Economic and Trade Expert Trevor Simumba has charged that Finance Minister Margaret Mwanakatwe lacks the necessary skills to get Zambia out of the current debt crisis.
And Mr Simumba has announced his intentions to contest a Parliamentary seat in the 2021 general elections.
Mr Simumba was reacting to the latest Economic Brief released by the Ministry of Finance on Monday.
He said Mrs Mwanakatwe needs help in managing the country’s economy.
“The Economic Brief makes for sad reading and is a clear sign that 2019 will be a very difficult year. Instead of burying our heads in the sand I have stated countless times we need a national Indaba and address this issue of the debt squarely and transparently,” Mr Simumba said.
Mr Simumba said the county needs tangible solutions for the economy and not mere workshops or seminars, in an apparent reference to the planned Economics Summit by the Economics Association of Zambia.
“We do not need academic talk shops where papers are presented NO. We need solutions. The Minister does not have the skills nor the experience to get Zambia out of this mess. She needs help,” he stated.
“When we said that Zambia’s debt was rising and was not sustainable all sorts of names were hurled at me,” he said.
“Now today the Government admits that external debt alone is $10.0 billion. “As at end December 2018, external debt was USD 10.05 bln compared to USD 8.74 bln at end of 2017. The rise is attributed to INCREASED DISBURSEMENTS ON PREVIOUSLY CONTRACTED LOANS for on-going economic infrastructure programmes”.
“Basically “previously contracted loans” are Chinese inflated loans. There is still another $2 to $3 billion yet to be accounted for of these corruptly obtained Chinese infrastructure loans,” he warned.
He charged that it is so sad to see this level of incompetence and downright unpatriotic leadership take this country down.
“Every senior public servant and technocrat should be ashamed of themselves for participating in the plunder and destruction of the Zambian economy.”
He added, “This is why come 2021 I am standing for Parliament. It is time to save our country from the kleptomaniacs.”
These people are not leaders who can lead, there are just poor people trying to navigate a way out of poverty, there have more mirage in drinking beer and partying than working for the people who voted for them.
I have often wondered to myself how some bloggers here have been so eager to defend the mismanagement of our country’s finances by Mr. Lungu and his friends. When we raise issues about inflated and corruption tainted, single sourced deals, linked to PF officials, they are quick to claim “there is no evidence” or “provide proof”. But the evidence is in the public domain. When we decried the 42 for 42, the inflated price of the dual carriageway, the ambulances, and many other evils, they come out to defend.
And I have wondered to myself, are these people beneficiaries of the corruption? And the most likely answer is yes. We have seen others that always try to make a show of being very knowledgeable and educated, trying to use clever words to justify what is clearly wrong. No friends,…
How can you defend a government that is clearly full of corruption and is bust misusing public finances on their personal pleasures, while the poor wallow in poverty and the country sinks deeper and deeper into debt?
How can you support a first lady taking the a two week trip to the USA with a 25 man d delegation to receive useless, old fire trucks that will do nothing for the country?
How can you support the purchase of a new gulfstream luxury jet (total cost with all enhancements comes to 400million USD)?
How can you support a minister cited in the FIC report as having unexplained 6million USD and 17million kwacha, and he is still in government.
The only explanation is that you are also benefiting. We wish you well. But God will surely repay all of you. It’s just a matter of time…
Duduzile Mhango (Aka Margaret Mwanakatwe) is a rhetoric who likes being on TV too much. She has no clue on implementation of austerity measures or how to stop PF’s huge appetite for debt. Govt delegations are getting bigger, e.g. madam 1st lady’s 25 strong delegation to USA & too many patients are being sent to RSA for treatment even for broken wrists. Expenditure on useless toys like presidential jet, zambia airways planes etc.
Her only solution is more taxes, toll gates,
Nothing is being done to find funds for 3 Eurobond repayments. 2022, our financial armageddon is around the corner.
We need the likes of Magande who posted a budget surplus for the 1st time (& last) in zambia’s history.
Trevor Maliwanda Simumba –
The issue with you is that you don’t offer solutions. Using your self created title and credentials why don’t you offer solutions. For a while you have used your voice to test the barometer and finally you have stated the obvious thing you have denied all long – that you have no intentions to stand for a seat.
Well go for it. I hope you get the seat in parliament. But do not just get there and fall in the same tramp and become a False Prophet.
The question is which party. UPND or MMD. You are MMD on one side and UPND on other side.
They are still pinching themselves, they still can’t believe they are in power. This just came to them like mushrooms in rainy season , pf was just a pressure group with no plan of ever getting into power, that’s why bavichitilamo che, just like at primary school when teacher choose someone in class to take charge for a few minutes while she was away to headmaster’s office, dude would write noise makers from first page to last page of his book.
