President Edgar Lungu has requested Turkey to help Zambia repay a 3 billion United States Dollars Eurobond it borrowed from international lenders.
During the bilateral talks between Turkey and Zambia held at state house, President Lungu said: “We have information that a Turkish firm has offered to help Zambia repay the loan. We urge you, your excellence to encourage the firm to come to our aid,”
President Lungu said Zambia will study how Turkey has managed to develop its economy in its quest to be a middle income country by 2030.
He urged Turkish companies to take advantage of Zambia’s conducive atmosphere and political stability to invest in the country.
“The market for products in Zambia is readily available both locally and abroad because of the country’s central location in the region,” President Lungu emphasized.
The President said in order to boost agriculture, the country has identified a farming block totaling 1,000 hectares of land for livestock farming and fisheries.
He further paid gratitude to Turkey for the role it is playing in promoting peace and the fight against terrorism in the word.
“I know that your country is hosting 3 million refugees especially from Syria at a great cost which is not easy while, Zambia is struggling to host just 73,000 refugees from war torn neighboring countries,” President Lungu said.
President Edgar Lungu has described the state visit by Turkish President as historic, adding that Zambia will take advantage of the visit to enhance collaboration between the two countries.
And Turkish President Recep Tyip Erdogan said that his country can aid Zambia to diversify its economy and achieve the goals of the Seventh National Development Plan (7NDP).
President Erdogan, has also reiterated Turkey’s commitment to cooperate with Zambia in various economic fields for the benefit of the two countries.
President Erdogan said Zambia stood out to be a model for the entire African states in the establishment of democratic institutions and peace.
He disclosed that by December this year, Turkish airline will start flying direct from Turkey into Zambia.
“We can do a lot together, we can build dams which can provide safe drinking water, energy generation and for agriculture purposes,” President Erdogan said.
And Zambia has signed twelve memorandum of understandings with the Turkish government in various fields that included an agreement which aims to establish the program coordination office of the Turkish Cooperation and Coordination Agency (TIKA), which was signed by Foreign Affairs Minister Joe Malanji.
Others were agreement on mutual obligation of visas for holders of diplomatic passports, agriculture, Fisheries and livestock, promotion and protection of investments, tourism and arts, youth and sport and the field of media.
President Erdogan is the first Turkish President to visit Zambia.
Lungu is the real deal
Umu sebanya.
The guts! ???????????
This man Lungu has no pride. Does he always have to be drunk on duty, embarrassing the country?
Did Turkey spend any of the money you borrowed? What happened to that money ? Only Lungu knows as it has not been accounted for.
No one will repay these debts for Zambia.
This is only the beginning as things will get a lot worse for Zambia under this impotent leader.
Erdogans days are numbered. He has given his country independence from Western economic oppression. The West hate him for that. He will be overthrown… just like they did Gadafi.
Shameful heading and reading indeed. We steal, misappropriate, mismanage and now calling for help, asking someone else to repay.
You forget this will not be for free, it’s just like extending kongole for many years to come after ECL has long gone to enjoy his retirement in his mansion in eSwatini. And you, fima fontini, you will continue to suffer including your children for many years. Unfortunately, even opposition is rubbish and not strategic, missed opportunity, therefore the ordinary Zambian people are cursed. It’s really sad. The capable young men are also busy singing dununa reverse and getting their share by stealing too. No one to protect ordinary people.
“I know that your country is hosting 3 million refugees especially from Syria at a great cost which is not easy while, Zambia is struggling to host just 73,000 refugees from war torn neighboring countries,” President Lungu said.
When we tell you Lazy Lungu is a disgrace who has absolutely no vision no shame…just a lazy nothing he is..you think its an insult.
Which neighboring countries is he talking about? Only DRC springs to mind and its a result of his friend Kabila overstaying in power ..this is a man who you roll a red carpet for..you never say anything, simply look at robust Botswana’s stance on the issue.
Additionally UN is funding everything for those refugees in Zambia do not lie so you can steal donations…………….
When HH called him a joker you though he was just being malicious yet he was stating a fact.
I smell another rat here. Clearly, this is possibly a vulture fund trying to buy off the debt and charge the country even more. And there must be high profile Zambians behind the whole proposal.
These are days when I hate being invited to a family meeting to discuss arrangements for a nephew about to wed. As an uncle you are given an astronomical bill for a nephew’s wedding. When you ask what your nephew’s contribution will be, you find it is not even half the total bill. When you ask the young man where the other money will come from, you are told that is why you have been called to help contribute towards the wedding. Even when you try to suggest ways of cutting down on costs you find the young man insisting on an expensive venue and other useless things. Is it therefore surprising that Edgar Lungu can borrow heavily to fund infrastructure at great cost and expect the Turks to pay back the Eurobond on his behalf? Ubupuba pa ZED!
Ubu tebutungulushi! It is like asking for the hand of a rich man’s daughter in marriage and then going to your uncle to ask for money to foot the wedding all to impress your in-laws. You will be enjoying your wife alone, so why ask your uncles as if they will also be enjoying with you? Lola uko, ukalanyenga weka! Nangu, walenyenga weka!
I hate this talk, Cheap and Desperate. Our country has lost it. Every time we are asking Every Foreign to help Zambia with something. Why should another country bail us out on Euro Bonds you signed yourselves? Again this issue to offering Land to Foreigners should be stopped. It’s unacceptable. We should raise UP as Zambians to show these Dull leaders that we are serious.
I agree, there is a lot of speculation and over-reaction here. The way people are responding it is as if they are all government officials!
When I tell you Edgar has no leadership qualities and is lazy you think its an insult…this is likened to you going to visit your village in Lundazi and your cousin start asking you to repay his loan to the bank for a Hammermill that he never purchased.
