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Wednesday, January 22, 2020

Charles Milupi warns of corruption in refinancing Zambia’s $750 million Eurobond

Economy Charles Milupi warns of corruption in refinancing Zambia's $750 million ...

Charles Milupi during the UPND press briefing

The opposition Alliance for Democracy and Development (ADD) has warned that using a private equity to amortize Zambia’s US$ 750 million Eurobond may be a conduit for corruption.

ADD president Charles Milupi says corruption cannot be very far with the accumulation of extra interest that will come as a result of Zambia selling this Eurobond to a private company.

Mr. Milupi is also worried that the Country will end up paying more as it is obvious that the Turkish company that is hinted to buy off the debt may only want to make money out of Zambia.

In an interview via telephone Mr. Milupi has told QTV News that in his view the decision to refinance the US$ 750 million Eurobond using a private equity is a terrible decision to have been made.

Mr. Milupi states that this decision has also confirmed that government misapplied the Eurobond money.

He says his suspicions therefore are that the Zambian government borrowed this money for consumption and not to invest and create capacity to repay.

The ADD leader has lamented that his worry however is that Zambia is now highly indebted as a result.

He says Zambians should now take heed that issues of debt contraction must be by way of taking matters into Parliament for approval before the Executive is allowed to contract any debt.

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  1. Animo Farm sees cow dung in everything they look at! No wonder they can’t even see the President! (They can’t see him even when he is there! They see an image of Childish instead!)

  2. Empty tins. Always criticising without offering solutions. Give us a break and let Lungu and his team work.
    They expected a crisis and are now ashamed to see Mwanakatwe and Lungu coming up with a practical solution.

    • @JohnChinena i honestly don’t understand what you mean because we are clearly in a crisis hence the desperation by the govt.Also people may provide sound advice to the government but since when has the PF government listened to an opinion from the opposition?To them everything is political.It is a well known fact that they can’t take opposition advice so it makes absolutely so sense when people like you ask the opposition to provide solutions when you clearly know it will land on deaf ears.Why don’t you advice the government to accept the opposition advice?

  3. @Sharon
    If your thing is itchy, better you just stay mute because whenever you open your fi.lthy mouth, it’s your fae.ces that come out! Sh.it.hoel!

  4. There he goes one man party president with no solution or vision but just one interest HH must rule Zambia at all cost

  5. @DANTE; it is hard to reason with most PF cadres on this blog because most of them are like Muslim fundamentalists; they see no wrong with PF’s violence, corruption and lack of vision or foresight; we warned them several times about too much borrowing; but to them it was infitu ni Lungu; now infitu ni Lungu mentality is selling our nation to the Chinese and the Muslims;

  6. Zambian Oligarchs are nauseating in their accusations of corruption. Stems from fact that like his under-five, they store the wealth of the masses duration privatisation. So thinks current custodians are perverts like them.

    Shamelessly enriched himself at ZCCM Power Division commandeering the shares of the Zambians he was entrusted to manage to himself. The man proudly declared before the Chief Justice that he had almost a billion kwacha in cash in Zambian banks. Time to do a Putin on such a…holes!!

  7. John Chinena: When you say “always ciriticising without offering solutions,”what do you mean? Haven’t you ever heard of 10 point plan? The fact is when you are in opposition, nobody listens to you. Think before you talk.

    • @Dante, Kk and Wan. What solution do you or your leaders have on how to liquidate this Bond? The answer is non. That is what I mean. All they know is to criticise.
      Offer practical and useful advice. The loan is already there. But all we read daily is PF is wrong. What is your solution. It is easy to condemn, but without offering solution’s, you make yourself an empty tin.
      I am yet to read one practical solution on how to repay the bond from PF”s rivals.
      You would make more sense if you criticised and offered good and practical solutions. For now you are just politiking and you look worse than the PF.

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