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Wednesday, September 1, 2021

No more loans, orders President Lungu as he bans travel and suspends financing of unfinished projects

Headlines No more loans, orders President Lungu as he bans travel and suspends...

Minister of Finance MARGARET MWANAKATWE
Minister of Finance MARGARET MWANAKATWE

Finance Minister Margaret Mwanakatwe has announced that President Edgar Lungu several new austerity measures in an effort to address the country’s worsening debt crisis.

Finance Minister Margaret Mwanakatwe announced in statement released late on Thursday that President Lungu ordered cancellation of some existing loans, banned the issuance of letters of credit and guarantees to state owned enterprises, terminated financing of development project that are below 80 per cent completion and cut down on ministerial travels with immediate effect.

Mrs. Mwanakatwe also announced that the Ministry of Finance has banned all government officials from making public statements on economic matters and debt contraction, going forward.

She said the making of several statements on economic and financial matters by unmandated government officials has continued despite a cabinet decision against the practice adding that this has sent wrong signals that have impacted negatively on the performance of the economy.

Mrs. Mwanakatwe also announced that the debt sustainability analysis (DSA which has just been completed has confirmed that the total public external debt as at end March 2018 amounted to US$9.3 billion, up from US$8.7 billion in 2017 while domestic debt stock (government securities) amounted to K53.5 billion from K48.4 billion over the same period.

“Let me again, emphasise that we have reconciled all the debt with all our creditors and hereby confirm the debt position,” Mrs. Mwanakatwe stated.

Below is the full statement
MEDIA STATEMENT ON ADDRESSING FISCAL AND DEBT CHALLENGES FOR SUSTAINED MACROECONOMIC STABILITY AND GROWTH
_STATEMENT ISSUED BY HONOURABLE MARGARET D. MWANAKATWE, MP,
MINISTER OF FINANCE – REPUBLIC OF ZAMBIA_
www.mof.gov.zm

Introductory Remarks

1.
I welcome you to this briefing at which I will share with you perspectives on the current performance of the economy and the prospects going forward.
I will also address the topical issue of fiscal challenges and the debt position and its sustainability.
I will further provide measures that government is taking to bring the country back on a more sustainable debt trajectory, improve the fiscal position and entrench macroeconomic stability.
2.
Members of the media, the measures I will announce today coupled with other reforms will ensure that government remains on course with achieving sustained and inclusive growth.
I wish to further indicate that the measures come as a resolve from his excellency, the president of the republic of Zambia, Mr. Edgar Chagwa Lungu, who has already communicated in writing to all cabinet and provincial ministers.
This attests to government’s commitment to prudent financial and sound economic management.
The measures taken by president Lungu will become our blueprint as a government.

Economic Situation

3.
In 2017, government embarked on policy and structural reforms under the economic stabilisation and growth programme, with the view to strengthen our fiscal position for sustained and inclusive growth.
These reforms will lay a sound foundation for the effective implementation of the seventh national development plan, 2017 – 2021.
4.
The implementation of the reforms has shown positive results as reflected in some of the following:
I) the rebound in gdp growth from a dip of 2.9% in 2015 to the current 4.1% rate, above the sub saharan africa average of 2.8% for 2017.
Ii) reduction in inflation to single digits, recorded at 7.8% in may 2018 from a high of around 22.9% in february 2016 and holding within the band of 6 to 8% that government has set to attain in 2018.
Iii) the relative stability of the exchange rate of the kwacha against major trading currencies.
Iv) an improving current account that has been in a deficit since 2015. The current account deficit narrowed to us$139.2 million in the first quarter of 2018 from us$241.5 million in the fourth quarter of 2017. This was mainly attributed to a higher trade surplus following relatively higher export earnings.
5.
On the basis of the measures and other ongoing reforms, growth in the medium-term is projected in the 4 – 5 percent range, supported by an improving external sector. The fiscal deficit will gradually decline to 3 percent of gdp while inflation is expected to remain in single-digit.
6.
The stability of the macroeconomic variables is cardinal in re-establishing growth of above 7% required to reduce poverty. However, there are a number of challenges and risks that threaten the stability achieved so far.
7.
Therefore, in order to mitigate the threats to macroeconomic stability and overall government objectives of higher and shared prosperity, there is need to take timely and decisive policy actions.
8.
Let me now address critical issues on the country’s debt and fiscal position and related matters.

