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Alba Iulia
Thursday, May 28, 2020

Zambia has not sold or mortgaged any of its assets to any lenders-President Lungu writes

Headlines Zambia has not sold or mortgaged any of its assets to any...

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.

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  1. People have lost Trust and Confidence in the Powers that be. The level of Corruption and Poor Governance and Mismanagement are glaring. Nobody..Nobody believes and Trusts him. Trust and Confidence is Priceless.

    • Lungu should provide proof and not words. Can an instrument/legal document to remove immunity and loss of governance position it was ever discovered that assets were sold including the presidency. There is no trust or confidence in his government.

    • My President!!! Wait!

      What about the 612 ZFFICO houses the Chinese mining company bought from government at $270, 000?

      There is no such thing as a free lunch.

    • We citizens want to be in position where we can trust any govt in place including yours Mr President. Key is integrity & that is matching your promises, your plans with what you are actually doing. Then have continuous conversation with us to tell us what’s going on. Most of us can see that you’re working hard & there’s development every where. What’s missing is continuous conversation. Your enemies are taking advantage to fill this gap with propaganda. Your ministries of planning & of communication need to come up with communication strategy for each policy, plan & development project so that there is information overload & no one can lie to us. You’re are doing a great job so far in uplifting lives with the development agenda. Many of us feel we can trust you & with God on your…

    • …& with God on your side you can be real servant of the people. What you need to do is continue talking to us & give us information. The truth always triumphs but its victory can be delayed by silence. God Bless Zambia!

    • So cheap GRAMMAR, I find it so pain like a “reckless talk”. Sounds of his advisers is impersonating Ba Edgar.
      Be more fame, solid, hard words, be PRESIDENTIAL!!

    • Lungu can not be trusted.

      Now he is telling us that he will list all national assets.

      Before he does that, can he please explain where the Euro bond money went? The IMF can not trace most of it.

      Lungu needs to explain to us how he got rich so quickly, or why former lab assistants can now own private jets.

      Lungu should accept independent auditors to come sweep our books, and recover stolen money.


      Let us protect Zambia for our children, and their children.

    • Did we elect this lazy foooool to write us letters in his nice handwriting which he has too much time to practice on!!

    • LT, please get us the correct correspondence with the President’s signature copied and pasted on official State House stationary before we comment.

      Too many forgeries going around these days.

    • I always know where to find it! Lazy bum illiterate tribal MAPATIZYA FORMULA hooligan bully son of an illiterate tribal polygamist father who never gave it toilet training pooping in public HAGAIN needing cynical MUTINTA HICHILEMA and CHILDISH UNDER FIVE Mental to change his diapers HAGAIN. TRIBALISM leader of a TONGA PArty is definitely losing HAGAIN in 2021. He is UNELECTABLE.

  2. Finally, the president has been forced to come out and put the rumours to rest. I was just watching and his excellence has decided that enough is enough – ZNBC, ZESCO, ZAFFICO, NRDC are all intact and safely in the governments hands. Stop preading the false rumours ba Kabwa imwe.

    • You are truly a “Nut”.

      Who told you these institutions are safe?

      They are being sold and you are busy licking @sses.

      Shame on you.

  3. Thank you Your Excellency. Wishing you a very nice day.

    Just ensure that your government is transparent in dealing with our assets and continue engaging with us your people and shame those trib.alistic opposition leaders you know the perpaertual losers and the neckless gratuity thieves.
    For the avoidance of doubt, Trib.al Hacks can never be an option to us real Zambians no matter how bad you can be Mr President. When we decide to replace, it will not be Trib.al Hacks on our list of alternative leaders.
    Thank you Mr President. After the launch yesterday we are now to plant our crops.
    Have a nice day Mr President.

    • Since when did Lungu or this government become transparent?

      They are simply desperate. Panicking. They are on the ropes.

      Loans are have been diverted, as IMF have told us already. Lungu is the richest man in Zambia by a distant mile.

      2021 is close, so they will give you shallow minded voters the illusion that they are repairing the extensive damage they have caused to our beautiful country.

      Wake up, and do not settle for these gimmicks!

    • I Quote:
      2021 is close, so they will give you shallow minded voters the illusion that they are repairing the extensive damage they have caused to our beautiful country.
      Close quote.

      This insult will cost you an election in 2021…f0olish UPND cadre.

  4. How can he be transparent when he has continued to ignore reports of corruption. Let him deal with these issues of corruption then will believe and trust him.

    • Imagine sure.

      What is even more surprising is that some cadres actually believe him.

      Very very sad for our beautiful country.

  5. He has been forced to respond because when you keep telling a lie for a long time it becomes truth.

    The propaganda can not influence the elite because hh and gbm fails to fails their past

    Figuratively the country is in the hands of wolves and the hynas are whooping day and night promising better days if they take over the reign

    Am a non partisan political consultant

    • Gbm and hh must face their past and apologize.

      Using cheap propaganda and insults will not cleanse their past record of assets STRIPPING through privatization and GBM tenderpreneur manoeuvres

      Am a non partisan political consultant

    • Did GBM or HH abuse the Euro bonds?

      When did the IMF blame HH or GBM for the missing Euro bond money?

      Focus on developing Zambia, not attacking useless people like HH or GBM.

      This is a problem with Zambia right now. People wake up and decide to give themselves titles they do not deserve, like “political consultant”.

      Just be yourself Sir.

      You are just a PF cadre.

  6. Lungu should provide proof and not words. Can an instrument/legal document to remove immunity and loss of governance position it was ever discovered that assets were sold including the presidency. There is no trust or confidence in his government.

    • Let Scotland yard come and investigate where the stolen money has ended up.

      Let Lungu tell us how he has managed to become the richest man in Zambia.

      Or why Kaiser owns a private jet.

