Monday, June 17, 2024

China to take over ZESCO – Africa Confidential


ZESCO Limited officials inspect the waters at Lake Kariba where the utility firm generates power

The respected Africa Confidential has revealed that talks are underway for a Chinese company to takeover power utility ZESCO.

And Africa Confidential has warned that Zambia risks losing its sovereignty to China as that country will seize national assets once government defaults on loans.

In a report titled ‘Bonds, bills and ever bigger debts’ published on September 3, Africa Confidential observed that ZNBC was already being run by the Chinese and disclosed that Zesco was also already in talks about a takeover by a Chinese company.

“A major worry of the IMF and US is that China’s BRI strategy is first to encourage indebtedness, and then to take over strategic national assets when debtors default on repayments. The state electricity company Zesco is already in talks about a takeover by a Chinese company, AC has learned. The state-owned TV and radio news channel ZNBC is already Chinese-owned. The long-term outcome could be effective Chinese ownership of the commanding heights of the economy and potentially the biggest loss of national sovereignty since independence,” the report read.

Africa Confidential noted that Zambians would be alarmed to learn the real Chinese debt figures.

“Zambia is a good example of what the International Monetary Fund and the United States Senate are calling a crisis of accelerating developing-country indebtedness to China.

On 3 August, a bipartisan letter by prominent US Senators to US Treasury Secretary Steve Mnuchin urged the US not to allow the IMF to bail out countries which had got themselves into financial difficulties thanks to over-exposure to Chinese debt, especially for ‘overpriced’ infrastructure projects.

The démarche builds on the concern expressed by IMF Managing Director Christine Lagarde in a major speech in April and pundits in Lusaka say the description fits Zambia like a glove,” the report read.

“The Senators’ letter names ‘predatory Chinese infrastructure financing’ as part of ‘debt-trap diplomacy’ which is integral to the Belt Road Initiative (BRI).

The letter continues that Twenty three of the 68 developing countries are in debt distress or strong risk thereof because of the BRI.

Although Zambia is classified as at high risk of debt distress it is not among the 23 named, but Africa Confidential’s sources say this is only because much of its debt to China has not been fully accounted for, an exercise the Lusaka exchequer is not anxious to complete for fear of the alarm the figures would cause.”

Africa Confidential noted that although Finance Minister Margaret Mwanakatwe announced that all Chinese projects below 80 per cent completion would be halted, President Edgar Lungu told Chinese nationals that all projects would go ahead as planned.

“The Zambian government is supposed to be contributing 15% of its own money to the Chinese-financed projects. Meeting this commitment is testing government finances to the limit and taking precedence over social expenditure. Even though Finance Minister Margaret Mwanakatwe pledged to halt all Chinese-backed projects that were less than 80% complete, on 11 July President Lungu publicly told Chinese officials in Lusaka that there would be ‘no disruption in the ongoing projects’ financed by China,” read the report.

“Since President Edgar Lungu came to power, Zambia has signed off on at least US$8 billion in Chinese project finance. Over $5 bn. of this has not been added to the total because Zambia insists the money has not been disbursed, and more large loans are in the pipeline. Yet the finance ministry does not have the capacity, insiders say, to police, let alone stem, all the spending. In some cases, the financial penalties for halting disbursement on projects would outweigh the savings. Donor governments have offered technical assistance to bring the project debt mountain under control but have been rebuffed.”

Africa Confidential also reported that IMF representative Alfredo Baldini was asked to leave on accusations that he was “spreading negative talk.

“The government has all but expelled an IMF official, as the debt continues to spiral and the role of Chinese projects in it raises more concern. Having allocated US$500 million to external debt service this year, the government’s liquidity crisis drags on as relations with donors and international financial institutions plummet. Lusaka asked the International Monetary Fund to withdraw its resident representative Alfredo Baldini on the grounds that he was supposedly ‘spreading negative talk’ among the donors, a source in Lusaka said. The rift is a blow to any chance – practically non-existent though it already was – of a deal,” read the report.

And Africa Confidential revealed that Britain’s Department for International Development was investigating three ministries for fraud.
“Financial management across the ministries is under scrutiny. Britain’s Department for International Development is investigating fraud in three ministries, which could have serious implications for future funding, Africa Confidential has learned. And Zambian exposure to Chinese debt, especially project credit, is still causing concern,” read the report.

Meanwhile, Africa Confidential noted that government had continued spending lavishly despite the country being in debt distress.
“In mid-July Lusaka announced a supplementary budget of 7.2 billion kwacha ($721 mn.). Half of this is for debt service, which leaves only just enough only for public sector salaries, which it is struggling to pay. It missed most August salary payments, causing outcry among civil servants last week. Efforts to raise capital domestically are not going well. The auctions of Treasury Bills have been poorly subscribed on average although it has been using massive inducements to attract the banks. Government data shows that by the end of May it had spent $489 mn. on external debt service and on 19 July it announced a further $161.3 mn. was paid in June. It will need a further $360 mn. over and above the sum originally budgeted to cover debt service,” read the report.

