President Edgar Lungu confers with Commerce Minister Magaret Mwanakatwe while Zambia Breweries Country Director Mrs. Annabelle Degroot looks on during the tour and commissioning of the malting plant in Lusaka South Multi-facility Zone

International Trade Consultant Trevor Simumba has charged that President Edgar Lungu has no idea about the true extent of the country’s debt crisis.

Mr Simumba charged that people working with President Lungu are lying to him over the debt situation.
He lamented that those like him who have spoken out about the country’s debt position have been labelled as not being genuine.

“The stock of external debt as at end of first quarter = US $9.37 billion. Total guaranteed debt = US$2.7 billion. The stock of domestic debt as at end June 2018 was K51.86 billion = $5.2 billion.
Domestic arrears in the first quarter 2018 increased to K13.91billion = $1.39 billion. Add it all up equals to: $18.59 billion is owed by the Government of the Republic of Zambia in a country with a current GDP of $25.5 billion,” he stated.

“If this is not a debt trap then I think it’s best to remain quiet and let the big brains figure this out. What a tragedy for Zambia. May God help us,” he said.

He added, “We just have to ensure in 2021 we take back our country. Just today a public servant was calling me not genuine because I highlight the truth. The truth is our country is in a deep economic crisis and sadly the President has no clue. They are lying to him and telling him its not bad it’s just people against progress. It is so tragic.”

Loading...

33 COMMENTS

  1. The debt has to be scrapped. It is completely unfair to let future generations pay for the shenanigans of this government. Development can’t wait and cannot be put on hold.

    I think it is important for both the present cabinet and the international bankers to see jailtime for this kind of thing.

    Also, it should become unconstitutional to take on this kind of debt, or sign trade agreements without a national referendum, or at least long time discussions in parliament.

    It is completely unacceptable that anyone can say that “President Lungu has no clue on the extent of Zambia’s debt crisis”.

    8

    4
    • But Edgar Lungu has no clue on anything. he doesn’t even know that he is commander in chief to order police t stop PF cadre violence!

      17

      0
    • It shall be made a law that the PS who signs an LPO for any goods or services to the Ministry shall go behind bars for life if he does not keep money aside before signing an LPO.
      He shall ensure to pay immediately a supply is made or he goes in fir life.

      Sane applied to Minister of Finance at national level.

      1

      0
  2. Dont sound political people wont take you serious.

    Dont says in 2021 we must take back our country. Who are the WE.

    Just put your figures across NOT with the view to incite

    5

    14
  3. ON THE CONTRARY THE PRESIDENT HAS A SOUND UNDERSTANDING AND CLUE ON NATIONAL DEBT BOTH PUBLIC AND PRIVATE BROKEN DOWN AS BELOW HE HAS THE TERM SHEETS AND THE
    MINISTER IS FULLY RETRACING TO ENSURE GOV OPERATIONS CONTINUES AND GROWTH THEY ARE NOT IRRESPONSIBLE AND CLUELESS ITS LISTED IN SUMMARY AS FOLLOWS AS ITS SITTING

    • Summary external debt data
    • External debt stocks
    • Long-term external debt
    • Public and publicly guaranteed
    • Private nonguaranteed
    • Use of IMF credit
    • Short-term external debt
    • of which Interest arrears on long-term
    • Official creditors
    • Private creditors
    • Memo: principal arrears on LDOD
    • Official creditors
    • Private creditors
    • External debt flows
    • Disbursements
    • Long-term…

    5

    10
    • The man is a clueless lawyer….He does even understand the first item in that imaginary term sheet.

