Wednesday, June 19, 2024

Tell the nation where the $515 million exceptional revenue will be sourced, HH challenges Finance Minister


HH addressing a media briefing at his residence
HH addressing a media briefing at his residence

UPND President Hakainde Hichilema has challenged Finance Minister Bwalya Ng’andu to tell the nation where the US$515 million exceptional revenue will be sourced from to finance part of the 2020 national budget.

Mr Hichilema has urged the government not to borrow anymore unless it is refinancing under more amicable terms.

He has reiterated that some of the problems facing the nation are as a result of over borrowing and poor governance.

Mr Hichilema says blaming climate change over the challenges facing the nation is unrealistic adding that all these can be resolved if they stop Corruption and borrowing.

He says he will once in government ensure that Zambia’s debt is reduced to avoid plunging the country into a debt crisis.

Finance Minister Bwalya Ng’andu plans to obtain almost 10% of Zambia’s total income next year from undisclosed sources, raising concerns about the accuracy and sustainability of government spending plans for 2020.

The budget, which Dr Ng’andu presented in Parliament, contains 6.75 billion kwacha ($515 million) of “exceptional revenue” that could further stretch the country’s finances.

Yesterday, Bloomberg reported that Zambian Finance Minister Bwalya Ng’andu plans to obtain almost 10% of the total income next year from undisclosed sources, raising concerns about the accuracy and sustainability of government spending plans for 2020.

The budget, which Ng’andu presented to lawmakers on Sept. 27, contains 6.75 billion Kwacha ($515 million) of “Exceptional Revenue” that could further stretch the finances if it doesn’t materialize. Government debt has surged from 20% of gross domestic product a decade ago to a projected 91.6% this year, prompting the International Monetary Fund to warn that Zambia is at high risk of debt distress.

“There’s a process tagged to this and an announcement will be made as soon as process completion is attained,” a Finance Ministry spokesman said in response to questions about the source of the funds.

“It would be great if the government gave an indication of this exceptional revenue before the budget comes into effect in January to avoid unnecessary speculation,” Lusaka-based economist Chibamba Kanyama said in an emailed response to questions Wednesday. “I think all stakeholders want to ascertain the efficacy of that source so that we are more than guaranteed it will be realized.”


  1. I will give credit to HH for asking a genuine question and not casting a shadow of himself over it, however, we should be scrutinizing where the money is going rather than where it will come from. We are losing billions of dollars from our natural resources due to bad advice and naivety by people who do not understand the real value of these things. We are struggling to plug a half a billion-dollar hole in the budget but soon this government will be announcing multibillion-dollar projects left right and center. The treasury has no control over spending especially when it is given as a directive from the executive office. The delay of KK international airport should be questioned because this is how this government could be diverting funds from key projects put out their fires.

    • With Google everyone is an expert in everything…economics,health,energy you name it…they know it all……they rush too google terms and words quickly so that they can sound very intelligent….and once they found the meaning of a certain word they insult their colleagues and call them dull… now everyone is an economics expert…..everyone is a climate change expert…thank God for Google

    • So ba Anonymous using your !d!otic logic HH used google to be as successful as he is today? Maybe PF should use google as well cause right now based on their own lack of intelligence the country is going nowhere. As long as you support a party that has no coherent economic plan and has a budget 90% of which is split between debt servicing and wages then yes you are DULL!

    • Answer.

      “There’s a process tagged to this and an announcement will be made as soon as process completion is attained”.
      Do you get it now?

      At least the Uranian has some checks going. The shameful

    • Answer.

      “There’s a process tagged to this and an announcement will be made as soon as process completion is attained”.
      Do you get it now?

      At least the Uranian has some checks going. The shameful poofter wants an answer befitting a underfive cretin. So tell it to him, not Zambians.

    • @1.2 Dudelove
      If the cap fits wear it….i didn’t know you’re also a Google university graduate….the truth hurts..but no insults please…and by the way am non partisan…neither PF nor UPND waumfwa pompwe….so Dudelove you are Google’s number one client….good for you so you can sound like a smart assss

    • @1.2 Dudelove
      The more you insult people who are even strangers to you the less UPND will form government…grow up and be civil my dear friend…and you wonder why 2021 will come and go and you will still be in opposition….mark my words

    • The people I insult here are already entrenched PF clowns who hate HH to the core so makes no difference to the vote mune.


      Zambia’s economic challenges should be blamed solely on we the ordinary citizens because of our luck of civic participation as well being so attached to individuals rather than ideologies, plans and strategies.

      Today’s youths are so divided and polarized if not on tribal lines or indeed tribal cousinship then it is got to do with allegiance to or indeed hatred of one individual or the other.

      When will the youth ever grow up and take charge, when will the youth stop the rhetoric and become the solution? Should we the your be mere spectators and only be relevant as voters and never as candidates or decision makers???