Remember what I tell you Lazy Lungu will not pay a single ngwee of this debt as he will be retired in Swaziland…its your children and grandchildren. This bum nevers to host a press conference and state the current state of our economy…I wonder what he went to do in Turkey a few weeks ago in the first place and theer has been no update from those 5 ministers who went to China.
Clueless Lungu is at it again. This time shamelessly begging in public. He says he has “information” that there’s a firm in Turkey that has offered to pay off Zambia’s debt. Firstly, even if this is true, which I strongly doubt, why shamelessly announce it in public like this? Secondly, where in the world does a “firm” offer to pay off another country’s debts–for nothing? Hello? If you can believe this, then I have a house on the moon to sell you. What are the terms this mystery firm has offered in order to help Zambia pay its debt? Clueless Lungu is governing the country through trial and error and it’s not even funny. If he was serious, he would’ve come up with concrete, serious plans to repay this debt. The more I listen to this guy, the more I’m convinced that he…
(Continued)… doesn’t really know what he’s doing. What a shame.
Lungu is ward Councillor material. His same mouth said Zambia shall not stop the borrowing spree & has continued borrowing at an alarming rate for useless over-inflated infrastructure projects that make no economic sense like constructing a $200-million road from mununga to kaputa on which 2 cars pass per day. In 3 years this road will be pot-holed but the country will be repaying the debt for 50 years.
I’m really ashamed to have a so-called president like Lungu. Next he’ll beg Chinese to repay for the reckless loans they borrowed us. We are economically doomed if EURO-bond & Chinese loans are not repaid. Moody has just downgraded Zambia, meaning the interest we are paying on the loans will increase.
We need real Leaders in front, NOT these dealers.
you are embarrassing us, why did you and your cronies go ahead and borrow without a proper map? lekeni abakweteko ama ideas bateke.
chipante pante family.wadya na kunya…lol
1.5 General Kanene. But what are you doing about it? Just complaining wont do us any good. Be bold enough and float suggestions not necessarily forming a new political party but forming pressure groups to influence political decision making.Iam also counting on Nkonde Kalima who has been working in the diaspora for over 25 years. It is time you also stopped just ending at writing articles but put down a platform where we shall mingle and exchange notes.
Did I read this correctly – asking Turkey to “repay” Zambia’s Eurobond debt?
“President Edgar Lungu has requested Turkey to help Zambia repay a 3 billion United States Dollars Eurobond it borrowed from international lenders.”
What? Just like that ba Zambia, tamwatako nensoni? Bushe Turkey eko ali elo mwaleipomba ne nkongole isha mabonds? Why don’t you ask Fredson Yamba and Chikwanda to help us since umbi teti tumwiipushe kulya alala ku embassy park. But Mwanakatwe said we can pay back easily, but now this shameless expose says something else. So you guys don’t think through your decisions before you commit or implement? Everything is DIRECTIVES!! And establishing new districts and spending more!! I hope you are learning.
By the way, where exactly did we spend or MISspend the Euro bonds?
Miles Sampa and Chikwanda might explain where the money went!!! You borrow money for stealing it to build mansions in Swaziland.
This is the worst GRZ that has ever been.
I think you’re overreacting here!
@upnd cadre: Spot on Its embarrassing seeing such Dull leadership. You mean the president has no advisors? Countries are like Companies or Organizations with CEOs. If the President and his people have failed tell us openly. It’s really disgusting to see such from our leaders.
People who don’t know this blogger @upnd cadre think he is posting sense but are oblivious to the fact that its these clowns who have been in the forefront labeling people who criticize Lazy Lungu as opposition cadres. You will soon see most of them start to change their names without shame.
This makes for sad reading. We need to brace for a tough road ahead.
Zambians should learn to choose leaders with a vision that takes their country forward. Why did we get the Eurobond, what went wrong, was what was done in the best interest of the country (justification!), what lessons were learnt and what actions were undertaken to convince all that there won’t be another repeat.
NAME AND SHAME ALL THOSE THAT GOT A SLICE OF THE Eurobond.
You find a miniature model of this at Manda hill traffic lights, complete with a begging bowl in hand.
Its starting to sink in your small juvenile brains…you are just a pathetic sight. Now fooools like you are waking up from your stupor and folly of being fixated with opposition parties when its too late
PF is a tribal cult composed of seasoned thieves, Corrupt fellows, Murderous and morally bankrupt. Their supporters are a bunch of majority fools eating droplets of their so called tribalists landlords.
jay jay I see that you are still a dog
So begging is our culture from bottom to top?
Is it only now you are smelling the coffee ? We have been telling you lungu is vissionless….
As you can see I am pissed off, really pissed off with this. Stuff for Freedom Sikazwe’s calibre.
BUT we don’t have an alternative really, everything on the political scene is chaff, as you can see from the message voters keep sending to h.h and his directionless tribal upnd. Kambwili and ndc? I leave that to Lazy jj.
Cader it is your lungu begging shamelessly , nothing to do with the opposition……
So the first impression Erdogan gets is all they want is money…
…another impression we don’t have a ‘can do” attitude,no self belief no enterprising minds and no ideas how to lift ourselves up from poverty.
Imagine!!! And since this a one day state visit, it is the first and last impression of our country.
Interesting that for the first time you are waking up man. This is not NEWS for people who have been condemning the action of this government.
Instead of you making sense of the message in the condemnations, you were busy tagging those people as UPND.
Just wait, tomorrow Maggie will say everything is okay and under control. and a month latter Edgar will say, we are capable of paying off our loans….lets dance dununa reverse. And everyone will be dancing again.
