Thursday, May 30, 2024

There is no country in the world that does not borrow-President Lungu


President Lungu  With President Paul Kagame  during a panel discussion
President Lungu With President Paul Kagame during a panel discussion

President Edgar Lungu has been applauded at the ongoing conference on Sustainable Development Goals after he said that investors that are in Africa to reap without paying dues are not right for Zambia and should not be allowed.

Speaking during a Panel discussion, President Lungu cited Vedanta as a case in point where he has had to tell the investor to leave Konkola Copper Mines.

The President also asked moderator Dr. Donald Kaberuka whether there was a country in the World that did not borrow but emphasised that what matters is how the borrowed money is used.

He wondered what was wrong if the borrowed money was invested in infrastructure development, in agriculture and energy.

President Lungu Investors using Corporate Social Responsibility to hoodwink the country cannot be tolerated adding that working with the private sector, civil service and all citizens, a country cannot fail.

Meanwhile, President Lungu has assured that other investors have expressed interest to invest in Konkola Copper Mines.

Other Panellists were during the discussion included President Paul Kagame of Rwanda, who concurred with President Lungu and Liberia’s Vice President Dr. Jewel Howard Taylor who agreed that Corporate Social Responsibility is being used by investors as a form of paying back instead of paying tax.

President Lungu said creating SDG Centres in Kigali, Lusaka and Monrovia will help enhance regional integration. The Center in Zambia is scheduled to be opened this year in August.

The President also discussed early child marriage saying in Zambia, traditional leaders are playing a critical role in addressing the matter.

He said role models like the Vice President of Rwanda should be used to show that women can succeed.

Responding to another question from the audience, President Lungu said Zambians should not take for granted the peace the country is enjoying and cited Rwanda as an example of a country that understands what it means to live without peace.

This is according to a statement issued by Special Assistant to the President for Press and Public Relations Isaac Chipampe.


    • U are spot on. The benefits from infrastructure Projects are medium to long term. U must borrow for Projects which generate Exports and Employment. Foreign Loans can only be repaired using Forex generated from Exports. So a country must not borrow beyond its Capacity to repay and service the Debt. That is why Zambia should meet IMF’s Debt Sustainability levels to qualify for New Loans. U can’t Manage an Economy thru Propaganda. Period.

    • Our problem is you and your ministers stealing…

      How are you failing to get this simple understanding through your corrupt fkckkcing head Mr President.

      You are increasingly becoming so annoying, it was as if you were using your scroootttttuuuum to think.

    • Akainde’s bootlickers can be annoying, always hallucinating like their leader. There is no day they will articulate what they can do for the country. its stealing this, stealing that day in and day out. Meanwhile they are enjoying the roads riding their rickety cars and other infrastructure from the borrowed funds.
      People should grow up and know that running a country is not like running a farm with denkete infected cows.

    • No one says you should not borrow, and its sad you asked such a suggestive question on whether there was a country in the World that did not borrow. Of course, all countries borrow, but that is not the question. When you say “what matters is how the borrowed money is used”, and you are right, and that is the question Zambians ask and you are not answering. Overpriced contracts, we can talk about the cost of the highways. Contracts awarded to cadres, etc. In short half of the cost is subjected to corruption. And when FIC tells you about the transactions occurring around those contracts, you don’t support FIC, instead, you try to discredit it. Please, when you answer that question tell us how that borrowed money is used in relation to corruption.

    • Kongola Twibe – this man is a lazy bum who doesn’t know what he is talking about I mean he has borrowed to a point where education, health budgets are strained, all projects have come to a standstill because contractors are not being paid, salaries for civil servants are not being paid all because all the money is going to debt servicing.

  1. ECL says”There is no country that does not borrow”.You can say this at Soweto market. Not at an important international development meeting.The concern about Zambia`s debt is not just about borrowing but about sustainability and capacity, about borrowing to plunder,about borrowing to steal.

  2. That’s sir you need to take to task & punish all those engaged in tribalism such as retirements in public and national interests.tribalism sucks & we don’t like it

    • @ManB, A very good example for Mr. ECL, I wish the interviewer was knowledgeable and alert enough to interject with such an example, I am sure ECL would have chocked.
      Indeed other countries borrow for real infrastructure projects, but they are not borrowing for a luxury wheelbarrow to sip champaign from.

    • There is a story about Zairean President Mobutu Sese Seko which sums up the arrogance and gall required to ransack your homeland and not lose a night’s sleep. In an interview on American television Mobutu was asked about the size of his personal fortune. Could he personally pay off his country’s multi-billion dollar debt? Mobutu answered that theoretically that was possible – but how could he be sure he would ever get his money back?
      At the time Zaireans were asking themselves just that question once the reality of the Mobutu’s departure had sunk in. How would they ever recover the billions stolen from the nation?