      12

      1
  4. • Long-term external debt
    • IMF purchases
    • Principal repayments
    • Long-term external debt
    • IMF repurchases
    • Net flows
    • Long-term external debt
    • Short-term external debt
    • Interest payments
    • Long-term external debt
    • IMF charges
    • Short-term external debt
    • Net transfers on external debt
    • Total debt service paid
    • Long-term external debt
    • IMF repurchases and charges
    • Other non-debt resource inflows
    • Foreign direct investment
    • Portfolio equity
    • Grants (excluding technical coop.)
    • Memo: technical coop. grants
    • Major economic aggregates
    • Gross National Income (GNI)
    • Exports of goods, services and primary income
    • Personal transfers and compensation of employees
    • Imports of goods, services and primary income
    • Primary income on FDI
    • Current account…

    4

    3
  5. I
    • Current account balance
    • International reserves
    • Ratios
    • External debt stock to exports (%)
    • External debt stock to GNI (%)
    • Debt service to exports (%)
    • Interest payments to exports (%)
    • Interest payments to GNI (%)
    • Short-term to external debt stocks (%)
    • Concessional to external debt stocks (%)
    • Multilateral to external debt stocks (%)
    • Reserves to external debt stocks (%)
    • Reserves to imports (months)
    • Long-term external debt
    • Debt outstanding and disbursed
    • Public and publicly guaranteed
    • Official creditors
    • Multilateral
    • Concessional
    • Bilateral
    • Concessional
    • Private creditors
    • Bonds
    • Commercial banks
    • Other private
    • Private nonguaranteed
    • Bonds
    • Private nonguaranteed
    • Bonds
    • Commercial banks and…

    1

    3
  6. ETC ALL THESE FIGURES ARE KNOWN AND PUBLICLY AVAILABLE THE MINISTER ALSO HINTED IN HER BRIEF

    THE PRESIDENT IS CLUELESS ITS ONLY THE SLOW SMALLER REVENUE STREAMS THAT SEEMS NOT TO ADD UP ALWAYS THEREFORE THE GROWTH SIDE AS ZRA COLLECTS TO UNWIND THE FUNDING METHODS

    THE PRESIDENT IS CLUELESS HENCE

    5

    2
  7. THE COMMENT IS NOT CORRECT THE PRESIDENT IS VERY ALIVE AND KNOWS THE DEBT PORTFOLIO AS ITS SITTING TODAY 23RD JULY 2018

    3

    5
  8. We have suddenly concentrated on rapid infrastructure development as a country, without understanding that all this requires funding. Zambia has to learn to invest in its own natural resources in order for us to fully benefit from whats ours, we have foreign national flocking to our country now because they have discovered something we have never did ourselves in our own country. Lets not be selfish, a government full of incompetent people and the hall country is paying for it. God bless mother Zambia.

    6

    0
  9. You can choose to ignore the truth until it finally overruns you. On the issue of not knowing I beg to disagree, he knows full well the correct amount and its implications. The issue here is that he and his cadres need to continue stealing and eating, otherwise they will be behind bars by now. The IMF has seen through their lies and no amount of rhetoric or political hullabaloo will save them.

    5

    1
  10. Just look at that photo of Lazy Lungu and Maggie at that Zambia Breweries Factory …look at the excitement on their silly faces!!

    11

    4
    • Lazy bum clueless hooligan and triball online chief of the hoganization and son of a polygamist father who never imparted manners. Chanda Chimba III in-making.

      0

      15
  11. is it easy also to steal from Gov a Public Institution and still go unnoticed You mean our control
    systems are all that weak

    When you say something fairly accurately and factually people will often support and agree That is the point Its very difficult to still from Gov of the republic of Zambia may be abuse yes or codings outright theft no

    3

    0
  12. still as in stealing I like Simumba C ,but its incorrect to say the president and the minister do not have the excel sheet done on Power table

    1

    0
  13. Nama DIRECTIVES yacilamo, teti baku dauta abantu?
    Our ministers now work on DIRECTIVES. Margaret Mwanakatwe recently announced austerity measures, but I do not remember her receiving a DIRECTIVE from HE, so most likely the austerity measures are fake.