And the worst thing which will come to pass for sure is that the moronic ministers will take this message into the rest of the world as a DIRECTIVE under “the able leadership of ……”.
You guys are a big joke. You criticize everything that the government does. Why don’t you migrate somewhere else where you will be content if at all you will ever be. armchair politicians and educated *****s.
It seems you are limited in your thinking which is limited to your “self” and you think by migrating you are solving Zambian problem.
Unfortunately, we are talking about Zambia and the millions of people who are struggling day by day to make ends meet, we are not concerned about you as an individual, stay where you are. The USA and Europe are getting tight on immigrants, something you should be concerned about. So help improve Zambia so you have a better country to go to once they kick you out wherever you are.
After spending billions , don’t you feel embarrassed of your president begging ?
Have some pride man !
Even cader , a staunch lungu supporter is feeling embarrassed,
Who owns that firm?
What do they want in return?
Imagine a firm helping a country to settle its debt?
$3billion is a lot of money.
Most people commenting on this issue the last thing on their mind is that someone would want to make a cut out of this,but for me that is all i see,there will be crazy arrangement fees,legal fees etc and your guess is as good as mine,some people after finishing the Euro Bond are now salivating over this
This ***** of a president is pisses me off
I am glad IT WILL NEVER BE PRESIDENT!
Who is the author of this crap it’s fake news you can’t just request that kind of money.
It’s the heading in the Sunday Times of Zambia as well. So you had better believe it. My first reaction was that it was fake till I checked in the govt papers, there it was in black and white. It’s a new low for ECL.
Turkey has issues with Israel.
We recently gave indirect support for the relocation of the US embassy to Jerusalem, on land that was demarcated to Palestinians by the United Nations. Land that Israel annexed by military force.
Turkey, Saudi Arabia, all these are Islamic countries. Our bew bedfellows.
Does it make sense for us to abandon our traditional and christian allies such as UK, USA and get into bed with chinese and islamics ?
Bankruptcy makes us blind.
Very valid points…..it just goes to show the world views Zambia under lungu as a place that can even sell their wives …..no principles or direction what so ever….
A desperate person will do whatever it takes …..even eat faeces…don’t be surprised, my friend. The painful part is that tomorrow, these same people will be singing the dununa reverse chorus in praise of ECL.
@Mwape…the reason is because clueless Lungu has no understanding of global politics whatsoever. He’s incredibly mediocre, and uninformed. And as long as we continue to have leaders like this, who have no proper understanding of international politics, Zambia will perpetually be in trouble.
Did you know ?
Please google and check if answer is true or false
At independence Zambia had a higher GDP per capita than either Turkey or South Korea.
What has self rule brought us ? Squalor and Poverty.
Given a vote most Zambians would choose colonialism. Let me prove it to you. Let the british embassy issue free british passports to anyone wishing to emigrate to UK. Our compounds would empty. Even our villagers would go.
What has 53 years brought us ?
You are 100% correct, Sad to say that in the last 53 years , we have created a population that can’t create , innovate or be creativity , but just live to admire what other countries have achieved. Over the last 53 years we created a population that is lazy and just want to go out and enjoy the luxury seen in other countries. I can argue the same, if Zambia gave free passports to the British to come to Zambia and own land, their entrepreneurs town would empty and they would all head to Zambia to develop this country
Just look at the amount of negativity on these fora and your points are justified 100%. We’re not ready to sacrifice but only think that the government will deliver development epi-gratis.
It’s always refreshing to read more objective criticism rather than insults. In fact this gov’t has taken 1st step in rolling out infrastructure in transport, health, education, local administration & creation of districts, energy, etc to take development to people. It’s up to us citizens to take advantage of these & develop our selves & country. Do some people really think this infrastructure was free? How can one ask such a question as where did money go when today one can practically drive in any direction of country? Nothing is perfect but today we need to stop being negative & take advantage of platform this infrastructure has created. There is no longer centralised socialist system in Zambia that will do everything for you & let no one lie to you that this will be brought back…
@Mwape,
You don’t have to google, just read through comments from the so-called elites of the Zambian educated community on THIS FORUM, and you will understand why we are where we are even after 53 years of independence.
Zambians lack critical thinking, they will rather follow blindly and dance dununa reverse.
The Chosen One – you think your grandchildren and children will eat objective analysis and citicism when they are being taxed….that boat sailed a long time when we were objective 8 years ago you called is all sorts of names!!
This guy has no pride at all,begging,begging,begging that all they can do.Zambia you deserved better.
My Goodness! Is this the level we have reduced ourselves to sure! Okay if Turkey agrees and manages to help us pay off our Eurobond debt, and then again we fail to pay back this debt to Turkey??…….we ask another country to help us pay back the debt to Turkey. Even under the MMD we never embarrassed ourselves in this manner
Turkey is not a rich country.
And they know that lending Zambia money only ends up in bank accounts of politicians.
Why do you think no one will lend zambia anymore?
That’s why lungu went to that summit, to see who would fall into his begging trap…..invite them over and as soon as they land hit them with the begging bowel …..
Well you may explore various options to restructure but really the Solution lies in establishment of Sovereign Wealthy Fund You may look at the maturity terms and structures ,but to look at more options like that aside with the short-term Turkish option with Geo-politically and Other sovereigns concerns Its like South South South West etc The interest may not be in the interest typically they call for some heavy guarantee on one national asset as we know them maybe “The Shukuku type of restructure tends to be toxic though the rubber may be hidden hidden and not expressively outlined but becomes onerous than the G7 or BRICKS type ” A well subscribed in…
subscribed in part diversifying the exposure on the market type date may be better well weighted well performed and When you restructure your costs should often come out better in terms and costs not the other way
Its Just a discussion anyway and the last option Its not a deal yet bane Ukushipikisha or austerity might even give us that leverage we need and ride on the infra set developed now and never mortgage or guarantee our core assets The only way like Egypt is doing is a Sovereign Wealthy Fund for Long-term from proceeds of copper per cent Establish a law for SWF accummulation as an “inverse floater or Collar to the repayments in a typical style “
“…….There are a lot of various cooperation opportunities, and one of the many of them is energy. We want to use nuclear energy for peaceful means. …”
Themastonline.