Unsustainable debt stock and high pace of debt accumulation

9.
We have completed the debt sustainability analysis (dsa) and a full reconciliation of our debt stock. The dsa exercise has confirmed that we need to undertake measures to bring debt risk to moderate from the current high risk.
10.
Total public external debt as at end march 2018 amounted to us $9.3 billion from us $8.7 billion in 2017. The domestic debt stock (government securities) amounted to k53.5 billion from k48.4 billion over the same period.
11.
Members of the media: let me again, emphasize that *we have reconciled all the debt with all our creditors and hereby confirm the debt position.
12.
In order to address the pace of debt contraction and the affordability of the debt, government has undertaken to implement the following measures:
I. Indefinitely postpone the contraction of all pipeline debt until the debt is brought back to moderate risk of distress;
Ii. Cancel some of the current contracted loans that are yet to be disbursed to reduce the debt service outlays;
Iii. Undertake refinancing on selected bilateral loans, both local and external, to extend the maturity profile and attain lower costs on debt;
Iv. Carry out an asset liability management exercise on the debt to ensure sustainability of cash flows;
V. Cease issuance of guarantees to commercially viable projects; and,
Vi. Cease the issuance of letters of credit and guarantees to state owned enterprises that are technically insolvent until their balance sheet challenges are resolved.

Government arrears

13.
The current stock of domestic arears (K12.7 billion as at end-december 2017) has adversely affected economic activity through elevated non-performing loans and subsequently contributed to reduce private sector financing.
To address this, the following are the measures to be implemented:
I. All ministries to concentrate arrears dismantling to areas that will significantly reduce non-performing loans and release liquidity to the private sector;
Ii. Ensure that zra comes up with profiles to liquidate current and non-contentious vat claims;
Iii. The secretary to the cabinet to ensure that civil servants take annual leave to curtail expenditures related to personal emoluments such as commutation of days; and,
Iv. The ministry of finance to enforce commitment controls to curb accumulation of new arears.

Debt contraction in Zambia

14.
Ladies and gentlemen, another issue that I would like to clarify is the process of debt contraction in the country.
Debt contraction is guided mainly by the loans and guarantees (authorisation) act cap 366 of the laws of Zambia. Cap 366 vests powers of debt contraction in the minister of finance.
In this respect, other than the minister of finance, no one has the legal powers to contract loans.
Further, under cap 349, the minister of finance is a corporate body, being an office that can be sued and thus on which loan obligations enforcement can be carried out.

Unsustainable government expenditure

15.
During 2017, budget performance continued to face pressures as revenues fell behind expenditures.
Consequently, the fiscal deficit, at 7.8 percent of gdp, was higher than budget target of 7 percent. Given the continued spending pressures relative to expected revenues in 2018, the deficit is projected to be higher than the 6.1 percent projected in the budget. Particularly, the financing of projects has continued to influence the deficit upwards in 2018.
In this regard, the following revenue and expenditure measures shall be implemented in order to maintain a sustainable deficit.

Revenue measures

I. The ministry of finance wi?l ensure that there is strict adherence to the programmed domestic financing in the 2018 budget;
Ii. The ministry of finance will compel fuel importers to make declaration of fuel imports at borders to curb the problem of smugglingof fuel;
Iii. The ministry of transport and communication will expeditiously implement the telecommunication transactions monitoring system for mobile service providers;
Iv. The ministries of finance and mines and minerals development will put in place legislative measures to introduce taxation on precious metal exports;
V. The ministry of finance will introduce electronically verifiable tax stamps on high risk imports to address the problem of smuggling; and,
Vi. The ministries of justice; finance, and lands will urgently resolve all land titling issues to ensure that the planned issuance of 300,000 land titles is attained.