Ministry of Finance insiders say that domestic measures now in train to re-allocate spending are not realistic and that at least another $300 mn. needs to come from fresh borrowing. Yet the government is spending as freely as ever, as in the lavish expenditure by the Patriotic Front on the election of Miles Sampa as mayor of Lusaka on 26 July, even though only 15% of voters turned out.”


  1. It would be nice if government first asked the Zambian people for permission to sell the nation into economic slavery. We need a Zambian Julius Malema to help deliver us from slavery. The borrower will always be the slave to the lender. WE were slaves to the West now we are slaves to the East. When shall we rule ourselves?

    • What Julius Malema? If you had want he would be arrested and you the selfsame people would be watching like impalas watching their own be killed by lions. Zambians are docile people….once China gets Indeni and ZESCO they will complete their hold on Zambia as you have already sold them ZNBC, thousands of acres …I mean what type of a Party is this that calls itself Patriotic yet its selling its country into slavery without pride or shame. Already you have the whole cabinet in China doing what? Auctioning everything.

    • at Least the president, his ministers, PF party leaders and the cadres who defend their bad leadership and benefit from the corrupt system will be still able to buy big cars and build blocks of flats, while the rest of us starve and slave away.
      it will be like the old American slavery where you had house niggers and field niggers. the plantation owners enjoying all the lavish wealth, the house niggers eating the crumbs from the table and the field niggers toiling a away in the fields and dying of thirst and hunger. Let’s roll!

      Chinese will own plantation, PF will be house niggers, the rest will be field niggers

    • JourneyMan – How can you enjoy anything with high taxes mind you these are people who are just stumbling into looted money and don’t know what to do with it…its like those poor guys who win £10 million lottery and go on a spending spree buying mansions and expensive holidays only to end up back to square one after a decade. They have no conscious ..they think they are winning by getting loans, it was sad to watch those ministers sat opposite Chinese President at that meeting none of them is clean among them all with checkered pasts including Lazy Lungu.

    • @ex-Moma, Zambian Malema is Bowman Lusambo. Just a thug doing a great Job.
      Zambia need a Chinese Minister of Finance and Minister of Planning.
      If I had said a White minister, like that richest Zambian from UK you could have agreed. But I say a Chinese Minister you want to crusify me.
      There are some Chinese with good-big hearts out there, especially women. Let’s make history, where are Chinese Zambians?

    • The good thing is that the truth always comes out. Its not possible for 1 country no matter how powerful to take over another country in current world order. Such kind of articles not only about Zambia but rest of Africa are flooding media sponsored by western countries just when China is hosting the China-Africa Summit. West has discovered too late that China has plan for Africa & world & they will try to demonise China as much as possible. The agenda for Africa by west was to keep Africa poor. With China’s influence African country’s are beginning to break away from poverty cycle becusse for 1st time exports are fetching reasonable price. Eg copper was $2,500 per tonne in Anglo days in late 90s but shot to $8,000 when China started buying directly. Of course Chinese not pure but are…

    • Nostradamus – I don’t know whether you post comments whilst drunk, maybe you are trying to be sarcastic or sexist or ignorance you are just all over the place….I just don’t know what frequency you are on maybe your friend Ndobo understands you.

    • When we tell you about you PF00Lish Lungu failed experiment, you say bwatu-bwatu from your butt0cks.
      The pipo who voted & rigged for the 1diot of a president need at all costs to prevent the mortgaging our once promising country.

    • KK never would have let this happen.

      This is one lesson that will resonate with out grandchildren, and their children.

      Lungu is one president the good lord should have taken, instead of Levy or Sata. I say this because a lot of Zambians will die because of the decisions this imbecile Lungu has taken. It would be better for the good lord to return this defective sample back to the soil.

      I am sorry to say, but maybe someone should help the good lord hasten this process.

    • @The Chosen One. China does not buy directly copper from Zambia.Zambian copper is channeled through Switzerland. When we read these articles, let us always apply our intellectual analysis instead of running to conspiracy theories. I may not agree with this article, and I should only provide scientific proof of my dissension. On the content of this article, I do not seem to agree with certain facts myself.

    • Kazembe – PF govt knows Zambians of today are a very compliant, obedient, pliant, dutiful, willing, passive, meek bunch of people not like our fathers of the 90s…its no wonder Lazy Lungu has said let the social media tax go ahead as the people will not object being taxed twice like those toll gates in middle of roads

    • @Ex-moma you don’t need Julius Malema to emancipated you from slavery. You have to do it yourself the same way ‘you freed yourself’ from being a moma.
      By the way the title of the article should have been. China takes over or has taken over Zambia on Lungu’s clock. Lungu has made the country to shut down. Arrested Lungu now to arrest the situation.