That was lungu talking to Putin.
Even the South Africans admit they can afford nuclear energy, and here we have this directionless lungu thinking about nuclear energy ?
Maybe it was his way of setting bait for the Russians to visit so he begs shamelessly for debt relief ….
……SA can not afford…
if it has come to this let each Zambian contribute that will be better than begging from foreigners. Cituzen contribution has been done before in countries like south korea where jewellery was contributed and gold and silver melted to help resuscitate the economy
@chindo. Warped thinking! Citizens contribute in PAYE, VAT and various other forms of sacrifice, but your leaders are stealing in broad daylight. What else do want citizens to contribute? Zambians have gold? Don’t be silly! How many citizens even own a a spoon or a needle?
Tell me which country has developed solely from citizens contribution, the three tigers! A lot of foreign investment were pumped in there but the only difference is that citizens were united there for a purpose while we are ready to pull each other down. This not only on the political spectrum but even in our daily businesses. One today starts a business of some kind and does well then everyone else wants to do the same thing. How many night clubs do we have, bus operators, lodge owners and the list is endless. In the end quality is seriously compromised. We fail to partner and work together because of pull him down syndrome.
Any such contribution would be welcome by Lungu.
He would personally transfer all contributions to his already bulging bank accounts. Then it will be back to square one.
So let us think outside the box citizens
Abazano, where will the common Zambian get money to contribute as ZRA has made sure they get money even from widows and orphans with rentals. Let the PF pay as there is no shortage of money during campaigns, they have a well of money that never runs dry.
You may talk to Denizbank AS but the restructure must market based and often as known result in saving the costs in maturities and interests but the best is to establish a Sovereign Wealthy Fund like Egypt that has gone to capital markets and supra nationals have realized that its better self managed than in the markets Its only a sovereign wealthy fund that will propel Zambia for long-term to come and term sheets for a short-term
This is why this utterly lazy iidot rushed to RSA to beg from everybody even in the presence of China whom they owe billions of dollars…happy to declare public holidays anyhow but too lazy to work or fight corruption.
Its not a secrete that like the Chinese (Brics) or World bank or IMF or Turkey the restructure is focused on “Energy like Team Yaziko nothing more nothing short ” So moving away and restructuring requires understanding the Investments focus of all these firms So its only the SWF that will save that carrot from the rabbit
Now this is a big embarrassment. How do you start begging your visitors for debt relief from the EU when they’re not even part of the European Union?
A more preferable alternative would be to offer economic links at an international level, especially in areas of renewable energy, commercial exchange and natural resources management.
If there’s one thing Zambians can learn from the Türks, it is their national pride and how they zealously protect their national resources. Just try to smuggle a single stone from their shores and see if you can get away with it – it may not even be a Travertine but they’ll make sure you pass through the oven and face the charges to the fullest.
And when someone tells you that you are naive and gullible for believing these foooools you take offense!!
How embarrassing! Lungu has shown himself to be a weak leader with no sense of dignity. Tax evaders is where the money is at and it’s ours if you’re willing to take it seriously, stop begging for a handout all the time and think about doing for self.
“We have information that a Turkish firm has offered to help Zambia repay the loan” Who asked them and what are the terms and conditions from this company?
When we borrow as a nation do we borrow with intention of not paying back. If not why ask for a firm ,not a country but a firm to help us. This firm is in business, whats in it for the favour it’s helping us pay back the money.
What disgrace is this?
Lazy Lungu has never worked in a corporate world before or run a proper business…to him this normal
I cannot help but share my deepest pain. every time our country is in the news for wrong reasons. Belief in our own abilities as Zambians and as humans is always harmed by the never ending missteps and leadership vacuum in Zambia. How can we teach our children self reliance, accountability, service and responsibility in this psychologically damaging environment? Because of the activities of the politicians, I believe our country will be held hostage as a result of excessive borrowing and looting by politicians
10 years ago we warned you about boring for consumption and we were called names like bitter …today the money is finished, nothing to show for
*….borrowing…
But can the Turkish president commit a private company in his country to refinance the debt of a sovereign republic such as Zambia? But what happened to Fredson Yamba’s sinking fund? That is what he promised to do. So it was all empty talk, eh! Nice suit, well-manicured mustouche and false modesty. These things can only take you so far. Reality soon catches up with you.
The average voter is more interested about who will be playing at PF rally and the drinks avalible
Why cant lungu go to the IMF or bilateral partners like Germany,Sweden,Finland who helped Mwanawasa write of most of Zambias debt?.
Under HIPC, Magande and Mwanawasa reduced the debt from $8billion to $2billion.
It appears ECL and PF have no clout internationally.
Sata had strong ties with Taiwan which is very rich .Everybody knows that HH has close ties with Liberal Party of Sweden which was previously part of the Alliance government of Sweden.