  3. I cant believe ECL participated in the discussion. Its not typical of him, when invited for debates, interviews, even holding a press conference, he shuns away. Anyone with a link to the discussion video? I would rather I watch the video and not this report copied from smart eagles

  4. As long as there is lack of accountability, corruption, intimidation of opposing voices, lack of respect for human rights – development in Africa will be forever a pipe dream 🙁

    • He is like, hmmm what a question? Of Course, Rwanda borrows, but I am not like you….please I beg you, don’t use Rwanda as an example……

    • He is simply looking at him and wondering how we let such a dull man into State House…he can not even answer without a paper at a simple Q&A session.

  5. Excellent! Very Presidential and spot on. May God continue to Bless you and your Presidency with Good Success.

  6. And that is the simple fact. All hysterical allegations of wrong doing are not being evidenced by facts.

    It’s very sad that opposition parties are not adept at representing themselves with self respect nor intelligent democratic discourse. It’s always rubble rousing the citizens using scarulous damaging imaging of the President and govt.

    Most opposition are not patriotic and have no clue on how to win over voters. Infrastructure is necessary for jobs creation, import/export, or else how do you transport things and people to where they can be productive?

    • Sometimes opposition are even…….scurrilous!!!!!

    • Iwe Patriot please, when the FIC report came out, you were zeeeee.
      Now you are starting with your usual PF arrogant statements that the opposition “….scarulous damaging imaging of the President and govt.”
      I am sure you will find the courage to say that FIC report was not produced by opposition. Mark my words and I have already stated this on LT, in 1-2 month time from now, African Confidential will give even a bit of detail to the FIC report, and guess what song you and other PF cadres are going to be singing then…

  7. Borrowing is ok but why IMF is not willing
    To give us loan? Something wrong with
    Our borrowing. IF You borrow and you fail
    To pay then it’s a problem. We have changed ministers but still we can’t get the IMF loan.

  8. They borrow with a plan to invest in income generation projects. You borrow to steal and over inflate any project you want you do by more than 10 times the cost, then you offer the projects to your friends who end up doing very shoddy jobs. You have nothing to show for the money you have borrowed. Apart making your selves rich there is nothing of value that you have done. You should be ashamed yourself to talk like that. We know you lack leadership qualities. I am sure Chikwanda and Inonge are very happy, they got what they wanted.

  9. On 23 January 2019, His Excellency President Lungu told diplomats at State House: “Zambia will not borrow recklessly to finance the country’s transformation and development process.

    President Lungu said his administration remains committed to prudent borrowing and will ensure that debts incurred are sustainable.”

    I am not sure that the President’s statement today says the same thing, especially given the imprudent levels of debt incurred by this government.

  10. Lungu is just the spendthrift …….mana from heaven mentality.

    He spends $17 billion on over inflated long term projects…..while he fails to run universities and pay salaries…..

    Lungus and his suppoters would see nothing if a farmers spends his money on long term plants like plam oil while his roof currently leaking rain and destroying his machinery …….

  11. We said think twice about this man!
    And no you were to occupied singing “Dununa reverse, chanting “ni lungu chabe” the chosen one”
    Now see what a mess he is!!

    • He is coming back in 2021 for more donchukubeba, dununa and sonta.
      You guys will screwed again, dejavu style.
      I feel sorry for nigga double h and his pack of mimbulus.

    • He is coming back in 2021 for more donchukubeba, dununa and sonta.
      You guys will be s.c.r.e.w.e.d again, dejavu style.
      I feel sorry for n.i.g.g.a double h and his pack of mimbulu negros.

    • At least you are acknowledging that he is a sca.m.mer
      Its only f.a.k.e. people do donchukubeba, dununa and sonta on successes.

      That is not something to be PROUD of.

  12. Look at lungu wanting to look like the nationalistic hero after grabbing KCM ,
    That is the only applause he would get in an international setting.

    As much as we support this KCM thing…….this would have looked and felt nationalistic if it was done in another setting……but we all know, the world knows , this was only done because lungu has bankrupted the economy and needs money , unfortunately , those Indians at KCM were the weakest link.

  13. But unlike you Lungu ,those countries borrow with solid plans and proper vision. I think you’re a best friend of Sri Lanka whose ports were seized for reckless loans.