    • Sorry analyser not analyserk. I am not rebranding my name yet. It’s Lungu’s fault I such mistakes should be made. I am so angry about the situation at the moment. Lungu might just as well sell all the Zambian wives to the Chinese men in China while he is there.

    • @Good day its a pity you think you are the only one with information. I get concerned when someone claims absolutes such as ‘China only buys copper through Switzerland’. But China even has it’s own Copper mines in Zambia such as Chibuluma and Chambishi. China even has its own copper smelter in Zambia. This information is available all over the web. Its not easy to twist facts nowadays. Just search for price of copper in1990 onwards and information will come up. Search for procurement of commodities by China and this information will come up. China may buy through Switzerland as you claim but this is not the only way China buys copper. We need to open our eyes as Africans and as Zambians. The West has been getting copper from Zambia for over 100 years now with London Metal Exchange…

    • Cont. …Exchange naming the price. Zambia has been a poor country throughout that time. China is now buying at up to 6 times the price now but you still think this is no different from the old order. We need to utilise these good times properly and build our economies. God Bless Zambia

    • I watched today press conference at the end of FOCAC.
      Zimbabwe already is getting out of that summit with something tangible – Africa China Research Center !!!
      This is the kind of investment we should be fighting for. I guess Zambia with help of Maggie will come back with loan packages instead. I have head small countries like Gabon, their strategy is not about infrastructure development, they want to differentiate themselves from many African countries focussed on infrastructure loans, instead, they are focused to grow their timber exporting industry. They went to China with a strategy. I am yet to see Zambian strategy how they tend to utilize their piece of cake out of that USD 60bil pledged by Xi Jinping

    • Zambians should put a stop to this we call for protests across the country until the Government tells the truth. Lungu if he has failed let him leave. This is unacceptable and should be stopped. Enough Nonsense.

    • Very disappointed. A leader that enslaves his own people is not a leader. Lungu must just resign as he has failed running the country. China is on an economic colonial motive and should not be allowed to takeover our sovereignity.

    • parliament needs to have a constitutional say as well, zambian people should be told everything-no secret dealings.

    • “When shall we rule ourselves?”

      Probably when you learn to elect leaders who aren’t corrupt and/or inept and manage money and government? I don’t see anyone “enslaving” you. You DID rule yourselves… and promptly borrowed billions you can’t repay, and now face the consequences. Being enslaved is NOT the same as being held accountable for poor choices.

    • As a Jesusist.. Righteousness makes a nation great; sin(aka Corruption) is a disgrace to any people. True or false this article is a timely work up call to all well meaning Zambians.
      Name calling won’t take us any where. Remember 1912. The unsink ship( boat), Titanic. As just saying…
      Don’t rejoice when your enemy falls into trouble.. King Solomon says
      Politics is not a game like most of us say. Politics, is serious policy making. PROFITABLE POLITICs(policies/decisions). I don’t blame any one …
      What is happening in Zambia is the fruit of every Zambian.
      WE ARE LAZY…And every hard working Zambian right now is just observing how we as a majority lazy people have come to sink so low… this economy thing is personal… it’s Business.ZAMBIA ZAMBIANS !!!!!!! I have to stop here.

    • This is why politicians that came after KK have not invested in education.

      They want the masses to be illiterate, so they can lie to them easily in exchange for votes.

    • Shame, another on was told China doesn’t give Cash Bailouts. They only loan money for Infrastructure Projects. ED wanted a $2 billion Cash Bailout but this is not forthcoming from the Chinese govt. This makes Re-engagement, Western Investment and financial assistance a more We told u that China doesn’t give Cash Bailouts. They only loan money for Infrastructure Projects. ED wanted a $2 billion Cash Bailout but this is not forthcoming from the Chinese govt. This makes Re-engagement, Western Investment and financial assistance a more difficult proposition with ILLEGITIMACY. ED, ZEC and Concourt rigged the 2018 but will require Primary Evidence to rig the Economy. The writing is on the Wall.


    • You will be left with your National Airline which doesn’t really belong to you.

      PS: You must be Chisenga, the CAPS give you away…are you too ashamed to use your usual alias?

    • Zambians, stop kidding yourselves, you have nothing left.

      If you think things look bad, wait until real auditors come in. The situation is a lot worse than we think.

      I can see a situation where we have to go to the trenches again to fight off the Chinese.

      Before that happens, Lungu has to be eliminated.

    • Please, please check ALL title deeds, we might be left with nothing but a bunch of thieves. After 50 years we might have to fight for independence again due to the unpatriotic front lead by bwezani the person we thought we got ride of in 2011.