BTW, Just to be clear, in Zambia and in Africa generally, we have a big problem with human capacity. Remember, people are not born knowing, people must learn in order to know. We have not invested in proper education focused on meeting our country’s current and future needs. For this reason we have incapable workers, ministers and even presidents. If you remember, Sata struggled to find right people to appoint for the same reasons, Mwanawasa had the same issue. They spent their time experimenting with different appointments which lead to a lot of accidental ‘leaders’ who i won’t mention here because they are too many to mention. The point is, we need to fix the education and social system in the country. Right now we do not have an environment were one can thrive without…
Anybody endowed with a little bit of common sense knows that Turkey can’t pay that debt on our behalf. The news is that there’s a Turkish company that is interested in helping out, which means that Edgar wants to sell that debt. It’s not different from the Donegal Vulture Funds deal, you have to be out of your mind to support such a move. That proposal mustn’t come to pass. Zesco is still owing money for power supplied from the Turkish ship, 1+1=0
IMF Press Release dated April 8, 2005—“IMF and World Bank Support US$3.90 Billion in Debt Service Relief for Zambia”
The International Monetary Fund (IMF) and theWorld Bank’s International Development Association (IDA) have agreed that Zambia has taken the necessary steps to reach its completion point under the enhanced Heavily Indebted Poor Countries (HIPC) Debt Initiative. Zambia is the 17th country to reach its completion point under the enhanced framework of the HIPC Debt Initiative.
Debt relief under the enhanced HIPC Debt Initiative from all of Zambia’s creditors will surpass US$3.9 billion over time (or US$2.5 billion in net present value (NPV) terms as of the end of 1999)2. The remaining bilateral and multilateral creditors are also expected to provide their share of…
relief required under the enhanced HIPC Initiative. Zambia qualified under the export criterion and the debt relief was calculated to bring the NPV of debt-to-export ratio down to the HIPC threshold of 150 percent at the decision point. Debt relief, together with bilateral assistance beyond HIPC relief, is estimated to have lowered Zambia’s debt-to-export ratio to 174 percent in 2003 and 140 percent in 2004. This ratio is projected to decline steadily thereafter.
Background
In early 2002, Zambia finalized and adopted a full PRSP covering the period 2002-04, which aimed to promote growth and diversification in production and exports, to improve delivery of social services, and to foster appropriate policies for fighting HIV/AIDS, while addressing gender inequality and protecting the…
environment. In consultation with stakeholders, the period covered by the original PRSP was extended by one year to coincide with Zambia’s Transitional National Development Plan (TNDP). A new PRSP will be developed during 2005 alongside a new National Development Plan for the period 2006-2010.
Since the decision point, real GDP growth averaged 4.6 percent a year, marking a turnaround from the decline in per capita income that had prevailed over the previous two decades. Moreover, growth has been fairly broad-based, extending beyond the recovery in the mining sector.
Meeting the completion point condition, Zambia’s performance under the program supported by the IMF’s Poverty Reduction and Growth Facility has been satisfactory for 2004. The principal achievement of the…
authorities’ 2004 macroeconomic policy reform program was;
-A large fiscal adjustment, which reduced domestic borrowing by more than 4 percentage points of GDP from the previous year.
-Government exercised restraint on its wage bill, which was held to 7.8 percent of GDP, while revenues were strengthened (by 0.5 percent of GDP) and other expenditures were trimmed.
Steps Taken To Reach the Completion Point under the Enhanced HIPC Debt Initiative
Upon reaching the decision point under the enhanced framework of the HIPC Debt Initiative in December 2000, Zambia committed to undertake a series of measures and reforms to reach the completion point. In addition to restoring a stable macroeconomic environment, preparing a full Poverty Reduction Strategy Paper (PRSP) through a…
participatory process and implementing it for at least one year, the authorities also have:
(i) made progress in combating HIV/AIDS by integrating HIV/AIDS awareness and prevention programs in the pre-service and in-service programs for at least 10 key ministries;
(ii) strengthened basic health services for the poor, including the implementation and scaling up of an action plan for malaria;
(iii) improved availability of and access to education by increasing the starting compensation of teachers in rural arrears; and
(iv) improved public expenditure management systems by implementing a Medium-Term Expenditure Framework (MTEF).
The HIPC Initiative
In 1996, the World Bank and the IMF launched the HIPC Initiative to create a framework for all creditors, including…
multilateral creditors, to provide debt relief to the world’s poorest and most heavily indebted countries, and thereby reduce the constraint on economic growth and poverty reduction imposed by the debt build-up in these countries.
Sounds like ‘scramble for Africa’ season 2. Arabs were middle men in the slave trade and we’re yet see at which shores this ride’s gonna take us. interesting how history repeats itself
Thank Independent for sharing. Now the question we should be asking ourselves is “when was the work done for us to arrive at qualifying point in 2002?”. All credit should go to Fredrick Chiluba who worked so tirelessly to adhere to the HPIC qualification requirements. Mwanawasa was a very lucky man who arrived on the scene when all the heavy lifting had already been done. All he had to do was set the table for enjoyment. Unfortunately, life remembers favourably those that serve you food regardless of the process and pain.
Zambia arrived at the qualifying point in 2005.Remember IMF refused to deal with Chiluba due to the rampant corruption of his government.They only started talks after Mwanawasa cracked down on corruption
The Swahili people have a saying “metegemea cha nduguye hufa maskini ” which means dependency on your brother you’ll die a poor man.Shameful indeed Bwana Lungu you see nothing wrong extending a begging bowl.
It was great for Mwanawasa/Chiluba to ask for mercy and forgiveness. However those debts were owed to IMF / World Bank/ Paris Club
Western citizens pushed for this forgiveness when viewing starving Africans in refugee camps on CNN
These Eurobonds are held by private individuals and banks. Dont expect mercy !
And of course the Chinese ! Forgiveness will come on their terms ! We take in 100,000 chinese nationals, we hand over Zesco, ZCCM, etc
Funny how in just a decade, Zambia has brought itself back into insolvency.
It has never been the case in a normal country that a sovereign can seek a bailout for a firm!