Expenditure measures

I. The ministry of finance will only fund projects that are at least 80 percent complete;
Ii. In order to control the high expenditure on personal emoluments, recruitments will strictly be limited to the provisions of the 2018 budget;
Iii. The management of the payroll will be moved to the ministry of finance by the end of june 2018 to ensure separation of duties in order to enhance the authenticity of entries on the payroll, address payment of wrong allowances and ghost workers;
Iv. To cut down on the cost of running government by reducing expenditures related to both local and foreign travel, and workshops, the secretary to the cabinet has been directed by the president to immediately issue new travel guidelines that will reduce the number of travels and the size of delegations;
V. The ministry of works and supply will finalize the policy on government vehicles with the view to have them disposed off. This will reduce expenditures on running the government fleet;
Vi. The president has directed that a committee to crutinize the quality of expenditure in ministries should be set up under the ministry of finance.the committee will allow government to take remedial measures on unnecessary expenditures for the rest of 2018 and going forward.
Vii. Electricity tariffs with independent power producers will be renegotiated to ensure that there is parity between the buying and sell prices by ZESCO;
Viii. The industrial development corporation (idc) will implement the president’s long outstanding directive to relook at the portfolio of state owned companies to restructure the portfolio and bring in equity participation for those that are variable; and,
Ix. The ministry of national development planning will establish a multi-sectoral public investment board to scruitnize capital expenditure requests prior to submitting to cabinet.

Communication on economic and financial matters

16.
The making of several statements on economic and financial matters by unmandated government officials has continued despite a cabinet decision against the practice. This has sent wrong signals that have impacted negatively on the performance of the economy.
To address this shortcoming, the president has banned unmandated government officials from issuing public statements on economic and financial matters, including on debt contraction. Such statements will now be done by the minister of finance.

Conclusion

17.
In order to sustain growth and create wealth, it is important that everyone commits to these measures and legal reforms as outlined in the economic stabilisation and growth programme.
18.
Let me on behalf on the president of the republic of Zambia, Mr. Edgar chagwa Lungu, stress and assure Zambians and the international community that the measures I have announced are an undertaking by the government to set a sound foundation for improved economic management, sustained growth and safeguarding of the people’s welfare.
I thank you.

89 COMMENTS

    • Sinkamba told you long time ago…….so that is when it now sinking? legalize it!

    • It is Margaret ordering this.
      Especially after seeing all those who traveled to Kenya this week.
      I see Margaret can make a good president.

    • What do you expect when you a have a former bank teller masquerading as an economist and working as a Finance Minister….Margaret was getting promoted in the bank by using bottom power….

    • Too little too late. That’s when reality is sinking in with PF00Ls.

      Implementing the measures when Govt is bankrupt, treasury is empty is like giving overdose ARVs to a patient in coma.

      Anytime soon Kwacha will resume the bleeding exercise. Ala mukose bane, what we’ve been telling for the last 5 years you about your PF00L dunder-head thieves is slowly coming to pass. You chose to bury your heads in the sand like an ostrich. Ati chikonko mwikate, kikikikiki.

      Muzanya oilo bane.

    • Who is going to give a loan anyway when they are in the red…really laughable..its likened to a Father telling his children that they are vegans when he is broke..

    • @ Nostradamus, She’s actually Margaret Mhango, Malawian of origin.

      She can’t be president besides her not being capable besides a borrowed English accent.

    • There are now 29 Lusaka Mayor aspiring candidates vying to stand on PF ticket.

      It just tells you how rough things are in Zambia. Tu poto are the only escape from poverty & conduits to steal.
      Miles Sampa, Brian Hapunda, Munir Zulu, Fisho Mwale, Shakafuswa, Maureen Mwanawasa, even ECZ IT director. It’s a Piranha frenzy.