When the debt was around $8 billion on paper when she was appointed stated right here on LT that she was not suitable for that job she was an accountant like Mutati..the usual PF empty tins like BR Mumba JR were singing praises that his aunty has been appointed $2billion more and a few months later we are still in the deeper sh#t.
At least Mutati was brave enough to tell them that we need to tightened our purse strings…Maggie is too weak and a drunkard who when she comes her mouth they tell the bar man to give her a shot of whiskey. You need someone who can tell the lazy man in State House that s/he will resign if this carries on.
BUT SIMUMBA WHAT ARE YOUR SOLUTIONS ?!
I AM NOT IMPRESSED BY YOUR RHETORIC EITHER !!!!
Yes,I agree with Mr.Simumba.This”…. previously contracted loans….”needs serious interrogation.She can’t just say that and lift a glass of whiskey.
It is at moments like this that i wait for the supporters of the humble leader to come out,Pabwato kikiki…how sad….i wonder how they will reach 2021,though to them all they dream of is 2021…PF if nothing happens is just a disaster waiting to implode….
Lungu is not equipped with skills to nurture and grow the economy plus reduce debt either.ECL doesn’t have the economic magic touch of Rwanda’s Paul Kagame.
Kagame maybe be an evil dictator clinging on to power but when it comes to fiscal management he is not shy to hear views from everyone including foreigners like Dambiso Moyo…when she was in Zambia Lazy Lungu couldnt invite her but he has an open door for KCM thief Indian Chairman.
No one in PFoools has the brains required to move the country out of the mess created by these 0 IQ low lives, drunks and Kaponya`s with no leadership skills. PFoools are all morons who are so short sighted and only think about their pockets….. by the time these morons leave we will be in such deep sh!t that it will be difficult to correct the damage done by these losers
Why not emulate, later alone engage Kagame on how we can replicate what he has done in Rwanda? I like what he recently said concerning debt and I quote” We need to mobilize the right mindsets, rather than more funding, Africa has everything it needs, in real terms, but Africans remain mentally married to the idea that nothing can get moving, without external finance. We are even begging for things we already have. That is absolutely a failure of mind set” end of quote. From the forgoing, you can tell that his thoughts are succinct and well placed. We need to be serious with governance issues in Zambia otherwise we will destroy even the little that has remained. Mwanakatwe such drivel, that you call economic podcasts are a replica of your demented mind, give us substance and not…
What hope can we get from a drunken cabinet? All they know best is how to down mugs of Jemasoni. What Zambia needs most are honest leaders, not these kleptomaniacs we have. Welcome to Politics Trevor, that’s a bold decision because most educated people in Zambia are cowards, they can’t speak. They would rather hide in the diaspora even if they are cleaning toilets, they will pretend they’re doing very well. Shame!
CONTINUED. not this nonsense that you are feeding us. Are you simply insulting our intelligence or you have reached rock bottom with you intellectual faculties? What a disgrace to have a finance minister who can deal with real economic issues with a cantankerous attitude? Please save us the drama and simply resigns as have lamentably failed to instill discipline and confidence in the governance of our financial resources. What a waste.
Yes Simumba, from your point of view, only you and upnd can run this country. Absolutely no one else!! See you at the ballot. Don’t cry when you lose, please accept the will of the people….
Which people Zambian Citizen,the people are suffering and we see no hope in PF,wilalanda kwati nindoshi,so far no tangible solutions coming from your camp and believe me sir,people speak better at the ballot box when they are hungry,so move us out of this poverty you have unleashed on us,maybe and it is a big MAYBE,then thou shall survive…
Mwanakatwe is hopeless minister of Finance. She lacks intellectual understanding of Financial issues. Drop her please.
And no one knows how the sales tax will be implemented 2 weeks before it supposedly comes into effect. And business houses can’t plan and don’t know the way forward. This is beyond incompetence. Bazungus here and abroad are laughing their heads off.
The incompetence of PF is annoying,like someone said on this forum many years ago “..it is like watching chimpanzees in a room full of dynamite trying to figure out how a matchstick box works..”
iwee c1kala Zambian citizen, winning election is nothing. it does not show that you are intelligent. don’t insult our intelligence makaka iwee.
Akupipafye abasungu wembutushi!! How can you call yourself the best accountant when you fail every interview?? That’s why you keep losing-it is not PFs fault but your inability to convince Zambians.
Zambia Needs prayers
No, we don’t need another day of prayers. We need the leadership to work hard!
AND THEN, WHEN ONE TAKE STOCK OF THE POSTS HERE, 95% ARE FROM SQUATTERS IN FOREIGN LANDS. ITS A SHAME TO ARGUE FROM SOCIAL MEDIA PLATFORM WHERE FACTS ON THE GROUND HERE ARE SO BLATANTLY DISREGARDED.