    • Of that $60 billion ….the Chinese will give Zambia another 3 billion knowing too well that they will default especially that they still owe them for the overpriced substandard construction projects like KKIA, Mongu-Kaloba Bridge, Ndola-Lusaka dual carriageway. By the time China moves its labour intensive industries to Africa your children will work as slaves for free as they will not have control of Petrol, Electricity, food…they will be Chinese Slaves.

    • @Bongo…corrupt Lungu is now permanently a Chinese figurehead. They’ll back him and prop him up with lots of political funds during elections. They already know he’s willing to do their bidding for a kick back in return. And , unfortunately, the opposition is very weak in Zambia. So, technically, Zambia is doomed. The only hope could’ve been the ConCourt ruling that Lungu cannot stand in 2021. And to think that this corrupt guy wants to be in office for the next 8 years, is very scary. By 2026, we’ll all be speaking Chinese in Zambia.

  3. This report is alarmist. The bbc yesterday carried a report on african countries debt from china. Zambia was not listed like the above article. There was worse countries than zambia. So this article seems to have an agenda of its own.

    • That’s because your PF govt is hiding the true debt figure from you…but as gullible as you are; you think you are in a “better” worse position than you really are…this is a govt that continues to live in denial and continues to spend recklessly anyone one with a proper functioning brain knows where this is going!!

    • African Confidential last published an article about Lazy Lungu signing a loan for ZESCO and using some company in SA… up to now all we heard from State House and Ministry Of Finance was conflicting responses. Lazy Lungu himself cowered from that issue and never said anything at the airport.

    • The reason IMF will not lend Zambia money is lack of transparency.

      Lungu has borrowed money which has not even been declared.

      How else do you think Lungu is managing building mansions everywhere? Or Kaiser’s lavish life styles?

      We as citizens are only privy to the tip of the iceberg, and this tip is very bad!!!

      You think people living abroad are bitter? You will see what bitter means soon. We are only concerned because we have relatives there, and some of us would like to invest there.

      Things will get a lot worse.

      The Chinese will own the game parks soon. Then they can harvest as much ivory and mukula as they want.

      After that, they will be shafting your wives and small daughters, while you sing dunana reverse.

  4. Let us HOPE this is mere speculation! WE ARE IN REAL TROUBLE BCOZ WE HAVE NO ALTERNATIVE LEADERSHIP AS MOST OF THE OPPOSITION ARE THERE FOR THEMSELVES and have NOT TOLD US HOW THEIR POLICIES WILL DIFFER FROM PF ESPECIALLY ON INCREASING OUR SHARE FROM MINES, THE MAIN REVENUE EARNER FOR THE COUNTRY!! Yes PF has mismanaged partly because to develop, you need resources which are never getting ever since we gave the mines to foreigners, so we have resorted to borrowing!!

    • Those who are shooting this down, what do you think is the real reason for our contracting debts for infrastructure and why do you think the opposition has failed to make an impact expected of them? Do we get enough resources from mines? YES, PF HAVE MISMANAGED BUT THEY USE THE REAL EXCUSE OF LACK OF INTERNALLY GENERATED RESOURCES TO FINANCE INFRASTRUCTURE DEVELOPMENT!


    • @7.2 fedup, I have NOT heard anything different from HH on the Mines apart from him attacking PF each time they have attempted to raise taxes on the mines. What is clear is that we DON’T collect enough taxes from the mines that is why the Zambian population is over taxed!! Even on ZESCO, HH was on record last elections that he would bring his private sector “friends” to put money in ZESCO, which is privatizing ZESCO, which I believe most well meaning Zambians would appose JUST AS WE ARE AGAINST THE CHINESE TAKING IT (ZESCO) OVER!! HH’s message on key issues of the economy is NOT so different from PF except he wraps everything in generalities!!

  5. Zambia Wants Development and unfortunately the school of humanities at UNZA produces half baked graduates that thing only with their pockets and not their brains

  6. Lungu nafuti nafuti…..

    Can we hear from the PF rats ?

    Njimbu, cader, ndanji, citizen etel….can we have your thoughts pleas…

    • Some of them are here but have changed their names as they are too ashamed to use them only the dumb blind childish ones will feature today.
      As a Zambian my blood boils when I read this article yesterday as we worked very hard to crawl out of this debt trap and someone is there signing loans left right and centre and smiling like an *****tt in China.

  7. @jay jay I am not Chisenga. Sorry for the use of caps was just angry after reading the article . It s called fools rush in and I was one today LOL sorry.

    • Lungu does not have competition for this title.

      The only challenger was Chiluba, but even he did some good for Zambia.

      But Lungu is a wasted sperm, literally.

      A bad spirit Lungu.