Zambia is in serious trouble. For us to look for non-traditional means to debt resolution. The truth is that we are afraid to refinance in the market because our status has reach junk following consistent downgrades.
Meanwhile, Turkey is still coming to sue for the breach of the RB 50-year airport contract. This was part of the interest of the visiting President.
Also interesting. How much Mwanawasa is criticised for selling the mines. How much flack Chiluba got for scrapping parastatals and embarking in privatization.
Did these critics once realise that THIS is the price we paid for HIPC ?
HIPC did not come for free !
However when that painful medicine was taken, the economy pumped !
Sata inherited the benefits, a debt free country. He went into a frenzy of borrowed developements, NCZ, Tazara, Zamtel, to whitewash his fake 90 day promises.
iwe chi mwape, ikala fye banshi ba SATA uleleta muma tufi yamilandile yobe
Listen to this Akashambatwa f00l using language reminiscent of late Sata.Sir it is Sata who surrounded himself with clueless characters who ended up in leadership.Please the true history of Sata will be written one day and it will be an embarrassing read unless for the clueless….
Clueless Sata caused all this and then visionless Lungu took over to continue with the !diocy of PF. Sata was a curse to this country!
Anyway, Zambia we voted for dununa reverse and we are getting it.
The leadership of this country reflects the caliber of the voter. The voter uses a mediocre yardstick to determine who to vote for and the get mediocre leadership.
The opposition chose to miss all opportunities given by this bad leadership, by failing to speak to the bread and butter issues. Civil society and the church are quite, while the press are compromised.
Make you bed and sleep in it.
Strange how UPND doesn’t change it’s negativity tune even after losing overwhelmingly.
Everyone refinances debt from common worker, katemba owner, civil servant, corporations and GRZ. Even the IMF itself! This goes on everyday. What matters is to uplift lives with available financing options which is what we all do and Pf Govt has done very effectively for the transformation people will continue voting overwhelmingly for. Soon Kafue Gorge Lower among others will be online with financing from the Euro Bonds. With re-financing, a more palatable schedule of payments will be worked out from power sales. UPND will wallow more with negatives & the voters will rejoice the uninterrupted power by giving more votes to Pf
@mbeba na kolwe
“Soon Kafue Gorge Lower among others will be online with financing from the Euro Bonds”…..Are you okay in the head?
You first have to pay back the 5 year $3billion Eurobond(principle+interest) which is due next year or 2020.The owners what their money + interest so that they reinvest elsewhere.
@mbeba na kolwe
“Soon Kafue Gorge Lower among others will be online with financing from the Euro Bonds”…..Are you okay in the head?
You first have to pay back the 5 year $3billion Eurobond(principle+interest) which is due next year or 2020.The owners what their money + interest so that they reinvest elsewhere.
You are stuck up Independent.
What will will stop re-financing whats due tomorrow or whenever?
Moody just downgraded Zambia further down junk status to grade Caa1.Who will refinance junk debt…
Refinancing okay but not from Turkey to address those cash-flows from Bonds Investments in energy and other Infrastructural projects made Addressing the funding gap due to mismatch in projects revenue streams should not eroded the returns and momentum gained in the already Euro Bonds Invested You have made Solid Investments and Restructuring the Financing should make a return on the Investments like the Kafue Lowwer to come and never co-mingle
We support and supported Investments in Infra hoping to create some Growth and the understood Income/Revenue challenges resulting in the restructuring for those cash-flows should not co-mingle the capacity created We need to make a return and grow the reserve Its therefore natural that we establish a sovereign wealth fund SWF and escape the irrational economics of Financing sometimes we are presented with by those who have reserved earlier
nabwelala
testing imwe
Lazy bum insolent tribal hooligan bully and son of a polygamist father and leader of a tribal online gathering will NEVER see his tribal man become president in Zambia! He will witness him go into retirement in 2021 if Chamba Chimba IV never catches up with him.
Mwe bana Zambia,try to understand what the President was trying to say.He said,”I am requesting Turkey to HELP Zambia to repay the $30 billion Eurobond,not Turkey to pay.They are so many ways Turkey can help Zambia and eventually we pay off the Eurobond. Do a research and you will see that more than 15 countries in Africa have gotten Eurobonds. We are developing Countries relying on already Developed Nations,you like it or not.No shame about it.Lungu is not the first President in African getting the Eurobond .We just need to accept and pay it off.
But which one of those other African countries have gone to their knees to ask other countries to help them repay? So when you raised those Eurobond, how did you plan you were going to repay them back?.
The difference with the other countries is that they are capable of paying off, while Zambia is not. It doesn’t matter how you want to quote Mr Lungu, that he is just asking for “HELP Zambia to repay”, the bottom line is Zambia has a problem to repay.
Stop consoling your self with that sentence or quote, try to get the bigger picture.
HaTribes Ha Hangry Hagain.
this website is useless
i AM BACK
LT cut you off, looking forward to your contribution. So far UPND is not offering anything, something wrong with the strategist.
General do not despair further. The pathetic rats attempted to silence me. I am now back to offer real checks and balances. I am sure you felt the effects of my departure in the events that followed. For example the voting of a sewer roach called miles sampa as mayor. This shows that the electorate have lost faith in the institutions. On my return i will be calling for a revolution. An uprising against the status quo and all associated institutions. We can do it just as our brothers in Zimbabwe are trying to. We in upnd are asking for your support to achieve this
And yet you hae a leader who gets upset when we talk about corruption. All he will do is to ask you to bring EVIDENCE. The same educated id.i.ots on this forum fell in love with that statement, and they would be bar.k.ing about the same ……..give us evidence…give us evidence….
I.d.iots this is one piece of evidence that the country is in trouble, cant you see this? Do you think Edgar would sink so low to embarass himself by begging for money, if he knew there was money left to go by??
