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Alba Iulia
Saturday, January 25, 2020

Zambia loses 63 cents of every $1 borrowed to corruption

Columns Zambia loses 63 cents of every $1 borrowed to corruption

Zambia Total External Debt Servicing
Zambia Total External Debt Servicing

As the debate around the infamous Bill 10 rages on, one of the issues being hotly contested is the proposal by the PF that Parliamentary oversight on respect of debt contraction must be relinguished.

They want to enjoy the latitude to borrow and plunder as they please. Simple.

The public may wish to know, that the expensive market loans the PF have been contracting are motivated by the Two (2) C’s: Commission and Corruption.

These market loans, alongside the avalanche of opaque Chinese loans – Chinese loans whose terms remain unknown, have the least due diligence requirements in and around procedure for contraction, as well as how the debt money is subsequently applied.

There remains very strong indications, to the effect that much of the $20 billion the PF have borrowed has in fact been borrowed illegally. Not only this, there are strong signs that only a very small proportion of this debt has actually gone into public projects such as building roads, hospitals and enhancing public service delivery.

The Americans and other sound financial jurisdictions where much of corporate debt is issued are contemplating a system that will hold INDIVIDUAL governments, and NOT the people of their respective countries, accountable for ALL loans obtained against requisite procedural requirements in those countries.

This is key in holding corrupt governments and the officials that serve therein accountable.

An estimated 63% of this debt money has either already gone or will eventually be sucked out by self-interested political actors and their business associates in private assets within 5 years of project implementation.

This is why in Zambia, there is a huge mismatch between economic growth and debt.

Primarily, for every $1 Zambia has borrowed, 63 Cents is stolen.

This means many, if not all of the projects linked to the $20 billion debt, will never be able to repay their own debt!

Question is, who will?

By Anthony Bwalya – UPND Aspiring Candidate for Kabushi.

[Read 3,637 times, 1 reads today]


  1. If this is true, it explains why Lungu has become the richest Zambian overnight.

    I pray these monies will be recovered one day, and the culprits hanged or shot in public to deter others.

    Happy Sunday Zambians

    • The Bank of Zambia we are told is economic and financial adviser to the Government of the Republic of Zambia and it has opposed the removal of parliamentary oversight of national debt contraction process.

    • Don’t worry. These stolen funds will be recovered, one way or another. Come 2021, if PF loses the election, corrupt Lungu and his minions will have to be immediately arrested. Don’t let them leave the country. Once corrupt Lungu loses it’ll be a day of reckoning. These thieves will be sent to prison for a hundred years each, starting with corrupt Lungu himself. All the assets they’ve corruptly acquired will be forfeited to the State.

  2. Lungu and his pf thieving gang have become so rich that individuals among them can build 48 mansions as an after thought , without even care of ownership.

    Most of lungus and his gangs wealth is stashed outside Zambia in Dubai , SA and Uganda.

    Ba Jona ba ononga chalo. Zambia yagwa, under Chagwa.

  4. Of course these thugs are stealing. But the citizens starve. Lungus wife is now even looking clean. Unlike the chawama swag she hadx

  5. “By Anthony Bwalya – UPND Aspiring Candidate for Kabushi.”

    Agreed, Anthony Bwalya, aspiring Honourable, very true what you have said. But you are in the wrong party. In order to have such a brain in parliament in 2021, I strongly advise that you stand as an independent until we find you a party that is neither PF nor UPND. These two parties and their leaders are exactly the same, except that one carries a huge trible baggage.

  6. So under these circumstances of a huge debt burden, HH does not speak sense when he says that as soon as he comes to power there will be no load shedding, prices of mealie meal and farmers input will both be reduced to half, prices of electricity and fuel will be slashed, education from nursery to university will be free, he will build more roads and schools and hospitals. If Anthony is questioning who and how the national debt will be repaid, is he saying HH can pay it off while meeting his above promises?
    HH is reading from Sata’s script of 2011: more money in your pockers, more jobs, etc etc. And you know where we are now, more money in their pockets while they give you the change coins as empowerment funds.