  8. Zambia The Chinese Colony..One Zambia One China..
    I hope our Children will one day break free from this bondage of Chinese slavery

  9. It is possible that Zambia out of economic desperation can easily auction ZESCO because they seem to be running out of options. The problem is they are looking at the immediate gains and don’t want to look at long term consequences..and that even those consultants they are using equally want immediate gratification…because they also lack integrity..sad to say

  10. Hahaha…! Lesa wabonse! The West can’t believe reality unfolding in front of their eyes. When KK was put in an embarrassing tight corner by the West through the IMF in 1986, they thought this would be done over and over to dictate their hypocrisy to gullible third world leaders. Fast forward, China comes on the scene and suddenly the west’s threats through IMF are irrelevant. Now the IMF is as irrelevant as the Commonwealth. Waona manje wayamba kulila!!! KK is still alive and having the last laugh!

    • This AFRICA CONFIDENTIAL is useless to us right here in Zambia. Check their over 200 articles about Zambia, its all rubbish and always advancing HH’s calls. You won’t appreciate ECL’s efforts to improve our living standards if you are always seated abroad and waiting for silly articles like this. ZNBC hasn’t been sold in anyway. Instead, ZNBC has acquired shares in a Chinese telecom firm. Chagwa is a genius! Dr Christine Kaseba is our new ambassodor to France, Spain, Portugal, Serbia, Bulgaria, Romania and the two U.N. bodies UNESCO and the UNWTO.

    • Just wait for the chickens to come back.and roost. It will be interesting to hear how you deny reality when Zambia becomes the new Zimbabwe. cheers

  11. Unfortunately our web based intellectuals cannot debate anything with reason. It is either they are PF or UPND or hate either. There are questions that must be raised and debated from the article. First why is IMF concerned with China’s role in Zambian economics? Would IMF say the same if it had given Zambian a loan? Is USA happy with China’s support to many poor African countries? Doesn’t USA and European union trade with China? What can we learn from their trade?

    How does USA disburse its own international aid – through its departments and USA based companies?
    Now we have heard from the article that the Zambian government asked the IMF resident rep to leave the country. Haven’t we been told that IMF left Zambia on its own? What is the truth behind the departure of IMF…

    • I like you #Amagenge. I think you’re the only one here not using your heart to reason. Most bloggers don’t seem to follow the game. this game has become very exciting. I’m been tempted to relocate back home to participate in these exciting times. The Bembas have a saying, “Ubuchenjeshi bwankoko, pungwa tasakamana”. I rest my case!

    • It is either they are PF or UPND or hate either!!!

      Does one need to be a member of a party or to endorse a party to have an opinion? How about just being a concerned Zambian for starters …do not have a lazy mindset of the President Lazy Lungu who calls everyone critical of his reckless borrowing as being bitter…its clear shortsightedness of the issue at hand. IMF is telling you what your bank manager would advise you; simple basic principles cut back on spending and reduce the workforce if you have to. How can you compare how the US disburse aid to Chinese Exim Bank loans where AVIC has become a big play in corruption and overpriced projects.
      Wake up!!

    • You are too naive. Sorry for waking you up. Remain sleeping. You have issues with the reading or researching culture.

    • @Amagenge……….”How does USA disburse its own international aid – through its departments and USA based companies? Now we have heard from the article that the Zambian government asked the IMF resident rep to leave the country. Haven’t we been told that IMF left Zambia on its own? What is the truth behind the departure of IMF…”
      When you start questioning the role of the USA , or any other western country, then your argument again become blurred and lacks intellectual objectivity. It is not only the issue of PF and UPND; it is neither an issue of the east or West. Let us look at the facts on the ground. We have been in this situation before. Are we safe as at now? it is an issue of looking at situations as they are on the ground.

    • @ Authentic do not fish for facts on the ground. Look for facts in the article. We are discussing the article. According to you, is it a fact that China has hidden agenda for its loans rather than business? Yes we can all speculate like the article is doing but speculations have never been taken for facts. The facts on the ground is another debate at the moment we are dealing with trade wars between China and USA and its propaganda.

  12. There is no Smoke without Fire. Zambia is already in Debt Distress so it must either cancel some of its Chinese Debts or restructure the Debt. Until Zambia does this it won’t find any joy from IMF over the Proposed $1.3 Billion Loan for Balance of Payments Support. The writing is on the Wall.

  13. Who is Pungwa iwee? China. kikikikikikiki. Unfortunately I have a problem with China. Each state they have come to give aid especially in Africa have economically become poorer because of their deliberate careless lending. They don’t care how the resources lent to each country are used and its non of their business. So most corrupt Africa leaders go to China where they know that they can borrow and loot the money without anyone raising an eyebrow. They tried to come to Kaddiff’s aid in Libya, where is Libya. They tried to pump in this or that resource into Zimbabwe where is Zimbabwe which has turned into a country without its own currency.