YOU CALL MUSEVENI & KAGAME AS UNDEMOCRATIC, YET YOU ADMIRE THEIR ECONOMIC FRUITS. HEED KAGAME’S ADMONITION – ”We need to mobilize the right mindsets”
Hon Mwanakatwe am very disappointed with her she announces a proposal on the China debt being converted to Yuan without first discussing with the lender. Why announce publicly your intention are people microphone happy (if they is such a saying)!! China has too many loans out there in Africa and if they do it for Zambia it will become a big problem for them as other debtors will ask for the same. Surely you are failing us Madam I had a lot confidence in you and Voted for you but with such action am beginning to regret
Hon Mwanakatwe, am very disappointed with her she announces a proposal on the China debt being converted to Yuan without first discussing with the lender. Why announce publicly your intention are you people microphone happy (if they is such a saying)!! China has too many loans out there in Africa and if they do it for Zambia it will become a big problem for them as other debtors will ask for the same. Surely you are failing us Madam, I had a lot confidence in you and Voted for you but with such action am beginning to regret
Incompetent government? Agreed agreed agreed agreed you critics, on condition that you are not suggesting that trib.al Hacks and trib.al upnd is your option for Zambia.
Please let’s find a viable option, not these trib.als, trib.al equivalent to satanism. Just see what they said and adopted in 2006.
Furthermore the trib.als are just a bunch of poverty stricken hungry incompetent hyenas whose only agenda is to reap where they think others are reaping. Typically their MPs would be walking the streets in pata patas if it wasn’t for parliamentary wages and gratuity. That is the trib.al bunch you want to solve your economic challenges, you must be trib.al!!!
Akulyeni fye naimwe,rather a competent tribal team than clueless characters, you people are making basic mistakes,the tribal card cant work when people are hungry….even a mad man’s first instinct is his stomach….
And Trevor Simumba? Oh just another trib.al who is angry and jealous that he has not been given a chance to be the minister of finance. Objective? To loot of course, if appointed, just like all other trib.als. Don’t make the mistake of thinking trib.als are looking at solving your problems, they are worse than the incumbent looters!!
Policies stand to be criticized by the public. It is called holding Government to account. Which policies are we talking about here? If it is VAT versus Sale Tax, then let it be said loud and clear. If it is contracting more new loans, then let it be so. If it is dwindling FDI, then let critics talk. Is it stable predictable economic speeches, then let it be like that. That not being the case, room for personal attacks seems apparent. Personal attacks will not move the country forward. What is needed is specific and evidence-based arguments. These alone are capable of achieving desirable outcomes for the country. When inflation goes down a bit, then that does not make it look scary. When growth is recorded, then the alarm mode may be wrong and inappropriate.
Mwanakatwe and Namugala are both fit hold the portfolios.
They were appointed by RB so that he can have influence inside PF
Zambia is paying the price for electing SATA. Sata left a lot of mess that Lungu has to clean up.
Sorry. I meant to say;
Mwanakatwe and Namugala are NOT fit to hold their portfolios.
The Minister of Finance has opened her doors to the public to share opinion. This can be attested to the invitation of Green Party president, Peter Sinkamba, to her office. It is pointless to let the minister fail and start blowing a trumpet of failure in public. If Trevor has a better idea on how the debt can be dismantled, the best is to make an assignment with the minster and sit on a round table. Failure by the current government will have a greater impact even on the one who will take over. After all, Trever,wants to be a member of parliament. No one want to rejoice in him being a failure.This habit of criticizing leaders minus offering any solution will not build this nation. PF will go but Zambia will ever be there. The nation needs solutions to come out of the debt burden.
An economic issue has been tabled. But others see it fit to immediately connect it to the next elections and who shall win. How about responding directly to the article or offering your economic solution.
Others are yet still, referring to those in the ‘diaspora’. What is wrong with being out of your country? People have choices and other reasons for the same. That should also not stop them commenting on the future of their country or a place they have a heritage connection. How foolish to suggest that those who are away are ‘hiding’ – including a generalization of what they may be doing – which does not matter, in any case.
I am not an economist, but I can assess that we have lost it in terms of not creating our own resources through own industries, using local raw materials. Then…
the biggest problem for Zambia is Zambians. we take politics like a gamble where we feel good that the horse we placed our bet on had wone. nothing but gambling. unfortunately you can’t with economy.
it’s high time we stopped looking at faces of those who lead but quality of who leads. all we see in our conversations are verbal fights among cadres. Economy affects all looser or winner of useless elections.
The Finance Minister , Mrs Mwanakatwe has experience and qualifications that would make her suited to the job. So I don’t think she lacks the skills that Mr Simumba is alluding to.
He also should have put his points across in a more professional way if indeed , he is an expert.