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Alba Iulia
Thursday, February 27, 2020

Zambia holds talks with China on how best to request for loan repayments delays

Headlines Zambia holds talks with China on how best to request for ...

Minister of Foreign Affairs Joe Malanji shake hands with outgoing Chinese Ambassador Yang Youming shortly after the ground breaking ceremony of the construction of Conference hall at Foreign Affairs
FILE: Minister of Foreign Affairs Joe Malanji shake hands with outgoing Chinese Ambassador Yang Youming shortly after the ground breaking ceremony of the construction of Conference hall at Foreign Affairs
Minister of Foreign Affairs Joe Malanji has held bilateral talks with a Chinese delegation from the Ministry of Foreign Affairs in Nouakchott, Mauritania.

Mr. Malanji Who is also Kwacha Member of Parliament says the talks were based on how best Zambia can request debt moratoriums on the loans.

Mr. Malanji says Zambia, like other countries is trying to restructure the loans without any impact of interest.

The Minister says the country has been faced with challenges such as the drought two years ago , were the country had to import electricity.

Meanwhile, Mr. Malanji has stated that there is need for Zambia to attract investment especially in the agricultural sector.

He disclosed that this is in a bid to diversify the economy, which is in line with the blue print, the seventh national development plan.

And the Minister says the AU summit which is under the theme Combatting Corruption, A sustainable path to Africa’s transformation” is key to Zambia.

Mr. Malanji says President Edgar Lungu abhors Corruption and that it is for the reason that he has constantly asked ACC to conclude investigations on the cases.

Mr. Malanji says it is also for this reason that Government is strengthening structures to fight the scourge.

Mr. Malanji says corruption is a cancer that needs to be fought tooth and nail.

Meanwhile, Zambia will not fail to pay its debt, Finance Minister Margaret Mwanakatwe said on Thursday, after concerns emerged about Zambia’s debt levels.

Mrs Mwanakatwe also told parliament that Zambia, one of the largest copper producers in Africa, would keep reviewing its mining tax regime to ensure it is in line with “what the country wants”.

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28 COMMENTS

    • First of all, they do not know the Chinese but they think they do. It is dangerous to take your knowledge too seriously. Only in religious circles do people do that. In other walks of life, it’s better to leave room for possible error on your part. Welcome to the real world PF government.

    • Lungu has messed up big time.

      The only way these loans can be repaid is by seizing personal assets of current leadership, which will amount exactly to the loans obtained in the last two years.

      Lungu is now rebranding himself. This man is impotent, he is always sending Wina to meetings while other countries always send their presidents.

      Things will get a lot worse people. Mukazileka kusamwa, koswe sivintu.

    • They are good at shouting “infinti ni Lungu and sonta” but when it comes to repaying it becomes a problem surely if you are borrowing to fund overpriced projects how can you manage to pay back? Smart people of Zambian Enterprise…bunch of lazy dingbats!!

    • Delaying loan repayment is like digging a hole to fill another hole. Chinese will demand to be given state assets like the way they grabbed the port in Sri Lanka.

      If they can’t repay now when the copper price is high, when can they afford? When they’ll be busy repaying EURO-BOND & copper price is low?

      PF00Lish Govt is a Chimbwi no plan. Next they’ll sell Zesco to Chinese. Zesco is bankrupt & failing to pay $70 million for imported power from Mozambique.

    • maloza – Its likened to rushing to your bank to request them to cancel and agreed direct debit, obliviously such a request incurs additional charges and extension to time…the educated fooools like JUNIOR the banker are nowhere to found on such issues but its the very selfsame dingbats bootlicking his drunkard of Finance Minister Maggie.

    • The Americans, the French and the British have been practising diplomacy from before the two world wars. They have learned much from both good and bad experiences and they have allowed their scholars to document some things in book form. They observe you from body language, verbal language, sitting posture, etc. In really serious meetings, they will meet and share notes when they are alone to evaluate the encounter. They will ask “what did they really mean about this word?” “Can we trust them on this?” “Where are we not sure?” In other words, is what they say in public the same as what they say when they are alone? This is international diplomacy. It’s a bitch.

    • Just wait till 2022…then they real dancing will begin…at the moment China owns you all that work that Mwanawasa and MMD did, destroyed by Sata and his drunk Kaponyas

  1. “…Minister says the AU summit which is under the theme Combatting Corruption, A sustainable path to Africa’s transformation…”

    You will never see lungu attended such…he is afraid of facing the media at such gatherings..

    • Corruption is worse than prostitution. The latter might endanger the morals of an individual, the former invariably endangers the morals of the entire country – Karl Kraus

  2. “…..Mr. Malanji says President Edgar Lungu abhors Corruption and that it is for the reason that he has constantly asked ACC to conclude investigations on the cases….”

    42/42 ? Mukula that is movedcand sold at night ? Lungu secretly signing $500 million loans in corners alone without telling anyone ? Paying $280k for a $80 k ambulance ? Swazi land gifts ?

    Those are just little bits of lungus corruption ……

    • When you look at what China has recorded at their ports regarding imported Zambian Mukula compared to what our govt has recorded as exported out you will be shocked by the huge difference…

  3. Why are we as country in a hurry to source outside investment, but we have failed to empower locals to be self sustainable.

    We want the outsiders to come and exploit our virgin land in farming when our farmers are crying from bad market prices in addition to harsh conditions during production.

    No proper value addition in the country and when the investors come they will do what we are supposed to be doing and leave the country with cheap change while they bask in our riches with a select few authorities

    • We have lazy leaders with no vision …please tell me what Lazy Lungu has done in his life before presidency apart from drinking!!

  4. They were just signing without paying attention to small print in Chinese! How reckless! It’s either they are genuinely concerned about the debt trap or Chinese bribes have gone down and they want to create an enabling situation to continue breastfeeding from the Chinese breast of corruption!

  5. We told you foooools not to borrow for consumption and to fund overpriced projects now the day of reckoning is near…now you are asking for repayment dates to be moved forward. Whats stopping China asking for more natural resources….this Lazy thing has put us and our children in debt!!

  6. PF don’t push the burden of paying loans to future governments, especially that the debt figures are bone chilling.

  7. Where are the equally corrupt PF rats upnd cader, njimbu and ndanji ?

    Looks like their corrupt theif lungu is digging a bigger hole to use the soil bury the smaller hole ……then all these PF rats come up with is ” even the USA does it “

  8. Zambia has the capacity to pay. This must not worry HH and his company. It will not come from their mothers’ pocket. We have never defaulted on any loan. We can get some more to develop our country.

  9. Who are you trying to fool malanji. Zambia is already paying interest through NRDC, jacaranda school, Kamwala prison, Mukula logs etc etc.

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