    • It is not money they want back.

      It is the whole country, and its resources.

      When you want to sleep with your friend’s wife, you do it indirectly. By the time your friend realises your intentions, it would have been too late.

  14. Every Zambian is naturally sworn to defend the constitution either by design or default, hence it is unfortunate to see our strategic entitlements slowly melting away in the hands of China. Our off springs are now being condemned to become cheap labourers for Chinese firms in our own country. At the rate our national assets are being disposed of, I think we have a moral and undeniable cause to ascertain how many Cabinet Ministers and those at State House are genuinely Zambian or is it a confirmation that we are in an economic depression. I suggest, there is need for an open and inclusive press conference to be addressed by the president, like yesterday.

    • @Nipnak i appreciate your position, i appreciate artificial intelligence however i am far above your best. I don;t blame you but tour teachers/ lecturers who deceived you.

  15. #Jay Jay, IMF can’t tell us anything credible. They are an interested party. Where does IMF get they money for onward lending? Please push yourself to do some serious research and understand the game at play. What happened in 1974 and requests for further moratorium periods in the 1980s? Who was the biggest multilateral lender and who put up the money for onward lending? Muleishiba utuntu!!!

    • IMF gets money from onward lending from developed economies even the likes of Botswana lends IMF funds. Mind you where the IMF gets its money taxpayers have been calling for responsible lending do you know what that means?You keep mentioning the 70s and 80s …do you honestly think the IMF of the 80s would have hesitated to lend you money?
      I suggest you go back to reading up to date journals ..then come back and debate done with educating you lazy numbskulls!!

    • Ba Robbie, so you think the Chinese are telling you something credible?

      Or maybe Turkey?

      Or Uganda?

      The IMF have exposed your corrupt government, and yet you still defend them?

      How I wish the dull could zip it so that Zambia can be fixed!

    • For sure I am yet to hear of a developing country that is now developed because they heed the advice of IMF. Yes we might have problems in the way we manage our resources but we should not retire to the advice of one, IMF. Go to China, go to India, go everywhere and make good judgement of what is on offer.
      Botswana has been on top of things, economically speaking, for many years because they have had no business with IMF for a long time. Instead they have even hired retired IMF staff as advisers, who have helped them to keep afloat. Forget about diamonds and just look at how they have turned their traditional cattle herding into a global market. We can do it if we believe in ourselves first before we rush anywhere else.

  16. “A major worry of the IMF and US is that China’s BRI strategy is first to encourage indebtedness, and then to take over strategic national assets when debtors default on repayments. ”

    That alone was enough for me to not read on. IMF and the world bank have destroyed many a nation around the world. Yes we should heed their call, but they also left us with Chiluba and HH. ZCCM does not exist because of these two rats.

    • They only reason you are in this predicament is that you didn’t listen to anyone’s advice of the risk of unsustainable debt…now you are trying to solve debt with more debt playing straight in China’s hands.

    • Nzelu (or lack of it),

      Mwanawasa made a lot of gains to repair Chiluba’s failures.

      Yes privatisation created a smoke screen so Chiluba could steal.

      And yes HH benefited, immorally.

      However, the problems Lungu has landed us in are seismic. Yet this f00l Lungu does not acknowledge that, or stop borrowing.

      He a total waste of sperm.

  17. A Freemason Anglo publication bent on destroying Zambia’s reputation in support of regime Change. It won’t work. The West ties it’s Aid to homosexuality and exploitation. How much have they given compared to China? Which of you fills their contact list with broke friends. With the little they give compared to China the U.K. and British Ambassadors have been talking over us like we are accountable to them. For all the Chinese have done we have never even heard their ambassador speak up against govt. true partners. When things are rough you want to talk to someone that can help you financially

    • Blame everyone but yourselves only when your electricity is increased and your children are slaves will you wake up from your stupor.

    • Are you for real?

      Ah, the PF are paying for your education in the USA.

      Soon, it will be …”the PF WERE paying for your education”.

    • When I read such comments as the one above from ndoleshafye my heart bleeds. Just because he has a PF job in USA and his children are all paid for by the sweat, blood and tears of the poor average Zambian, he blindly supports PF.
      One of the many Judas Iscariots who willingly sell Zambia for 30 pieces of silver. I hope you come to your moral senses before you are forced to hang yourself

  18. No comment, waiting for Edgar to come back and verify this info. I don’t trust these institutions because of their connections to Hichilema and Obasanjo

    • When has Lazy Lungu verified mean a statement on the airport tarmac in front of dancing cadres and Daily Mail Reports!!

