The World Banks says Zambia is not in a debt crisis as purported in some sections of the media.
World Bank Country Economist Ziv Chinzara says negative sentiments circulating in the media suggesting that Zambia is in a debt crisis are unhealthy.
Dr. Chinzara says accurate reporting on Zambia’s debt issues is key in mitigating sentiments that have potential to increase the cost of debt servicing.
He says currently there are only ten African countries that are in debt distress which have arisen mainly by external shocks.
Dr. Chinzara says the media must ensure reports on debt in Zambia are based on solid foundation unlike where some reports are based on misinformation to the public and investors thereby creating uncertainty on the market.
He says accurate reports on any country’s debt standing are important as they enable investors make informed decisions.
Dr. Chinzara was speaking in an interview with ZNBC in Lusaka shortly after launching the World Bank’s eleventh Zambia Economic Brief dubbed Agro-Led Structural Transformation.
He has since praised government for implementing measures aimed at reducing its debt stock and further advised government to be releasing regular reports and information on debt to avoid distortion by the media.
And World Bank Country Manager Ina Ruthenburg praised government for announcing bold fiscal consolidation measures aimed at moving debt to sustainable levels.
Ms Ruthernburg said promoting debt sustainability will enable the country save resources to support the poor and unlock private sector growth.
LT DATED JULY 17: IMF team due in Zambia to discuss its debt levels
“The IMF has warned the country is at high risk of debt distress, while investors have grown skeptical about the amount of external loans the country claims it has incurred, saying it may be significantly more than the $9.3 billion announced.”
The key sentence here is “..it may be significantly more than the $9.3 billion announced.” which indicate lack of transparency, no one knows the exact debt level. So how can this WB Ziv Chinzara says there is negative sentiments circulating in the media suggesting that Zambia is in a debt crisis are unhealthy? Its because there is no transparency.
I will take this with a pinch of salt. But am grateful if it’s true. All this media frenzy would have been avoided if PF had just been transparent, honest and not so arrogant with their statements. We will watch and wait
This Zimbabwean World bank representative is not telling the entire story.
If you think Lungu’s fart smells of roses, why does this world bank not lend him the money?
It is because your bosses know that Lungu is a common thief.
Put your money where your mouth is.
IndigoTyrol, the terms for WB are very useless. Period
This World bank also too much kusabaila….always contradicting themselves….one minute Zambia is debt crisis the next minute Zambia is not in debt crisis….so which one is which? No wonder the world bank is useless
Can this so called Dr provide proof of his statement? Why is his head quarters making a different statement than him? And why has the world bank delayed the IMF package if his statement is true that the country is not in a debt crisis?
World Bank is objective and factual ANIMO Farm and CHILDISH are not.
SO LET’S CALL A SPADE, A SPADE AND NOT A BIG SPOON FOR THE SAKE OF IMPRESSION – THE UPNDEADS AND THEIR CORHOTS ARE A TOTAL NEGATIVE STORY ABOUT ZAMBIA. THEIR ALTITUDE TOWARDS OUR LAND IS SO PATHETIC TO LEVELS WERE CHAOS AND SOWN DISCONTENT WOULD SUDDENLY GRANT THEIR WISH. THE DESPERATE DESIRE.
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So, what is their wish?
That their god, double h lives to wake up at state house in a 5 year tenure of his life.
Fact: The Elite Zambian voters, who constitute the intellectual electoral body of voters have refused to grant him the slightest chance of nearing plot 1 through the polls.
It is better to be poor free man than rich slave, we have everything it takes to make Zambia heaven on earth. U muntu wa mano alula ifyafye fyaba chuma. Its time we changed our mindset, use what we have to create our Zambia we need
You are already “rich slave” of the Chinese.
@2.1, You are already a poor slave of your little HH god
Who should the common man believe on the debt situation?
What the WB officer ia alluding to is that reports based on misinformation has potential to escalate the cost of debt servicing, the interest rates are pushed upward due to uncertainties created in the economy. In Zambia every Jim and Jack has free reign to talk about issues they do not understand. Report and write based on impeccable facts and source.
The BIGGEST ISSUE is that, Opposition political leaders are too much into FAKE propaganda.
HH is worse . His feels BITTER if the country is developing and he feels GLAD if the country has HARDSHIPS .
He and his supporters are preaching in diaspora that Zambia is in ECONOMIC DISTRESS. This is one his evil schemes that will judge him in ballots both in 2021.
