You may have heard falsehoods about purported sale of our national power utility company ZESCO, our national broadcaster ZNBC and our forestry company ZAFFICCO : I am here as President to tell you to please ignore such rumours and seek credible government information.
Zambia has not sold or mortgaged any of its assets to any lenders be they bilaterial, multilateral or commercial partners.
I wish to emphasize that none of the State-Owned enterprises has been sold to any foreign entity. We intend to progressively list them on the stock market to make them more viable and more transparently run.
Listing on the open market is highly recommended by both the WorldBank and the IMF.
Yes, Zambia has debt challenges in respect of spending on debt servicing as a ratio to spending on social protection and social services. But hear it from me, we are not in distress. Zambia has never defaulted on its dues and we remain committed not to fall into that situation.
We are taking measures towards a situation where only concessional and very low interest loans will be acceptable as additional sources of financing when our local resources are not available. We shall borrow when we need to, but only for investment into absolutely needy areas.
My government will continue to create an enabling business environment to promote more Foreign Direct Investment into the country.
So, those we owe money through euro bonds can be assured that their money is safe with us; those we owe money through bilateral arrangements can be rest assured that we are a credible partner with a long established record in that regard.
I thank you.