      During elections, every PF00L thought they would be appointed minister, permanent secretary, ambassador, embassy attache,

    • Are you not the same gvt who said the debt is manageable? So you where cheating Zambians in order to win their vote. do you know that cheating is a crime/sin and you say you are xtians?

    • Even Herve Renard the former PE teacher given an opportunity by docile Zambians …is now at the World Cup in Russia as Manager with Morocco. …Zambia is still wallowing in mediocrity even the greedy officials who resigned have extended their contracts just to travel to Russia to take selfies with former football stars.

    • These are measures that should have been taken in Alex Chikwanda’s 2015 national budget. But because Chikwanda has financial husbandry skills that are worse than a drunken sailor, he didn’t takes appropriate measures. A drunken sailor spends his own money that piles up while he is at sea and therefore has a budget surplus. Chikwanda spent borrowed money carelessly and that is worse than drunken sailor.

    • Its good president Lungu has realised things are not okay. For how long can the government hide the amount of debt? When we said Lungu is flying all directions some PF good for nothing thought we didn’t know what we were saying. Now chipantepante style some projects including clinics below 80% will be abandoned despite the fact that they have chewed commission. He has stopped his ministers today, Mr Lungu needed this realisation the time he visited Tanzania where the genuine president saves alot of money from travelling. Ours has wasted millions of dollars visiting African dictators. Official opening of useless projects such as pole treatment, maternity wings, toilets and vegetable garden viewing both locally and abroad have chewed alot money by our president. Such projects can be…

    • All because no Zambian loans can be approved apart from IMF controlled ones.

      Nkani zalula ka. Lungu is going back to IMF in the coming weeks to beg big time. He will accept whatever condition IMF imposes.

      Lungu and Kaiser must stop stealing.

      Watch the youtube video”Lungu and Kaiser must stop stealing” to understand bad Lungu’s theft is.

    • He should have started leading by example. He cut down on ministerial travels with immediate effect, but yet the same day him is travelling on a private visit using the scarce government resource.

      Sima setting aya kansi?

    • How the new national airline take off now? It should be shelved too if they really mean it. But don’t bank on it.

    • Gov’t should at the stroke of a pen increase the forex that mines retain in ZAMBIA to say 55%,from the current 40% and the Kwacha will immediately gain.

    • Zambia never hides debt, it’s sustainable and being serviced – Mwanakatwe – Lusaka times 21 April 2018. Leaders who have no shame can change positions without apologizing. Pf leaders are like that. Not good for National leadership. Zambia’s economy is no longer growing, the only thing that has been growing during Pf rule is public debt and the pockets of those in power. Pf cardres are also suffering the same fate like all ordinary Zambians unless those being used to sustain the Pf rhetoric. Let’s wake Zambians, we are being taken for granted. These austerity measures are just rhetoric which the President was said to said before including travel ban but he keeps traveling around the country and abroad.

    • Government works as a collective, what it means is that all that is happening as been agreed upon by the ministers in cabinet. All the failures of the Pf should attributed to every minister, veep and president. None of these should be trusted again if they don’t resign now apologize when they are still in Government for for lying that debt was sustainable. To apologize after being fired or loosing power is fake. If there are good leaders in cabinet now let them resign and apologize like Harry Kalaba. Recycling politicians is robbing us of good leaders, most of the parties today including opposition have recycled politicians. We have MMD and UNIP Called Pf. MMD, UNIP AND PF called UPND. it means people without ideology masquerading as politicians just insulting each other and kneeling for…

    • Contd…. Votes to deceive us, because they can’t attract us through ideas. They divide us in order to look at each other like enemies so that we can’t unity to oppose them. Criminals are now more close to those in power than the ordinary Cadre and voters.

    • We have actually been given an advance warning. The 2019 national budget will be tough, really tough if we are to avoid getting creditors seizing Zambian assets.

    • Maloza at 1.7: Is the issue Margaret Mwanakatwe’s origin here? Maggie was born in Lusaka at the UTH. Her parents may have come come Malawi as many have said but does it matter? Her parents were paying tax in Zambia and were therefore contributing. Stick to the issue and not tribal concept of citizenship.