  14. Aba ndiye balinasanka kandalama yaaaaaaa.Nakana nfwiiti !nfwiiti.kuti?let people who never went to school reason with him ???????? not me.the issue here is how you borrow and use the borrowed money.

  15. Our Great Leader is right we can not have a situation where investors take and give nothing back to the country. Look at how ZCCM invested in football, hospitals, and scholarships to the US and UK. Brian Mashimba is a beneficiary of such scholarships. The problem is Zambia is broke and on its knees, so tough talk from the President does not really help.

  16. With that kind of misguided reasoning I think we should use Lungu as collateral for a $2m loan then not repay.

  17. Those were not wise answers Mr President! They may sound intelligent answers to your blind followers but reality check shows Zambia is in Financial difficulties as evidenced by the recent BOZ report! You can tell your neighbours that you eat a balanced diet but members of your household know the truth better! And your reason for borrowing is not a good one! Just because everyone is borrowing does not mean you also borrow! Just enjoy your remaining days in office before your days of reckoning come!

  18. What logic is there is borrowing for infrastructure investment then you fail to pay salaries in following years ?????

    You even fail to run a university because you are broke ????

    Yet you go and show off about every country borrows ???





  20. yes our friends don’t borrow to steal, look at Rwanda today one would think it was not a war torn nation not too long ago. here you are busy boasting about amassed wealthy whose source is highly questionable. shame on you guys calling yourselves leaders.

  21. Any one with half a brain can see all lungu can boast of is grabbing KCM at that gathering.

    He has nothing else to show…..seems that is all he went for , knowing nationalisation rings a bell with

    • Premier

      Nothing wrong with borrowing , but borrow sensibly.

      Lungus borrowing was based on two fatal flaws……it was easier to steal through overinflated infrastructure projects and second relying on the presumption that after those overinflated things are built, investors will come flooding in.

  22. What type of borrowing is he talking about? Is it local debt or foreign debt? Botswana has billions in foreign reserves. Do they need to borrow from China?

  23. Those that have rejected Gods Word in Romans 13 and stand opposed to the Presidency of EL are the only provinces that are suffering drought, hunger begging for food and also death and disease of their live stock, God is not mocked. Look at events from the Bible and see the pattern. Even at a personal level, you will not escape. Bow to the Word of God and don’t follow the lead of mockers that deliberately encourage people in their negative blogging all the time like it’s a job to oppose the Word of God and his anointed and bring misery to their land and to those that blindly follow them to do the same. This is a form of that they practice Witchcraft.

  24. A form of witchcraft that they practice as the devils agents. It’s an offense to the devil that Zambia has been declared a Christian Nation. So just as he sends his workers to attack the church he uses others to follow the wrong path through modern age means like social media blogging. Beware lest you follow their lead blindly.

  25. I know several countries that have ZERO external (foreign) debt and these are Brunei, Liechtenstein and Macau. Source CIA World Factbook.

  26. Mr. Lungu every country borrows and people can see the usage of the borrowed money. In Zambia you borrow to steal. Who does that apart from a confused leader who doesn’t know the reason he is in office? STOP STEALING. Just tell us how much you want to have and if we can afford it, we shall give you and we get better people in those offices. Kwibakwashani uku? Twanaka nokwiba kwenu. Ifimano fyaku Chawama. Sha!

  27. I think that acting Secretary to Cabinet Patrick Kangwa cannot read between the lines as he restricts payment of subsistence allowances to civil serbants. Here are the signs
    1. President Lungu doesn’t like his officers to take initiatives. He must give the directive himself to appear intelligent
    2. The Auditor General is not confirmed
    Secretary to cabinet not confirmed
    3. Presidential Press Aide confimed immediately

  28. The PF government is doing a tremendous is unfortunate that people can’t go to the records and do comparisons with the past governments what they did in same period the PF government has been in power.When you do your comparison you should also factor in the growing population.Criticisms and debates are good for the country and they pav a way for development.But let’s criticize judiciously and understand that development is not a high jump.Lets criticize responsibly and understand that Rome was not built in a day.Development should start at personal level we need to be productive citizens that should contribute to the growth of our economy.Great talkers are not implementors.We do more talking than work in Zambia the trend which shall retard development if not changed.

  29. Kenido what a tremendous job, with your country’s credit rating being downgraded, prices going up, people not being paid on time, rampant corruption, load shedding and layoffs. Maybe you can’t see why the criticism because you’re a beneficiary of lungu’s corrupt environment

Comments are closed.

Read more

Local News

Discover more from Lusaka Times-Zambia's Leading Online News Site -

Subscribe now to keep reading and get access to the full archive.

Continue reading