Zambians lack critical thinking, just follow where the wind blows….no wonder after 53 years, we are behind the country that we are now kneeling before, and was poorer than Zambia.
HELLO IWE
GOOD afternoon,
I am glad to announce my return after a self imposed exile to facilitate inner thinking and reflection. I can see that since my departure there has been a dwindle in the support for the UPND. I was very fortunate to continue my role as senior advisor and strategist of the UPND. Therefore you can all expect me to hit the ground running. As we approach general elections, there has never been a more important time for us to engage with you the public. We need you to help us to help you. To all those that had or rather continue to have personal problems with me, your mothers
Where is that demented mad cow called mushota.
Where did the Eurobond money go? Certainly not to develop the country. Turkey should not bail out Zambia until every single penny has been accounted for. Everyone knows these corrupt thieves have lined their pockets with the Eurobond.
When we were telling these PF rats on LT to focus on investment that will provide long term employment like manufacturing , they were dancing dununa and sontaring saying investors will come flooding in when roads are built , now we’re are those investors ?
Animo Farm and MAD COW DISEASE.
Just enjoy your visionless Drunken beggar excuse for a President & his Corruption pFarty, as you vote unanimously for this mediocrity.
Look @ clueless Chimbwi’s like “U.P.N.D Cadre beginning to smell the coffee, & see reality without his rose tinted spectacles.
Unfortunately the horse has long bolted, whilst they insulted those of us who saw right through the Chagwa Dununa charade.
WHAT SAY YOU MR B.R. LETS ROLL SMART ZAMBIAN SHAMELESS BEGGING ENTERPRISE???
THE PRESIDENT IS WITHIN THE ADDIS CONSESUS ON FINANCING FOR DEVELOPMENT HE UNDERSTANDS THE APPLICATION OF THE MONTERREY CONSESUS ON FINANCING FOR DEVELOPMENT HE IS CAREFULLY CHOOSING TO APPLY THE MONTERREY AGENDA WHEN IT COMES TO FINANCING ZAMBIAS DEVELOPMENT
HE UNDERSTANDS THAT FINANCING FOR DEVELOPMENT IN ZAMBIA SHOULD BE GUIDED BY THE PRINCIPLES IN THE ADDIS AGENDA AND MONTERREY CONSESUS OF OWNERSHIP,RESPECT FOR NATIONAL SOVEREIGNITY ,INDEPENDENCE ,NON CONDITIONALITY AND INTEREFERENCE IN NATIONAL AFAIRS AND THAT FINANCING SHOULD BE OF MUTUAL BENEFIT TO THE RECEIVING COUNTRY AND THE INVESTOR SUCH IS VERY ALIVE AND APPLICABLE IN THE MIND OF THE PRESIDENT
HE UNDERSTANDS…
AND SUPPORT BUSINESS FORMATION AND CREATIVITY LIKE HE RECENTLY WAS IN CHONGWE OFFICIATING THE CHINESE SINOMA CEMENT PLANT THAT HAS CREATED EMPLOYMENT TO MANY CHONGWE RESIDENTS SIMILAR PROGRAMME IS FOLLOWING ON THE INFRA STRUCTURE CREATED FROM BONDS HOPING TO CREATE MORE DOMESTIC RESOURCES FOR THE MUCH NEEDED SOVEREIGN WEALTHY FUND THE ONLY SUSTAINABLE VEHICLE OF DEVELOPING ZAMBIA HE KNOWS THE CRITICAL IMPORATNACE OF INDUSTRIAL DEVELOPMENT FOR DEVELOPING COUNTRIES LIKE ZAMBIA
HE KNOWS THAT ZAMBIA CAN ONLY DEVELOP FROM DOMESTIC RESOURCE MOBILISATION AND EFFECTIVE DOMESTIC USE OF ITS RESOURCES HE UNDERSCORSES THE IMPORTANCE OF NATIONAL OWNERSHIP AS CORE TO THE ACHIEVEMENT OF SDGS AS PER…
AS PER MONTERREY COCNSESUS HE ALSO BELIEVES THAT ADDITIONAL DOMESTIC RESOURCES COULD BE SUMPLEMENTED BY ODA AS A APPROPRIATE SUCH AS EXTERNAL RESOURCES FROM ASIAN INFRAS DEV BANK,NEW DEVELOPMENT BAK WORLD BANK
HE UNDERSTANDS SYSTEMIC ISSUES AFFECTING ZAMBIAS DEBT IN VIEW OF THE INTERNATIONAL MONETARY FINANCIAL AND TRADING SYSTEMS
IN DISCUSSION WITH TURKEY ON RESTRUCTURING HE FULLY HAD IN MIND THE MONTERREY CONSESUS AND THE ADDIS AGENDA ON FINANCING DEVELOPMENT IN A TYPICAL COUNTRY LIKE ZAMBIA HE UNDERSTANDS THE EXPOSURE OF TURKEY AND ITS FIRMS AND WOULD NOT ACT IN THE WAY THAT IS NOT IN THE MUTUAL INTEREST OF ZAMBIA AS A SOVEREINITY AND ERRODE THE GAINS ALREADY GAINED IN THE…
INFRASTRUCTURE SET CREATED FROM THE INVESTMENTS FROM EURO BONDS ALREADY INVESTMENTS HE IS ACTIVELY PURSUING EFFECTIVE AND EFFICIENT WAYS OF RESTRUCTURING THE MATURITY PROFILE OF ZAMBIA’S DEBT THAT WAS PREMISED ON CASH-FLOWS FROM INFRASTRUCTURE
HE WILL NOT TRADE OFF NATIONAL ASSETS SIMPLY FOR THAT MATURITY HE IS EMPHASIZING DOMESTIC MOBILIZATIONS AND AUSTERITY MEASURES MORE THAN OFFICIAL DEVELOPMENT ASSISTANCE FROM SOVEREIGNS OR SUPRA NATIONALS NOT INDIVIDUAL FIRMS
Refinancing junk debt…you must be dreaming
“HE WILL NOT TRADE OFF NATIONAL ASSETS SIMPLY FOR THAT MATURITY” ….ZNBC is now owned by topstar,a chinese managed company
Ok this is an embrassement of the highest order from the highest office of the land. Surely how do you ask other country to payback your debt? first you fail to account and explain how the 3 billion dollars has been spent, we know most of it has been stolen and went un accounted for. Zambia need serious prosecutors who can send people to jail for corruption charges. In China they will excute you if you are charged with corruption and find you guilty. Honestly Lungu need to be serious this is not leadership at all.
