happen is that all those planned economic multiplier effects initially envisioned by the late Sata in his many radio interviews etc will result rather into multiplying our debts to insumountable levels. Roads will be there…Hospitals, bridges etc but the Kwacha will collapse and simply there will be no money to buy fuel to use the road, no drugs is beautiful…
I like it when a very dull cretin as you have shown yourself to be draws first blood! Have you understood what the article is about? Do you understand the basic fundamentals of macro and micro economics, are you able to distinguish between the two? Go read the WeeklyExpress news paper where Penza explained these subjects. Where have I said Africans are inferior? Yes I will talk about your Lord Jesus whom we worship and who was introduced to you and me by a white man. With arrogant chaps like this fake ZambianCitizen who refuse to be honest for the sake of Zambia it is 100percent sure PF will be out in 2021! As for being a patriot be you older or younger than me I’ve served Zambia in a capacity you will never.
Above Comment addressed to @fakeZambianCitizen
The truth is that the economic shartdown has already started (happened)…….
What will in the end happen is that all those planned economic multiplier effects initially envisioned by the late Sata in his many radio interviews etc will result rather into multiplying our debts to insumountable levels. Roads will be there…Hospitals, bridges etc but the Kwacha will collapse and simply there will be no money to buy fuel to use the roads, no drugs in beautiful hospitals, no economic activity to support the infrastructure…its like spending all your money on building a huge house only to end up failing to meet basic needs, schools fees.
Now they are faced with 2 options. Reduce on borrowing and focus on strengthening the economy now especially that they have allegedly stolen enough and live with unfinished infrastructure (but that won’t result immediately…
Cont…
Now they are paced with 2 options. Reduce on borrowing and focus on strengthening the economy now that they have allegedly stolen enough anyway and live with unfinished infrastructure (but that won’t result into any money in people’s pockets and recipes for chaos) or continue to borrow so they can “sontanpo” in 2021 and deal with a huge economical catastrophe in 2022 after securing victory…what a mess . Wouldn’t want to be ECL.
How much US dollars did they use to kill cholera?
@ Proud Zambian
When you make comparisons, it has to be like with like. How can you compare Zambia to the USA and Japan? These are called developed countries. Zambia ‘s league is Zimbabwe, Somalia, South Sudan,Mali ,CAR etc,
The writer of this article is spot on and this is very painful to read by supporters of Lungu. Like he said, this is going to be part 2 Structural adjustment programme.
It’s amazing how UPND cadres want to lecture to everyone on the pending economic shutdown, which will never happen. It only exist in your brainwashed dull heads. Use numbers to answer Proud Zambian and stop generalising. Get a life and go for a convention, It has been over 15 years since you had one. How can you have all party positions appointed by the supreme leader bo HH?
I used to have some respect for Trevor in the past until I discovered that he talks more than he produces. I bet you can’t name a single organisation that has hired him and has not been dissapointed in his deliveries. Undo, dfid, USAID name them, they all have bad reports on him. He now he is practically jobless, he sees upnd and HH as his saving grace. Good luck my friend, with all those wives and girlfriends who are sustaining you, you ranting must yield results soon.
Useress pleaser of sponsors – the hand that feeds him. Irrelevant. Some ignorant Africans are a curse to their continent’s success and development. They represent interests of others. Ask Hazaluza Hagain he will agree that this guy is also in the same toilet – sorry pocket with him.