  1. Lungu has gone mad.

    The damage is done already.

    The only reason he says no more loans is because no one will lend Zambia money.

    It’s like shutting the gates after the horse has bolted.

    Senseless

  2. You see now you argued continuously through old Chikwanda that the debt was sustainable. Here you are do we have serious managers in Zambia or we have party cadre managers.

  3. Can we have Mushota’s insightful, eridite and perspicacious views on this please

    Eid mubarak to all

  4. WE CONSISTENTLY TOLD YOU THAT YOU ARE OVERBORROWING YOU ARGUED AND HAD HIDDEN ALL THE DEBTS. NOW YOU ARE EXPOSED PATHETIC FOOLS (PF) HAVE NO WHERE TO RUN TO! HOWEVER, YOUR MEASURES ARE A BIT SILLY IN WHICH YOU CANNOT RECOVER FUNDS YOU HAVE MISAPPROPRIATED THROUGH CORRUPTION DEALS.
    WE KNOW YOU ARE CRIMINALS HENCE THE REASON YOU NEED TO LEAVE OFFICE PEACEFULLY BEFORE WE KICK YOU OUT!

  5. Too late Mwanakatwe this should have been done right at the time the PF took over. Now yo have come to reality with the actual debt? Chagwa knows his place after leaving the presidency, What gallows. No amounts of shenanigans will woodwink us to think otherwise. The power of social media is working wonders. The FIC report has done it’s job, name the culprits involved ASAP. Kkkkkkk PF goons have lost direction.

  6. The measures Mwanakatwe has just announced are the same measures Mutati announced when he was Minister of Finance. The fact that President Lungu is giving the exact same instructions he gave last year and the year before indicates a pending economic crisis if IMF doesnt come on board soon. President needs to focus more on the economy than just politiking all the time. We cannot progress when we keep starting all over because the leadership has no vision. Its costly implementing economic policy using egos and now more austerity after fully fledged corruption has sucked public resources.

  7. Really laughable now the maize and bananas in the field have been depleted thats when it sinks in ….sonta sontapo …empty tins

    • jayjay … what personal battles do you have with herve renard, you seem to fume at the sight of renard. this guy herve renard did a lot for our national football team and must be held in higher esteem

  8. Lungu the guy banning travel for others is now out there in Kenya doing his own travel.Plus the unwise suspension of unfinished projects means they’ll be more costly in the end.

    • Really laughable…Lazy is gone to Kenya for a private visit for unknown days using GRZ resources…do they not have Facetime or videolink at State House?
      Lazy should have just been a minister…the man is clueless.

    • Last time Fossil Chikwanda introduced Sink Fund….PF do not have the fisical disclipine for such measures…just look where Lazy is at this moment in Kenya for a “private visit” he went to KKIA with a Helicopter but had the whole Cabinet of the tarmac to see him off…its clear lack of seriousness

    • It is a cover up for corruption allegations. He wants to shift people’s attention from gifts such as eSwatini plots.its all fake no measures here kuwayawayafye.

  9. Awesome for the controls though this should have been implemented from the word go.Please make sure this is followed with action and results not just announcing for formality.Monitoring mechanism should be put in-place.

  10. Chipantepante. Sontapo. Dununa reverse. Now we shall know the meaning of these slogans.

    Well done Zambians for stealing elections and failing to run the economy

  11. You can’t stop financing unfinished projects. You will end up with a country that looks like a ghost village. Finish the projects you have already embarked on.

  12. The loan contraction route was the easy one to meet pent up needs urgently. Ran its course now and laid fabulous infra-structure and amenities to unleash the next phase. That building of empty district hospitals, health centres and health posts was unnecessary. Better thinking is needed to provide universal health.

    PF should re-introduce advisory panels and the Levy like economic indabas to unleash other viable complex options to build on the solid indicators of GDP growth, exchange rate, inflation and BOP currently attained. Lots of awesome ideas there just waiting for right attention. Also implement all investments phonly being held up by environmentalists who think earth is a static zoo.