      Let auditors tell us the true worth of the many overpriced contracts in Zed.

  7. Mr Lungu cannot be trusted at all. He has failed to deal with corruption and incompetence in his administration, he has recklessly borrowed without due regard for the future interests of our children and grand children, and as icing on the cake, yes he has sold some of our strategic assets to the Chinese, including substantial portions of our land. The motivation for engaging in these activities has been to get kick backs, money on the side. He thinks that by issuing a statement of denial, Zambians would believe him. No sir, a majority of Zambians cannot believe you. In fact, if you had any conscience, you should have resigned long time ago. Serious consequences await your actions, Chagwa.

  8. So IMF and world bank want us to sale our companies through listing on the stock exchange?

    IMF advised Chuluba to privatise state owned companies, look where we are today!!
    Industries closed and no jobs for the people or Zambia.

    IMF has never solved any of our problems! We should not just accept anything as conditions for funding!!!

    • IMF is not there to solve your problem.. that is why we have govts.. IMF ‘s role is to foster global growth and economic stability with the view of collecting their money back. They achieve that by providing policy,advice and financing member countries… there is no equation for problem solving or else the countries they operate in would be very wealthy by now.

  9. Opposition trib.al eaders should be transparent and tell us exactly what they want. We know what they want, didn’t they say so in 2006 at their trib.al “convention” in their trib.al stronghold? As long as they keep quiet and keep secret their real objectives and real grievances, we will pretend that we dont know. But even if they revealed what we already know, it will not sell among real Zambians.

  10. So all those fake stories are meant to disguise their real grievances and cause anarchy in the country which they hope will take them into government through the back door. Let me warn the trib.alists that we can have our differences with OUR government but IT IS OUR GOVERNMENT and we are entitled to our differences as democrats and as non trib.al citizens. The differences DO NOT mean that we are ready to entertain trib.alists. So don’t waste your time bane, just go and plant your fields now that The President has officially launched the planting season.

  11. This so called upnd imbecile above…, how does someone launch the farming season with no inputs? Do you know the price of fertilizer iwe mbuli? Do you expect people to start planting their balls iwe chi cadre chamupamba swine? Please leave the suffering farmers alone nakupapata saana.

    • Agreed.

      These PF cadres are nauseating.

      They only think with their bellies.

      As long as Lungu buys them Kapenta, a pamela, and a bottle of Fanta, they will sing his praises.

  12. If I should not trust Lungu, are you suggesting that I can trust that untrustworthy, selfish trib.al fake opposition leader? You must be out of your mind!


  14. To make the Dull minds feel safe he had to say this, the reality is you are make a common Zambia a slave to foreigners instead of empowering him.

  15. Notice how he talks about borrowing and intentions as if Zambia can borrow its self out of debt and poverty …..

    Mr lungu, tell us about how many real jobs have been created, how much non mineral exports have increased by, update us on value addition tell us about the GDP….

    Not these innuendos about borrowing….is borrowing all you know ??

    Spaka ®
    Most influential blogger
    All rights reserved

  16. If you say sell, you will be arrested, the correct word is restructured sounds more fancy to these ignorant chaps… by the way why are we still borrowing I thought we had austerity measures in place.

  17. Mr. President with all due respect no one will listen to you as long as the ordinary citizens are the ones to sacrifice when you and your minions continue with business as usual with your luxury trips and other pleasures of life as a result of overpriced projects

  18. For Sure this is not the Edgar Chagwa Lungu we knew at UNZA. This one is Jonathan Mutaware who clearly is not an intellectual. The real ECL would be addressing important national issues using Press Conferences and allowing Citizens and Journalists to grill him with questions! For a fact, if Mutaware was a Lawyer, he would not fear debates or to be asked questions by Journalists during Press Conferences. He even runs away from BBC and CNN interviews! Lawyers by training are debators and that is how they argue out their cases in court. Are we not missing something here? We seem to be living a lie! Someone who says is a Lawyer should do better!

  19. Good statement short and sweet, no mention of Haox Hyenas in the equation just ignore them your excellence, yours is a noble task to spear head the development of our great nation. When a river flows there are always ripples but these ripples do not stop the river from flowing. These ripples from the Haox Hyenas should not detter our national development agenda. Yes things are tough, but we will overcome. We have been in a worse economic sittuation before, what we need is to sober up and collectively work hard to support our development agenda. Development will not come on a silver plate, neither will it be achieved by one person in state house, it will be all of us working together contributing to the good of our nation in whatever little way possible.

  20. Is listing the company on the stock market selling the company in question or not.Can we have people who are experts in the field of stock market and exchange to clear the air.Why are we failing to explain these things to the ordinary Zambians so that they can know the truth.If the stock market manual is in chinese or Portugues invite me to interpret free of charge.

  21. What is it that precludes a press briefing? Even the arrogant Donald Trump and Yoweri Museveni and the quiet Khama (now replaced by Masisi) court the press on a fairly regular basis. What is this of writing each other letters as if you are in a land far, far away!? Cinshi kanshi mwe bantu!? Uyopa cani kansi?

  22. Picture this ,

    At ZNBC, the chinese through topstar own …all set top box sales
    …..all carriage fees , that is fees tv
    production companies pay to be
    ……all rentals on masts
    …..all advertising fees on ZNBC

    Only after s profit on those our made, does ZNBC get 40% and the Chinese 60%.
    Notice that at $260 million cost for digital migration borrowed from China , which is daylight robbery , it is very difficult to declear a profit.

    Now tell us ba PF what part of this digital migration is owned by Zambia if all revenue streams are for the Chinese ????

    Spaka ®
    Most influential blogger
    All rights reserved

  23. Hold press conference.it would appear you don’t have advisors.remember how kaunda was misadvised by going for early elections ?

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