    1

    2
    • You go and read the article again I have provided the link below for you to read word for word so it sinks in your thick skull…it clearly states Lazy Lungu instructed his Minister of Finance…this is what happens when the president of a nation does not hold press conferences because dullards like you assume its the minister unilaterally issuing policy statements.

      lusakatimes.com/2018/06/15/no-more-loans-orders-president-lungu-as-he-bans-travel-and-suspends-financing-of-unfinished-projects/

      2

      3
  14. Now Ha jj should not misunderstand me. Nowhere have I suggested that Ha h.h can make a better president, he is simply not the alternative leader that we desire, which is why we keep giving him losses at elections.
    What beats me is why Ha-jj and others still think that Ha-underfive aka Ha-hh should continue to be their leader.

    2

    9
  15. President Lungu has no clue over anything bane. I have accepted it and that is why am still sane.

    3

    1
    • HH has no clue that HE WILL NEVER BE PRESIDENT IN ZAMBIA. He has NO CLUE THAT HE IS A LEADER OF A TRIBAL GROUPING & TERRORIST ORGANISATION. His followers have no clue too!

      1

      10
  16. Simumba is a VUVUZELA of foreign friends of HH who HH wants to sell the country to. He has no clue that we know that the reason he is a “Consultant” is that he has been “made!” Africans with “Muzungu Andikonde” mentality amaze me. It is one of the reasons we are where we are. Do you think they appoint Africans to go and serve those institutions for “free?” Trevor is just doing his employers a favour. The reason he is a “Consultant!”

    2

    9
  17. @ Sharon you are suffering from post period traumatic syndrome, were your period never ceases, hence your continuous hallucinations and rants on HH kkkkkk.

    1

    1
    • @17, Bamwine. Where you in a battle where HH lost? UPND tribal members are the ones who Hallucinate about the President and have PTSD! Are you in denial! We call what you are doing “projection” in psychiatry! Enjoy your chronic loser!

      1

      3
  18. This is a man who graduated with a distinction at UNZA, a remarkable achievement by UNZA standards! If you have been at UNZA you know how hard that achievement was at the time. Underestimate the President at your own peril! Guy Scott underestimated him! Where is he now? Childish and UPND tribal organisers underestimate him too! Watch this space! 2021, he will send Childish into retirement and GBM will be replacing him, then we shall watch the disintegration with great interest!

    2

    10
  19. It’s not that his advisors are lying to him or that he has no clue. He knows exactly how serious the problem is but he is not at all bothered to fix it as it won’t affect him today, tomorrow or ever since he would have amassed enough for him to sustain generations. Secondly even if his conscious wakes up, he has no clue as to how to solve this.

    14

    0
  20. Ba Sharon,know what,?Don’t confuse education with WISDOM.What a true leader needs.A President is not a leader when he corrupts people to be their leader.Take this from me.Psychology, Sociology and many gyz,gyz u want to use as an anchor of knowledge have their roots in the strategies of the ruler of this world(Satan).No human is similar to the other in thots.Ur learning of the lies in those faculties have blinded your humanity and made u a robot.For u a President is a tribe.Eat and drink my sister but remember that life is well lived with wisdom than ukulya fye. Note that animals don’t love but their instincts tell them to look for lyre and nothing else count and that is what is happening to pipo like u.Human who have changed into animals(flesh) can’t see the sufferings of the poor…

    1

    0
    • HH is villagish and has no clue he will NEVER be president! He can do well taking care of cattle not people because he has no clue that he is UNELECTABLE and UNLIKABLE! He is very dull too!

      0

      0
  21. We told you but you did not listen. Some were saying we are bitter. Figures don’t LIE!! Why is IMF turning Zambia away?

    6

    0
  22. Even IMF knows that its a fact that revenues along from tax collections may not be sufficiently enough always to Achieve the SDGs That is why even the the SDGs acknowledges that sustainable development requires sound global partnerships and partnerships like IMF are very important in this

    See SDG Goal no 17 Look at also the Ethiopia agenda on financing development in LIC and frontier economies

    Lets be honestly correct and fair

    0

    0

Comments are closed.