  13. The PF in Pf is there for politics, MMd in Pf is there for policy direction, uwafitala akaimena umwine.

  14. These austerities will make pf more popular because this is the song the oppositions have been singing. Whats then the relevance of opposition if pf is doing what everyone wants. Come 2021 the suspended projects will be revamped to hoodwink the electorates while the finished ones will be for sontaring. No chance for under5s in 2021. Am loving this development.

    • I think only an !d!ot would celebrate the fact that his country’s treasury is stressed and there is no more money all because he wants the stup!d party he supports to win again. Pure !d!ocy. Not an insult but a fact.

    • And on top of that, the same !d!ot doesn’t even know where the money will come from to revamp the stalled projects. PF supporters are amazing in their dullness, the failure to apply logic and common sense is mystifying. Someone is told ati we are broke and no more loans because we do not have the capacity to pay back, no more travel, no more projects all because the country’s money has been depleted meaning we are poorer and some chap is happy????? Is there a normal brain muchimutwe icho?

    • The last time we had austerity measures was to clear up Chiluba’s mess with regards plunder and over borrowing. Mwanawasa got us to a good place economy wise, nice stable economic indicators. Ka exchange rate there cutting, people with buck in their pockets. Then dunderhead number one (Sata) convinces a multitude of other dunderheads that life was bad unless PF was voted in. It is hilarious that PF are implementing austerity measures to clear up a mess they created and this brain dead zombie comes here like the moron he is to come say austerity measures will make that directionless party of yours more popular? Are you normal muntu wandi?

    • Where is B.R. Mumba to explain the mind-blowing (but very nonsensical) Zambian enterprise that will make us triumph economically and rival us with only the USA? Mr. Mumba Sir, you need to stop smoking that hashish stuff and float down to reality. Too much air in the clouds there were you always float.

    • The PF rats who were sontaring at shi.t now trying to convince us that that shi.t is ok …..?

    • @Dudelove,
      Tell them…
      It’s amazing how such simple logic doesn’t sink into the heads of these so called PF elites. D.A.M.N !!!

      They have all evaporated for now.

    • dudelove… can you compare your partheic parents to ba Sata you are calling dunderhead. what did mwanawasa do apart from bringing exchange rate down. roads were in the worst state, salaries for civil servants were equal to garden boys. how i wish that man (sata) completed his 10yrs.

      what grade did your father end up with, if he ever went to school.

    • Sure you head is oval, your thinking is oval. If you have nothing sensible to contribute on this forum, please go and help with house chores!

    • Bo Akashambatwa, only other dunderheads cannot identify a fellow dunderhead. Sata was a dunderhead. No strategic planning skills, no leadership qualities at presidential level, just a loud mouth. If things are so wonderful under this PF thing compared to Mwanawasa, why then are you nincompoops crying for an IMF bailout? See how entrenched your dullness is? What economic returns are your infrastructure giving the country since all indicators are in reverse? Reserves at $1.8 billion? Growth at 3%? What type of brains do you people possess I ask again?

  15. There are a lot of leakages which need to be sealed in order to push the economy from it’s knees.Ministers expenditure does not commensurate with the work they do.The only sector which sacrifices is the public service.It faces a lot of austerity measures in term of wage freeze.And yet misters who do nothing are given allowances which creates a burden on the budget.President should cut and trim the number of cabinet ministers.The government is just so bloated that a lot of expenditure goes on trivialities.I hope and trust this will not be extended to pension schemes like NAPSA.This is because if the hand of the government is pushed into pension scheme,it will create liabilities such that pensioners will be unable to get their dues.Otherwise,the nation’s economy is bleeding and on it’s…

  16. Suspending unfinished projects will mean they start rotting then you’ll have to cough up more in the end.Lungunomics is a disaster no wonder our economy has been sluggish for 5yrs now.

