The Economics Association of Zambia (EAZ) has called for the full reconciliation of government’s public debt and public guarantee debt.
EAZ president Chrispin Mphuka said it is high time the government made public the exact amounts in public debt and public guarantee debt.
Dr. Mphuka said this will clear speculations on Zambia’s public debt given that there could be some other loans government contracted but which are yet to be added to the public debt.
In an interview with QTV News by telephone, Dr. Mphuka said his association however agrees with the government public debt figure of $9.3 billion.
Dr. Mphuka said the EAZ cannot dispute government’s position not until it is given the full details of what Zambia really owes to the outside world.
He said his association hopes that if indeed the Ministry of Finance has released a current debt sustainability analysis report, the document will give a full picture on Zambia’s debt.
Dr. Mphuka warned that not publishing the correct figures of the public debt will bring serious consequences in terms of the country’s credibility.
He said this is why it is important for government to acknowledge what comprises the public debt and how much has been borrowed as public guarantee debt.
When someone leaks the true debt ….they will run to the press and state that the public should not be privy to such information.
The true extent of debt will only ever be known after this government is out of office.
These guys are too secretive.
Zambians deserve much better.
During run up to 2016 elections, over $2-Billion was secretly borrowed by Lungu but not reported to treasury.
This money was siphoned into private accounts belonging to Lungu, Mutati & a few PF thieves. Part of that amount was the $500-Million Fake Loan from Lewis Mosho to Zesco which was signed by Lungu instead of a Minister of Finance.
Sad part is every cent will have to be repaid by Docile Zambians who know nothing. They’ll continue dancing for Lungu at Airports as he flies out & in to conceal & transfer funds, open new off-shore accounts, seal oil deals etc.
That’s the reason why PF can’t disclose the real figure. Only a change of Govt will reveal the extent of plunder by these PF Bandits.
Currently Govt is only repaying the interest on debts yet it’s absorbing 33% of…
CONT’D…
Currently Govt is only repaying the interest on debts yet it’s absorbing 33% of budget expenditure. Next year, the repayment of the principal debt itself will begin. Brace yourselves for suffering comparable to Congo DR, Somalia or Zimbabwe.
Pwahahahaha, you Dununa’d yourselves ba mambala.
Unfortunately the PF have taken is to the point where we have to continue borrowing …we are not generating adequate revenues to cover expenses and swimming in deficit. With projections done even by GRZ itself there won’t be adequate revenues to cover this even by 2019.
Ba chimbwe no plan PF thugs have stolen most of the money thats they are hiding facts about how much debt Zambia has.
Watch youtube video”Lungu and kaiser are thieves” to understand how much these thugs have stolen.
By they way news reaching me from Kenya is that Lungu actually landed in Kenya for the optics and then proceeded to Isreal for treatment.
I understand Lungu is not well at all. Effects of excessive drinking have taken its toll.
Kaya ngati Lungu azabwelela vertically or horizontal.
This is serious stuff bane. Thats why Lungu had to abandon the burials of two prominent politicians.
God is great out there. He might have answered our prayers.
@Wanzelu,
Which way do you prefer him to come back “vertically or horizontal”?…..you made my day.
Wanzelu – I saw a clip of the lazy thing with Kenyan president on Kenyan TV…Kenyatta was talking to Lazy as he is some junior work colleague you meet at the bar…one thing the lazy bum doesn’t know about Kenyans is that they like to play but when it comes to work they put in 110% whilst you are nursing a hangover.
You have a President who goes to Nairobi without his assistants and Ministers on a Private visit for more than four days then engages his counterpart in Bilateral talks whilst dressed in jeans…who are you cheating? This is why the likes of ZWD speculate …what’s stopping people saying he is there for oil deals or to see Kabila
How can you trust such a leader???
We will not tell you tha actual debt Incase you bewitch us. For now it is about half of what each one of you know!!
By the time Zambians wake up from their slumber/docility/stupidity, Mutaware, his daughter and the whole bunch of bandits will have evaporated into thin air in Malawi or Mozambique or some other bolt hole. The problem of Zambians is to know when to wake up!. Lets assume the $9.3 billion is the actual amount Zambia owes, what evidence is there to point at where the money has been utilised? But you can easily point at Mutaware and his daughter’s investments? How can you people allow your money to be siphoned off with your eyes wide open? Please wake up.
Ati beacause Zambians are peace-loving people….all smiles… no action.
All good for them.
Survey: 98% of PF believe there is no corruption in Zambia….there you have it. Now you know why.
I still stand by a total debt of $17 billion.
I stand by $27 billion + 10% annual interest
The problem is that there’s so much misinformation that even the truth is being doubted. Since govt has employed mainly Thief Accountants, they’re unable to give a detailed breakdown of figures. So it’s better for them to just give a round figure to avoid problems, if they give details those that won’t be listed might claim and mention what they are owed and for how long.
We collective owe us$15bn which translates to about US$937 for each of the 16 million of us. This isn’t a lot of money guys. If each one of us paid US$937 we would be debt free instantly. The problem is a portion of the US$15bn was looted by the politically connected and these are the people who should be repaying this debt. now all of us are going to pay through the austerity measures being planned which is unfair.Who ever stole , please search your conscience and pay back a portion of what you stole.