  7. Hh sits there hallucinating how he should be the one enjoying. Neither UPND nor PF have any interest in you or me, but themselves so dont allow them to cheat us.
    Musenge, when are you forming your new party without Chimbwili? Peter Sinkamba and Hamududu, have you begun your campaigns for 2021? Guys we are looking for a breath of fresh air in Zambia’s political arena, not those two rotten parties.

  8. This is alarming.this author should be arrested.i doubt if he has his facts correct.he should be quizzed so that he confirms his figures.how did he calculate that 63 cents of 1dolar is stolen..thats alot of money if it’s TRUE..

    • Muma..You’re the one that should be arrested. Maybe you’re one of Lungu’s minions stealing public funds. You’ll all be sent to prison for a hundred years each, you and corrupt Lungu. Come 2021, if you lose the election, just know that prison awaits you, for bringing so much misery on our beloved country. You thieves.

  9. 1. Fire tenders
    2. Toll gates
    3. TopStar deal
    4. Ambulances
    5. Social cash transfer
    6. 48 houses

    The list is endless I have even started forgetting some of PF’s corruption scandals ! SMH

  10. This graph is shocking, and a big shame to the leadership of ZPF. What is there to be proud of with such reckless borrowing? Nothing but shame. And all that sontapo road infrastructure, has it resulted in reducing the cost of doing business? Has it resulted in reduced prices of mealie meal and other essentials? Has it reduced the unemployment levels? No to all questions, then there must be something wrong with the borrowing. There must be some big inefficiencies in the borrowing ( some people call it corruption or leakage. There is no country that does not borrow but this is certainly not the way to borrow. All other countries that borrow also show a resultant economic growth.

  11. Bapompwe munshibila insala. Days are numbered, remember FTJ and his sons where are they now?. Zambia is bigger than the small number of thieves called PF thugs.
    Thieves have a right place, Jails on earth and Hell when they die.
    God is a clever God and all these thieves will be rewarded for putting innocent Zambians through hell.
    My only wish to all that has taken advantage of Zambians is for them to burn in HELL.
    Bamumbwe mwaononga Ziko

  12. Dear Zambians why are you worried about this debt. We keep PF in power so they plunder even more.

    Oh and don’t worry because the Drug Dealer Valden FINDLAY and ECL will give us zambians a loan to pay back the $20B

  13. “This is key in holding corrupt governments and the officials that serve therein accountable.”

    Question: why did the IMF/WB lend money to the PF government? Could it be, that instead of collecting billions in a Windfall Tax from, say, Glencore, Anglo-American, etc., the government took on interest baring debt instead, in the form of the Eurobonds? Because all three – IMF/WB, mining companies, Eurobonds – are connected to the same family/empire. That’s the real corruption.

  14. Get those sellouts out of office , they’ve plundered state resources n left everyone else scumpering for crumbs. Vote wisely bane.

  15. This article has been written by an aspiring opposition candidate and bound to have some level of exaggeration and contradictions. First, if indeed you have proof that more than 50% of Zambia’s debts lies within a few individuals then you are failing in your job as opposition to offer checks and balances. Second, why on earth are you not debating these issues in parliament to expose the individuals and companies involved? 10 billion dollars is a lot of money to be embezzled and rather than initiating discontent on social media, why are you not exposing the thieves? If you have any ounce of integrity in you, then I urge you to show it whilst you are still in opposition rather than spilling half baked information designed to accelerate your quest for power.

    • @Future Zed, you would do well to be quite. Your spin lacks substance. Why don’t you tell us the truth?
      You are just playing with words and saying nothing.

  16. @Zambia SBF, I don’t think you even know what spin is or what context to use it. You chaps want to make Zambia ungovernable with your rhetoric and selfishness. For your information I have never been a fan of this PF party and predicted their inexperience when you were busy dancing pawato, however they have a mandate to govern by the majority who voted for them and you should respect that.

  17. How amazing! Some guy says 63% of Zambia’s debt is stolen and all hell breaks loose. People are even fighting over it on this platform without even questioning the source of the information. Who is this guy? Aspiring Candidate? How and where did he get this information? No one knows. Does he quote any credible sources? No. This is bad. It’s akin to some guy telling you that your wife/husband has been sleeping with your neighbor and you go ballistic without asking even the simplest of questions. This is crazy. These are things that make PF look better than they are.

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