Driver ni Nani kanshi?
Isn’t this not a stop sign?
wondering why…BRICS presidents visited Rwanda and Uganda etc enroute to SA….leaving out Lusaka.We re fake, and they know we on the front to beg.I expected Chinese president to have tallied his mark to visit Lusaka for more investment talks. My opinion, it was a waste of time as we highly indebted to china. He simply has no business for now with Zambia. Same as Indian leader etc.
EL must have been really drunk, how on earth would he even utter those embarrassing words? So it is clear the PF led Govt borrows money without a clear plan on how to pay back or EL simply does not understand anything concerning the Eurobonds. It is very disrespect to borrow and expect someone else to help you pay back. EL is clueless and when people criticize him, they are simply labelled jealousy and envious. This is the type of leaders that the sufferers expect to liberate from poverty! The man will disappear to his palace in Swaziland leave the sufferers paying the acquired loans.
we have always said that Lungu has no capacity to govern Zambia; here you have it; no country or company will pay another country’s debt for nothing; Lungu is selling Zambia; first to the Chinese; now to the Muslims; the opposition should pick up on this and tell the nation at large that Lungu is selling Zambia;
KK Airport Cabinet the problem is that the person in Chawama compound doesnt understand this
SO THEY BORROW MONEY IN ORDER TO IMPROVE THE LIFES OF ZAMBIAN CITIZENS. THEY PUT HALF IN THEIR POCKETS AND HALF INTO EASTERN PROVINCE. THEY THEN ASK ANOTHER COUNTRY TO PAY BACK THE LOAN INCLUDING THE MONEY THEY HAVE POCKETED !!!!!!!!!!!!!!!! HOW EMBARRASSING.
Lungu must stop drinking kacasu
HaChilufya you ha Right! It will NEVER be president!
Uyu presido ni maketula ne nsoni kaili aliposa elyo uwapama.Bushe bonse na beni kulyamo.Just start paying for Euro bonds and money borrowed from the Chinese.Bena taba kamipanye.Pa kafukuka ulukungu.Do not pay in kind appointing them as police reserves.Not even ku China have they appointed any black person in their government .The president invited the president of turkey to try and high jack Amafandi yabena turkey.Uku mwayamba ukufwaya Uku Chita source utu maloni twabu kelenka bena balakoma no kwipaya pa talala na tondolo.Ithink that’s why you invited him to come to Zambia,Uku bendelela ama fandi yabena Turkey.Sort out your selves before it’s too let.You need to account for the money your government borrowed and how it has been used.It is time to save your name and your government.Try…
hold press conference like other previous presidents and let them ask questions about the state of the economy.Disappointing
Ba Turkey, tukongosheniko indalama shakulipila inkongole !
Edgar Lungu has no shame. The title should read Lungu has begged Turkey for money. Turkey is not mother Theresa they will want something in return.
Mwe Bantu, Mwebena Zambia your hatred for President Edgar C. Lungu will not take this country anywhere. Learn to read and understand issues before you insult and make wrong comments and conclusions. At first when I heard the story I asked myself one question;Why did the President ask for help from his fellow President? After reading his statement I came to understand why. May I quote what he said;“We have information that a Turkish firm has offered to help Zambia repay the loan. We urge you, your excellence to encourage the firm to come to our aid,”end of quote. Surely, if you have a problem and a friend offers to help you,can you refuse and say its fine I will manage because when I was borrowing you were not around? iyee, be sincere and reasonable. The President was just reacting to…
WHERE and HOW did they get that “information”? Someone knows we are in trouble and is trying to capitalise on it. This is just a “Debt buying” strategy.
If the Euro Bond was used for its intended purpose would we need ANOTHER country to help bail us out?? If we are not careful our land will also be seized like what the Chinese did in Sri Lanka.
Let’s do it! A friend in need is a friend indeed! Hazaluser Hagain and it will NEVER be president, NEVER!
“During the bilateral talks between Turkey and Zambia held at state house, President Lungu said: “We have information that a Turkish firm has offered to help Zambia repay the loan. We urge you, your excellence to encourage the firm to come to our aid,”
This is who runs your country? OMG. He mismanages debt in Zambia, and expects others [Turkey] to pay? What are the proceeds of Zambia’s “economic growth” or mineral revenue supposed to be used for? To heed Lungu’s Jamieson’s habbit? We must week for Lungu and Zambia!
We always end at this stupid plea, giving away massive land and clearly embarrassing ourselves that we had not idea, capacity or plan for repaying loans. Shame. If $3bn was put in processing industrial development that can create sub economic ventures that create permanent long term jobs that’s repayable.
Why can’t Lungu think franchise companies are a better deal for the appalling unemployment level. Look for industrial development franchises and be an exporting country. Damn you
What a cunt of a leader.