I survive on half a dollar per day (Five kwacha) on average.
I am prepared to pay 30% of this towards the amount you mention. If I keep everything else constant from today going forward, it will take me 17 years to pay the US$937. But I am sure I will have accumulated more debt 17 years from now.
GRA, don’t be pressured to tell Animo Farm! The question is irrelevant! It is from the HaTribes Association of Zambia. THey have an agenda. A very bad agenda for Zambia! They are tribalists.
Let’s develop this thing! We are in a hurry to do so. Meanwhile, he will NEVER be president. We will send him to retirement in 2021. I am talking about Childish.
I meant GRZ! Sorry Hagain!
Childish.
Like the 1993 Gabon report that has never seen the light of day from successive governments, the exact amount of Zambia’s debt can never be revealed by the government because that can be ‘suicidal’, and still the revelation might be seen to be in bad faith in as far as credibility of the government is concerned. So, the best the government will do is work out damage control by way of waffling on the subject, knowing too well how an average Zambian is in docility.
Lazy Lungu is very lucky to Head of State with such docile people as Zambians …he does not bother to even host a Press conference or briefing ..he just sends his boy Amos to conjure up lies on the go…
To expect these thieves to own up and declare the actual debt is being presumptuous and naïve. The ministries contracted debt without approval of the Ministry of Finance. There is a lot of rot in the debt contraction process and hence being very economical with the truth.
You can have rats in a groundnut granary and expect them not to eat the nuts. That is what this administration has been.
Dr. HaMphuka is right.
Before any figures are published, people need to consider these important facts:
Most of Zambia’s, and Africa’s debt in general, is artificial – a result of global capitalism and economic oppression by western economies. Corruption and failed leadership is only half the truth behind the reason for our debts.
The full truth is that our leaders (at least most of them) are eager to eradicate poverty and create better conditions of living for our people but are faced with obstacles on the global stage that force them to impose high taxes on their citizens and sell out their national resources under their value.
The only way out is for African countries to gang up and create their own economic stronghold against western exploitation.
@Nine Chale, brilliant! You are talking above the heads of “educated” HaTribes Association. They cannot Handustand you.
Lazy bum tribal insolent son of a tribal polygamist father and leader of the Hooligans and Bully Union of the Tribal Grouping can’t get it!
When government makes it public (they already have), is your mother going to pay the debt?
Just laughing at jj and Spaka lilo, they uave something to yap about. Any wrong thing by h.h does not entertain them. Even the shameful Charmaine debacle by h.h was not funny to jj, at least Spaka expressed an honest opinion about it. Not Mr jj, he would rather divert our attention from his shameless unelected dictator and tribal god h.h by telling us about ATM card from NatWest bank!
This jj tribal, he is so intoxicated with his tribal god h.h that even what Presidents Lungu and Kenyatta are wearing is an issue, he can’t even see in the photo that it is President Uhuru Kenyatta who was wearing jeans, our His Excellency was also in casual wearing a suit without a neck tie. Nothing really to you and me, but then you and me are not tribal but normal people aren’t we?
Same drivel everyday ….your silly HH, UPND and tribalism….sorry I have no time to waste on irrelevant issues to me..try someone else
It’s not that they do not want to reveal the true debt. It’s just that they themselves don’t know the true debt figure since every ministry and department including state house has been borrowing without the knowledge of finance hence no one can know the true figure. It is only when creditors will come knocking on finance for their nkongoles one by one is when they will get to know.
In my little knowledge of economics, if there are hidden debts, it would impact on the amount of money coming out of the treasury. That way, indicators like inflation and the exchange rate would indicate more money is leaving the treasury than is being reported and those indicators would spike. Media reports also have a habit of affecting such indicators. But in Zambia, despite the negative media about hidden debt and all, these indicators have remained stable since 2015. Is PF such good conmen who can manipulate such fundamental economic indicators or we just downright have a USELESS and extremely clueless opposition who have nothing to offer Zambians except their lies, bitterness and 1.di.oicy such that they unashamedly publish rubbish daily in the hope of an uprising and a backdoor…
…ticket to plot 1??? The recent by-election seem to show Zambians are disillusioned with the confusion the opposition are bombarding them with daily. Fake debt assumptions and media barrages are not working. The opposition needs new and fresh strategies and characters who can genuinely challenge the PF. Rigging, dictatorship, corruption and debt is fast losing momentum.
The Zambian is so Dull, he will be afflicted with Cholera, whilst lying on a filthy floor, doing painful Shiki pol0.mya & dying in a so called hospital that would NOT pass for a Pigsty in a functioning State.
All the while S/he will be on the phone blogging support for Atambwali aba of the P.F Plunderers Federation.
As The Zambian finally passes on & dies from a treatable condition, that would have been treated with simple medicines, he lets out his /her last painful breath, sighing DUNUNA…..
THAT’S THE TYPICAL UNFORTUNATE END OF THE DOCILE DAFT ZAMBIAN.
The debts stands at $ 900 billion. I hope I have answered you. So do something about that figure now that you know. I am sure you are celebrating to see that big figure.