You are wrong there.
No one listens to HH anymore. He has not been the same person since he got jailed for treason.
Something happened in jail, and he will take that secret to his grave.
Picking up soap while having a shower is dangerous in prisons. You just do not do it. But inmates will make you do it.
Zambians can see the corruption for themselves.
What they don’t know is what they is the same as burning the bridge after crossing it only to realize that you’ll have to come back and you’ll need that bridge.
The BIGGEST ISSUE is that, Opposition political leaders are too much into FAKE propaganda.
HH is worse . His feels BITTER if the country is developing and he feels GLAD if the country has HARDSHIPS .
He and his supporters are preaching in diaspora that Zambia is in ECONOMIC DISTRESS. This is one his evil schemes that will judge him in ballot booths in 2021.
What the “P” stands for, pillock?
It’s a upnd strategy to make people rise against the PF govt. They started with petition, dictatorship, corruption, and now debt. But instead of becoming more popular and PF becoming less popular, Chilanga showed the strategy is failing. Upnd is having defections as its members are disillusioned with the leadership whose plans have been failing since 2006.
@MR P your hatred and poor thinking will destroy you and your generation. You have such poor judgement of real life. Whether you hate HH or not is not his business. He is not in anyway the causer of what is happening in this country. Direct your hatred energy to your family. Poor soul. Work up and see things in reality.
If you followed his statement and your understanding of the English language is on point then you will be able to tell that, he said the country is not in a debt crisis- the man is clear about that! By the way, he is a nobody but a world Bank official….and he has not vested interest to tell falsehood.
He also noted that, government must continue giving reports on debt. To me that sounds like his asking for transparency…key thing to note here is, the country is not any debt crisis and reporters must report responsibly because uncertainty affect investors confidence and drives the cost of debt repayment high…. ” Zambia is our Land”!
If you followed his statement and your understanding of the English language is on point then you will be able to tell that, he said the country is not in a debt crisis- the man is clear about that! By the way, he is not a “nobody”, he is a world Bank official….and that has to be respected. He has no vested interest to tell falsehood.
He also noted that, government must continue giving reports on debt. To me that sounds like his asking for transparency…key thing to note here is, the country is not any debt crisis and reporters must report responsibly because uncertainty affect investors confidence and drives the cost of debt repayment high…. ” Zambia is our Land”!
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If you followed his statement and your understanding of the English language is on point then you will be able to tell that, he said the country is not in a debt crisis- the man is clear about that! By the way, he is not a “nobody”, he is a world Bank official….and that has to be respected. He has no vested interest to tell falsehood.
He also noted that, government must continue giving reports on debt. To me that sounds like his asking for transparency…key thing to note here is, our country is not any debt crisis,hence, put it to rest and focus on something positive. My advice to reporters is, report responsibly because uncertainty affect investor confidence and does tend to drive the cost of debt repayment up…. ” Zambia is our Land”!
Fifa officials like Kalusa were bribed probably right inside the Fifa building. Some of these official could be compromised. We need him to validate what he is saying. Can he provide details of Zambia’s debt and justify why he thinks its not in debt distress?
Can this so called Dr provide proof of his statement? Why is his head quarters making a different statement than him? And why has the world bank delayed the IMF package if his statement is true that the country is not in a debt crisis?
“it may be significantly more than the $9.3 billion announced.”
Mozambique also tried to hide its debt to China but the same World bank found out later.
Debt issues are dealt with by the IMF and not by the World Bank. Why would the World Bank contradict the IMF on Zambia. The IMF has refused to lend Zambia $1.3 Billion on the basis that Zambia’s Debt Stock is opaque and unsustainable. There is too much fraud and Corruption in Chinese Project Contract Loans. If the World Bank is happy with Zambia’s indebtedness why are they not lending the amount that Zambia wants? IMF and Western Donors have from their Aid to Zambia becoz of the Default Risk.
There you have it. All countries are corrupt, Zambia has a very fluid and visible auditor general’s report. All is well, now we shall not pay these ministers blotted salaries. All that is happening is good. Work hard Zambians.
So now they have to quickly bring a world bank employee on national television to say what they want said.
I appeal to the government of Zambia to look at the cash situation with the grassroots. It’s becoming harder to access money and the feeling is that its being withheld deliberately
We believe in you guys