Finance Minister Margaret Mwanakatwe has revealed that Zambia’s external debt had risen to US$9.51 billion as at August 2018. The rise was from US$9.37 billion recorded at the end of second quarter of 2018.
At 2011 when the PF took over Government, Zambia’s external debt stood at US$ 1.9 billion which was only 8.4 percent of the country’s GDP. Mrs Mwanakatwe also told a news briefing that the country’s reserve position has also fallen further.
The county’s reserves as at end august was US$1.73 billion from US$1.82 billion recorded in June 2018. She said this on Thursday when she addressed Journalists and Zambia’s cooperating partners on the performance of the economic in the third quarter.
Mrs. Mwanakatwe said the country fiscal deficit to be around 7 percent of Gross Domestic Product in 2018. She also revealed that an IMF staff mission is in the country to “exchange information on economic data that will allow the development of a macroeconomic framework that will be used under the upcoming article 4 consultations.”
Mrs Mwanakatwe said Zambia is committed to implementation of austerity measures to limit debt risk distress.
Attached is the full statement
SOLVE THE DEBT CRISIS…………….. WE DONT EAT FIGURES. NEITHER DO WE EAT ROADS………ALREADY SOCIAL CASH TRANSFER IS MISUSED………. I WISH THE VICE PRESIDENTIAL WAS A BENEFICIARY OF THE SOCIAL CASH TRANSFER , PROBABLY SHE WAS NOT GOING TO TALK OF XENOPHOBIA…. SHE WOULD BE LOOK AT HER TUMMY…. SAD THAT HER TUMMY IF FULL TODAY AND WILL BE STILL FULL TOMORROW…
ACTUALLY THE WHOLE CABINET DONT PAY TAXES AND THEY TALK EVIL OF OTHERS BECAUSE THEY WANT TO ENJOY LIFE WITHOUT SACRIFICING…….POVERTY OF THE BELLY……..
ZAMBIANS DO YOU THINK BOWMAN CAN RESIGN WHEN HE IS RECEIVING 900 LITRES OF SUPER DIESEL EQUIVALENT TO K13,000.00 TAX FREE AS FUEL ALLOWANCE? NEVER , THAT MAN WAS A PAUPER LIKE HIS COLLEAGUES…..
Wasn’t someone proudly saying “I will borrow without shame” just a few days ago? So what’s this talk about “austerity measures”? Or They will only affect the civil service and the rest of the poor in Zambia?
Zambia is in serious trouble.
Mwanakatwe is about to be fired…..watch this space….Lungu wants to assure Zambians that all is well even when Kaloba is getting worse
It is beyond sad what Lungu has done.
No fiscal discipline, no vision.
This is what you voted for.
And to think these debt figures are a lot higher than being reported.
And to think Lungu will continue borrowing on our behalf.
Inkongole from $ 1.9 billion in 2011 to almost $10 billion in 2018, iyo pali plastic lifestyle pa zed.
It’s annoying
Alliance for Good Governance, President Joseph Chileshe and Lazarous Kapambwe, the Zambian ambassador to the United Nations, not long ago alleged people in the diaspora were denting the Zambian Image.
Now this news is coming from Minister of Finance, who will foreign countries listen to, someone in diaspora or the Minister? And what is positive about this news?
Will Mwanakatwe be reprimanded for being negative? As far as I am concerned, this is not a positive forecast and for the Minister to go to this level, it could be an indication of something worse.
It is okay! Let’s develop this thing! It is UNELECTABLE!
these nincompoops
The “kaloba” government!
It will keep getting worse until we vote these misfits out in 2021. They have decided to give these figures because the IMF are in the country as they do not brook nonsense. Imagine a country like Zambia with reserves of only US1.73 BILLION? We must be ashamed of ourselves for having voted for the most incompetent and irresponsible bunch of cliché without a grand vision for the country. The Americans have realized that Trump is nothing but a cantankerous, leader whos has done nothing but has divided USA nation destroyed their international repute. They have started with the mid term so that they can finally correct this mistake in 2020. Here we are still sleeping.
Chipante pante govt, people have been saying the debt is just to much but you morons don’t listen. Its not like we didn’t know that this will become a crisis, PF is not proactive they are reactive due to low IQ….. more over what do you expect from convicted debarred lawyer as a leader…. he even says I wont stop borrowing pompwe iwe
Mwanakatwe, please have some respect for the head of state. He gave matching orders to IMF saying they can go to hell. He said this when he was sobber so don’t try to undo the did! What has happened to the Look East policy of Chagwa? Remember he asked Xi openly to buy off Zambia’s Eurobonds and he thought it was easier to achieve this by just saying it!
Let the debt continue to rise maybe our people will wise up!!!
lungu has no capable person in PF to be Minister of Finance besides mwanakatwe… he cant fire her… Certain position are not like Minister of information … the Ministry of Finance requires a stable appointment and changing it may cause instability in the business world…….
Financial acumen is a dynamic world is cardinal for governance….Even habazoka is not schooled in public economics………
People borrow to invest in areas which regenerate profits to pay back the debt,, Kanshi it was borrowing for consumption then later on punish innocent Civil servants and employees in the private sector with Austerity measures,,,, if you reason logically and not emotionally,, then you can not support the likes of Lusambo,, Davies Mwila,, Dora Siliya,, if any of the three has been to school then it is Correspondence,, and mostly in disciplines which has no serious calculus hence the reasoning is compromised,, it is that of a grade 9
DORA is smart and educated its Lusambo and Davis mwila that need to go back to school
Errrrmmmm MARGARET….. how are you committed to austerity measures when the President has just ordered a $40 million private jet to take bakateka to new york for boat cruises while they dine on lobsters and champagne
Dora Siliya is a great thief together with her colleagues. Remember the Maize gate scandal, what happened? The Zambian government under PF failed to dismiss her bcoz they were involved including HEAD of State and His ministers. So, there is no doubt that they sold ZAFICO. But one thing they should remember is that 2021 is near for them to vacate their positions. God bless our country Zambia. 2021 no more cries! Go go Zambia forward! UPND forward! HH forward incoming Republican president of Zambian. God is watching this corrupt PF government which is making innocent citizens to be languishing.
Now this minister is inciting people to urge the government not to borrow. I urge the IG to look into this matter urgently.
People are quick to condemn debt yet are happy to enjoy its benefits like it should be free. Please see below breakdown of Chinese debt to Zambia.
Project Money US$
Heroes Stadium. 94,000,000
Security wings housing 275,000,000
Kenneth Kaunda Airport. 360,000,000
Kafue Gorge lower P.Plant. 1700,000,000
Karina North Bank P.Plant. 430,000,000
Lusaka L400 Road 300,000,000
Ndola Airport. 400,000,000
Lusaka decongestion 286,000,000
Top Star Comm Towers. 286,000,000
Copperbelt Roads C400. 418,000,000
Etc… these plus 9 others total what has been borrowed yet people don’t speak of their benefits to moving the country to a better place