    • Waiting for Edgar to clarify……???? since when does Mr Lungu clarify anything? Have we had a clarification on the 1 million dollar fire trucks or any other major national issue? Whenever there are hard questions that need answering, he disappears or makes a meaningless “working visit” to some ransom place.
      Let’s face it, Mr. Lungu is a coward, with no capacity to lead, but is desperate to remain in power. KK used to hold press conferences(and call us stupid *****s), FTJ used to, Levy used to, RB used to, MCS used to(for 30 seconds or something). They had the courage to face and deal with the hard issues. Lungu can’t. He relies on Amos to spew out crap on his behalf. A coward always hides behind others, and has them do his dirty work.

    • Lazy bum illiterate tribal hooligan bully son of a polygamist tribal father who never gave his son toilet training is soiling in public Hagain.

  19. “ONLY A TONGA WILL SUCCEED MAZOKA” says Sejani. I smell a rat here, first why this article has been published at the time when China is hosting our great African leaders. Then secondly, the article appears to be speculating and alarming instead of substantiating. For this reason I can, with 100% confidence, conclude that the article has been authored either by the enemy of Chinese to discredit China’s economic policy for Africa or it has been authored by the opposition sponsored clowns through the so called Africa confidential or the intention may have both motives. From the little knowledge I have about international law, no any country can lose its sovereignty to another country though indebtedness, instead different platforms are used to settle the liability. This is all a fallacy.

  20. @Jay Jay 25.1 ndiwe wama funny iwe aii! So you think it’s Joe Blogs on the street who pays tax in the Western world for onward lending by the IMF? If that fantasy was real, the western economies wouldn’t be as heavily indebted to China and all other East Asian countries through government securities as the situation is as of now. Let me give you a flavour of what you need to understand; multi national banks domiciled in western economies make super profits from over charged products or mis-sold products. The best way to clean that ‘ill-gotten’ money is to lend to sovereigns through a ‘pressure group’ called the IMF.
    Mind you to understand economics, you need to understand historical trends and anthropology.

  21. I have just seen an article on cobalt being sold illegally by konkola mines to china, and this, in millions of dollars. All this justifies Africa confidential investigative piece that Zambia does not have the capacity to check its financial (in/out)flows. If the figure given in this cobalt scandal is accurate, then what is the point of borrowing a meagre 30 mil from china who also perpetuates illegality within its borders. China failed to halt the importation of cobalt from Zambia that was shipped in dubiously.

    • @33 Tabwakache,Please share the article! The REAL SOLUTION IS TO TAKE OVER KCM, find a better Private sector investor BUT WITH INCREASED GOVT SHAREHOLDING AND SAY!!

  22. If not careful someone will be the most miserable former President. The wrongs that have been recorded in such a short period of time kaya mwandi

  23. Zesco, just as well,…… I hope they extend to REA (rural electrification Authority).
    Maybe this will end Loadshedding

  24. When all national assets are taken over, let’s pray that we shall at least remain with our national anthem. Oh I forgot lest I forgot. even our national football team.

  25. This is heart breaking landed at also at KK only to see in big RED Chinese writing on the new wing PF selling Zambia like ice blocks

  26. Excellent.. They should takeover all utilities so as to improve the services. We have failed ourselves. KK once brought in a white man as Bank Governor.

  27. Umunani wachipuba bupwila muli Timveleko! Zambia has sold its birthright like Esau because of the love for Chinese Beans!

  28. The US is not happy with China taking over its mental colonies in Africa. It’s leading a propaganda machine against China. Most students here is mere scare mongering. Like:
    A major worry of the IMF and US is that China’s BRI strategy is first to encourage indebtedness, and then to take over strategic national assets when debtors default on repayments.
    When did China ever do this? Let’s take a look at France’s age old slave policies on its excolonies why has the US remained silent but is loud about China?

  29. The US is not happy with China taking over its mental colonies in Africa. It’s leading a propaganda machine against China. Most stuff here is mere scare mongering. Like:
    A major worry of the IMF and US is that China’s BRI strategy is first to encourage indebtedness, and then to take over strategic national assets when debtors default on repayments.
    When did China ever do this? Let’s take a look at France’s age old slave policies on its excolonies why has the US remained silent but is loud about China?

  30. #1.5 Chosen one, you are right about the well timed smear campaign against China by western media. The last two days on BBC they have been running an article alleging that has detained over 40,000 moslems and torturing them.
    But why now, you may ask? Any other time I would not be suspicious. And they tell you about the “free press”.

  31. UPNDs believe in their vomit. Eating it all the time while the voters opt for not putrified options.

    Debt whether direct or indirect, cheap or expensive is a certainty in life. IMF’s the cheapest like the salary advance instead of Bayport or Bank. So might be useful to add to the mix but damn the Personnel Manager if not. So long Pf keeps economic fundamentals intact, debt will continue to make our lives joyful and UPND bitter after the ballot. MMD kept this country backwards with it’s cash budgets and anti-debt. Learn something from the most indebted nations in the World, USA & China, who have borrowed infinitely over their GDPs. Time for a US$100 billion bond for railways, power generation, pipelines, tourism, telecoms…..!!