    • some like the the copperbelt airport were going to be white elephants anywhere (snow white elephants). What they should do is evaluate those projects that would have an impact on the economy and stall those vanity projects like air Zambia, copperbelt airport and some such crap

  17. When we were telling PF to concentrate on immediate GDP contributing projects for import subsitution and export , they were in the midst of a tender issuing frenzy among them selves , they kept telling us investors will come flooding in.

    After $17 billion debt Zambia should be riding a wave of employment and export growth.

    Todate the only substantial factory inogurated by lungu was the fish food producing factory.

    You see creating manufacturing factories requires a lot of work and inicetive , something PF don’t have. They expect the private sector to do every thing for them

  18. Really??……….we shall see about that! The only Presidents who did not love luxury is KK and Sata

  19. When the minister for broadcasting announced that the expected telecoms towers will create 10 , 000 talk time selling jobs , the resident kaponya rats on LT even started sontaring ……really ?

    When PF announce seasonal labour jobs that come with a major road project , you see the same kaponya pf LT rats celebrating…..really ?

    And these are supposed to be the educated Zambians celebrating the creation of seasonal jobs……if all PF supporters on social media did demand creation of manufacturing jobs , we would not be in this mess….instead they just watch lungu give $68 million ZAF uniform import to his cronies ….they just watch lungu giving the RATSA traffic management deal to Lebanese ….really ?

  20. What is this ***** talking about? She is clinging on as a member of parliament for Lusaka Central?
    Only in Zambia where everything is in the reverse. Bwalyfya kuli ba Koswe .

  21. very smart for the PF.we still have two and a half years to right the economy.Ladies and gentlemen,all those who did not take advantage of the two year window,the door has now closed.Its time to do the right thing so we can win the 2021 elections using UPNDs economic ideas…But who will lead the course?Lets get Dr,Situmbeko Musokotwane on our side

    • Hehehehe

      Right now only 2 variables will determine when , not if , the gate of lungu and his gang will be sealed ……..the weather and the chinese economy.

      Any wabbles any of those two and you will see lungu and pf puluputaring…..

  22. Better late than never.
    Let’s ACT NOW with a STRONG RESOLVE.
    “ALL HANDS ON BOARD”

    We can still come out of this s#!t.

  23. Other austerity measures should include getting back the refunds on all overpayments for fire tenders, ambulances and road contracts as well as all the payments due on Mukula logs that have been exported.

  24. I think Zambia is doing fine. We need to continue to develop our nation. Do not listen to “Debt blowers!” They want to make us stagnant. Even the U.S. has debts from China.

  25. Even #B R Mumba, Sr has no words; We have been warning PF for years now; and uniformed PF cadres thought we were joking; let reality now hit;

    • Zambia has no chance whatsoever to be commercially viable meaning from day one of its operations to the day that it will be shut down.

  26. ANOTHER LIE BY THE CORRUPT PF GOVERNMENT
    10.Total public external debt as at end march 2018 amounted to us $9.3 billion from us $8.7 billion in 2017.
    The loans from Chinese corporations put the external debt closer to $20 billion.
    The truth is slowly coming out….

  27. Does this make h.h better looking? Not at all, h.h can never be a better option for Zambia. I keep telling you that even if a frog assumed power at state house today, h.h cannot be better, by far! He remains a tribal dictator, undemocratic, corrupt, surrounded by corrupt tenderpreneurs, and murder accomplices. Politically h.h was still born in 2006, just waiting for post mortem before burial in Namwala or any other southern stronghold.
    jj, try propping up another tonga not this brat!!

  28. No surprise here. This stance should have been taken straight after Mr Chikwanda or better even during his tenure. The excessive and dangerous borrowing has been repeatedly called ‘sustainable,’ by Ms Mwanakatwe even when people were wriggling around in discomfort.

    It’s better now that they have taken note and responded. America is causing great waves in international markets with it’s selfish ‘make America great again,’ strategy. Now that China is under it’s attack we will also feel the strain as China (our African economic messiah), tries to vamp up its response. When USA coughs, the world gets severe flu!

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