Former Finance Minister Katele Kalumba has agreed with the observation that Zambia is now headed for debt distress.
Dr. Kalumba says it is true that there is need for concern on the issue of debt in Zambia.
In an interview with QTV News by telephone Dr. Kalumba said he also knows that government has realized this fact that there is a problem of debt distress.
Dr. Kalumba, who was Finance Minister under the Frederick Chiluba MMD government, said this explains why government has also announced economic austerity measures.
He said the current debt stock is too high and needs working out restructuring modalities.
Dr. Kalumba observed that Zambia’s debt portfolio has now become a shock to its economy especially that it has been contracted in a short period of time.
He stated that his prayer therefore is that government will be strict with expenditure and will maintain commitment to the announced austerity measures.
Dr. Kalumba further hoped that government will not contract any further debt until it reaches some sort of agreement with the International Monetary Fund (IMF) on the stabilization measures.
He is also of the view that the issue of single sourcing in the refinancing the first Eurobond of US$750 million does not matter but that what matters is the establishment of the total debt deadlock.
{QFM}
Ba Katele, where were you when Debt was being accumulated in a short period of time? May be you had advised but we never heard you!! Other former Finance Ministers;Edith Nawakwi,Ng’andu Magande and Situmbeko Musokotwane include former BOZ Governor Caleb Fundanga have been persistently warning about the rate and nature of debt Zambia was contracting. It appears you chose to keep quiet to be in good books with PF, and now that you have noticed this debt issue will land them in big trouble, you wish to be on the good side of things.”… single sourcing in the refinancing the first Eurobond of US$750 million does not matter..” – NO Sir, we need accountability and transparency, which has been lacking up to now in debt contracting and expenditure!!
Mxxxm, Ugl.y wizard. Kalumba & Danny Pule were quiet when debt was being contracted & actually supported & campaigned for Lungu thinking they would be given tu-poto. Now that he sees no hope of a post or contract, he wants to be champion of debt problem.
It could have been better if it was HH and Milupi refinancing ka Euro bond, not Turkish company.
This PF government does not listen to anyone.
The Vice President was in Turkey looking for more loans.
The good thing is that no one is prepared to give Zambia further loans.
They know Lungu is a magician when it comes to making money disappear.
A very good one at that.
UPND, the Tribal H-organization does not listen to anyone, except to the voices of Hatribes.
2021 ni Lungu so that be president when $750M matures. Tukamone efyo akalipila
Debt is fine and okay, but debt should be managed and serviced. Zambia needs the infrastructure but amplifying the price of contracts to gain personal advantage makes it harder to repay debt. Government has failed to implement austerity and the solution at present is to burden the citizens with tax. Citizens are paying 35% in PAYE, 16% in unclaimable VAT, 10% on rental charges, in effect 61% tax. In all this, just remember that during the great depression, Americans paid tax at 90%.
Tax on Boreholes, Tax on whats up calls, withholding tax on rentals, PAYE 37.5%, Toll gate, Road tax, insurance, fitness tax, school fees, electricity bills, 16% Vat = Total tax 89.5% .
But bakalumba it is too late. I’m sure you have started feeling the heat in Chiengi.
Please where do I go now given this situation. Help!Help!Help!Help!Help!Help!
Your cases are still active sir so don’t provoke the situation or you have noticed that there is no hope of being assisted.
Look at the dirty tribalists , seeing kalumba is one of them they are ok with with saying this , the Tonga professor said the same , the dirty tats came out in droves.
It seems as long as stealing remains from within the boat , it is good stealing….
Forgive them for they do not know
Kalumba should go away just like you and HH. We the objectivists have just seen his message! We the objectivists are not a tribal H-organization like you! I am sure you know yourselves! I am glad you do! Childish will NEVER be president. Even if you take a different stand all Zambians know what and who you are and know what you all want.
Sharon no one talks to you , you still haven’t washed between your stinky legs , infestation now reaching your brain….respond to your own posts.
I am responding to the COALITION OF THE WICKED. I am not talking to you!
@Spaka, not relevant to insult someone like that. You merely diffuse the conversation with insults.
I don’t want that insane tribalist responding to my posts….
Sharon, why can’t you just preach peace?
@HaMwape, have you spoken to HaJayJay and Bospakata, about peace, lately? Larry Mweetwa would love to hear that.
Katele Kalumba is just a sexologist, he was appointed Finance Ministrer only because he was ka fellow TUBULU like Chiluba Chabala Kafupi. If you want to know how you can use you “tool” to dig deepest into the blossom of Dora, Mwanakatwe or Mumbi-Phiri Njovu, Katele is your man. He can define an angle and shaft vibration that can attain maximum penetration. So please lease finance alone, it will just confuse you. By the way Katele, “bushe ubuloshi taulati uleke we ndoshi iwe, atase”.
The people have talked, others have debated about the debt issue, however the big question is WHAT IS THE PF GOVERNMENT DOING ABOUT IT?If our govt can go to Turkey with a begging bowl, they are not giving me any inspiration at all.
Mike Mulongoti hinted that they are trying to obtain a $5bn from Lebanon. We do not know if this is true. Kaya mwandi!
Triba.l h.h fighting corruption with corruption experts such as GBM. I am reliably informed tgat h.h will make GBM his vice in the government of Zambia by constitution, and then, by hook and crook, Finance Minister.
HH will be no more after 2021. He will be history. Even if he decorates his pig (UPND) with lipstick, using GBM, Charmaine and Mubanga or anything else to cover the tribal H-organization, no sane zambia can fail to see a pig when they see one. UPND is damaged goods with tribalism and it is COALITION OF THE WICKED.
Sharon, I feel sorry for you. You breath and live HH. Try and speak positively about how the current government can improve people’s lives. As you have said before HH is not a factor!
Look who is talking, i thought you said pf is a good party what has changed now
Please go away! Very far away and take HH with you Sir!
Ba katele you like praising wrong doers …why….and now its too late you shared the money ……when others are standing up at right time you condemn them…why why….Tribalism will take us nowhere…..
I would like a situation where the so many former finance ministers, especially those with Economics background , coming together, discus, reach a common conclusion and offer advice to the seating Government. A united voice speaks louder than an individual and especially if it is non partisan. Where are you former Finance Ministers hiding and why? This is your Zambia too. Please come out but with a sober mindset.
I have never been a fun of prophets of doom like Childish and UPND too.
@ Sharon. If not a wizard already, then you are one step away from being one. Going by your rantings, you already fit into the stereotype.
A fan of prophets of DOOM! I meant!
IT S NOT OUR AFRICAN CULTURE WHEN YOU JUST LOOSE YOUR SON ..THE LATE WILSON KALUMBA THEN U ARE IN PUBLIC NANDEVU SURE ,,, OTHERWISE PIPO WOULD START SUSPECTING U IN UR SONS DEATH KEEP QUIET ATLEAST ONE YEAR MAN
Sharon you have a deep hate for HH. Remember God made us in his own image so, the way you hate other people is the way you are hated by those who don’t like your posting. Let’s be objective than be otherwise. What goes up will one day come down. I under if you even kneel down and pray. Our country has changed in terms of management so let’s pray for one another.
Nandi you have a deep hate for Lungu, remember God made us in his own image. I only hate stoolpidity.
Sharon you are missing the point. What Nandi is saying is that we are all equal. Regardless of your posts, I would hope that I can respect you as a human being.
Prophets of doom