  32. They bought Mulungushi textile, has the textile industry improved in Zambia?Give them domant
    companies like Kapiri glass factory,Dunlop ,Tata Zambia,Fiat etc.You can not sell public institutions.They can have a a tv channel using Chinese language we don’t mind.Let us ask his excellency HH if it is a good move to privatise Zesco and Znbc.The next thing will be hospitals ,barracks, airport ,police stations,all schools and government departments.

  33. Should we all watch and see this government sell everything to the chinese and no demonstrations from Zambians to show the government that enough is enough and Zambian people are not happy.You always talk about people with grade 12 certificates and degrees as being great thinkers and intelligent ,but we had grade 7’s and form 2’s just after independence and managed all government assets well and did not know how to steal or corrupt any body,but come 1991,multiparty democracy every leader in government wants to get reach.Here is the warning to the current politicians that there is always an end to everything and leaders will be taken to account for the wrongs the had done whilst in office

  34. No need to demonstrates, this is the job of real not for profit organisations.There can be a court injunction to prevent further damage.21st century we don’t throw stones but correct the situation.

  35. The problem we have on LT ids that we have many paid up shushushi and other PF cadres who have become so f00lish that they see no wrong with the bad that PF does; i leave with the Chinese and I know what they have done where I live; Zambians is doomed in the long term under PF because of corruption and high debt to China; if other countries who owe China are now crying; what is so special about Zambia that she will not cry tomorrow; let true opposition unite and tell the masses about this; but pastors for Lungu have been bought by Lungu’s hand out and will organise prayers for the economy while the Chinese take over Zambian assets

  36. The failed leadership of Lungu. People please, wake up Zambians. This is the beginning of neocolonialism in Zambia. It is embarrassing.

  37. After you have read all the nons.ense from the so called Africa Confidential and the Jay Gay, Spaka and similar ilk, let me now give my closing remarks:
    Zambians, don’t be detracted from working hard for your families. Times may indeed be hard, and you may not be too happy with the government, but let me put a finality to this: there is no intention or plan to sell your ZESCO to China, there shall be no sale of ZESCO to China just like there shall never be a upnd government in Zambia.

    In case of further rub.bish from the above tr.ibal ilk, refer them to me and continue to enjoy your peace.

  38. Chosen one; You’re a genius. Your comment is exactly what is happening right now. People must not be jealous of China,China is now building Africa.Critics which are coming from many are of illiterates and ignorance by nature. We never had development from the West never till to date. The west must the last to talk about Africa’s development.

  39. Because if the Chinese become big headed, I can easily beat and chase them…. After all, the structures will remain in Zambia and they will marry our nieces and have colourds as well… After all it is one World, one people…LOL So no harm!!

  40. Is this President so resistant to advice? He has been warned before that such borrowing can lead to enslaving us the poor Zambians. Of all the people, become slaves to Chinese guys?It makes my heart bleed to be associated with some who are always suspects of wrong doings. From today No support from me until you come out clean and start listening. At times what comes out of your opposition is true.

  41. Chinese are here to develop China not Zambia. Check these chocholies: smugglers, drug pushers, traffickers, tax invaders, counterfeit experts, come on country men the list is endless. their claim to help Africa is fake.

  42. We told you vote wisely. But you voted with your buttocks while dancing dununa reverse. Wait for the remix………………………..

  43. Please do not make that mistake, what are Zambian people going to remaining with? We take pride in our Country, don’t destroy the country just because you are in power . You will regret it tomorrow when you are kicked out power.

  44. From the comments here, i don’t blame the president… I blame the people that put him in power. It’s disappointing how some of you people here think mweh…

  45. We Zambians are yet to mature and wake up from slumber. We talk big on social media yet, to start with, we do not know what we want to achieve for ourselves. Those who are suffering are in the forefront discussing economics of the country and what should be done while those that are directly benefitting from thieving characters are busy defending all manner of nonsense. If tables ever turned, the same characters benefitting and supporting thieves today would cease to be darlings of these thieves but instead choose to lean towards the plunderers of the day. Nifwe bamuselela kwakaba, period, and that’s how stupid we Zambians are! Nonsense, when are we going to learn? When are we going to love each other and stick to doing the right things irrespective of our standing in society? How much…

  46. Let african wake up and depend africa coz this is economical set up ,sure many africans states are on the same stuation coz we welcomed them by ourself and now they will kick us away

  47. Reading this just breaks my heart. Africa does not need these crooks from the West or the East. But by and large what is killing Africa is greed. Everyone in higher position is there to enrich themselves, to hell with the rest of us! Lets vote wisely next time if by the next election we still have a country.

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