      Let me make mention that I am one of the youths that was passive about politics due to…

    • due to the disgust on how it is conducted and the constant lies from all sides and lack of creativity too from all. For that reason I want to take this opportunity to thank UPND for producing an ‘alternative’ budget.
      It may not be perfect but the idea is what we have always wanted. A strong opposition providing checks and balances and alternative solutions is good for development.

      In principle I love many of the progressive ideas the UPND has been putting across but what has been lacking is the explanation in detail of how it will be implemented!

      UPND Alternative Budget in numbers:

      GDP growth 5.5%(projected)
      GDP as at 1 January 2020 $25.18bn x 1.02 (growth) x K13.16 = K338bn

      GDP as at 31 December 2020
      K338bn x 1.055 = K356bn

      1. Expenditure 21.5% of GDP (average of…

    • of 338bn&356bn) = K347bn × 21.5% = K74.6bn

      2. Domestic Revenue 18.5% of GDP = K64.2bn

      3. Fiscal Deficit 3% of GDP = K10.4bn

      Given this picture, questions arising for me from UPND’s budget proposal include:

      Is the K35bn debt interest and debt dismantling due in 2020 included in that proposed expenditure of K74.6bn?

      I have noted that there is no provision in the alternative budget for the UPND’s much talked about free education or indeed the proposed suspension of duty and taxes on fuel imports which will cost K14bn (free education) and K12bn (suspension of customs and excise duty on fuel).

      The alternative submission on debt interest and servicing plus fuel price reduction through suspension of taxes and free education alone will take up K61bn out of the proposed…

    • the proposed K74.6bn budget leaving only K13.6bn for all other sectors yet it is only 18% of what we need to realistically survive as a nation?

      How will the UPND alternative budget pay civil servants salaries considering the proposed reduction in duties and taxes? I have seen that civil servants salaries will be reduced according to the alternative budget but will that reduction cover this huge deficit or indeed shortage?

      How will this alternative budget spur economic growth? How will it increase forex reserves from 1.6 months to 4 months, How? The alternative does not show how

      There is mention of increasing the current domestic credit to the Private Sector by K5bn, where will the money come from to do that? Is it from the remaining K13.6bn leaving K8bn for all other sectors…

    • The alternative makes mention of creating 69000 jobs in rural areas and 31000 in urban areas, how and in which sectors? And are these jobs enough for our youths? Because my take is that we need 2million jobs at the least and not a poultry 100,000 jobs.

      Are voters voting for the UPND to only create 100,000 jobs?

      Reducing PAYE and other taxes: Every proposed change in tax should be accompanied by an estimation of revenue loss or gain. Is this proposal truly realistic given domestic revenue is already way too low such that it can only cater for wage bill and debt service?

      The alternative only mentions reductions and reductions in taxes or indeed government revenue, does this come out of the remaining K8bn which is all what is left for health care, mecidines, hospitals, construction…

    • construction sector, payment of civil servants salaries etc ??

      Reducing the wage bill and cutting down civil servants salaries. Is this proposal acceptable to civil servants to have their salaries cut in almost half ?

      Budget Deficit: While there is a target attached to reduction of the budget deficit, there is no clear explanation of how the proposed increased expenditure on economic sectors will be funded in a budget where debt service and wage bill take up almost all the domestic revenue. How will the budget deficit be reduced? I ask because so far the UPND proposals have only increased the very budget deficit to 90% of the budget. Meaning with a proposed expenditure of K74.6bn, the UPND alternative leaves a deficit of minimum K67bn, where will this revenue come from ?

      I ask…

    • ask these questions knowing fully well a certain caste of Youths will unleash insults on me. However I’m urging my fellow youths to ask more questions regardless of their political affiliation. I’m looking forward to a realistic response from UPND and even better alternative budgets from the rest of the opposition political parties.

      I’m also looking through the actual national budget from the Minister of Finance which I will analyse with the objectivity it deserves.

      Thank you.

      Leroy Mweemba

  2. These Dunderheads have Budgeted the ZK515 Million to come from the Sale of KCM and sale of other Assets. This is Abracadabra PF Budgeting. Lungu said he has no Vision so u should not expect Lungu to see where the Money will come from. Maybe the Chinese Investors will pull a magic wand and buy another Mine or Asset after the KCM Deal is closed. U can expect anything from the PF Gobbledygook Budgeting.

  3. The MP for Mbalala already asked the MoF the question you hh are now parroting. In class we used to have people who would answer a question and others who would say “ I just want to agree with X and ask the same question” hh under 5 syndrome will never leave you just like bantu stan or calculator. Am sure the minister has been advised by insultants like you did during the privatization of national assets for a fee. But call on his office and ask the same question. Lastly we have just been advised that chibamba is actually a journalist not an economist, with a few subjects in economics

    • So your tiny little mind thinks that questions that have already been asked by someone can never be asked by someone else? It’s not a competition to show how dull you are ba PF supporter we already know.

    • Anyone can do the ‘echoing’, we want hakainde to lead the way since he claims to be the panacea to all our economic problems

    • Seeing that the poofter sold the Country’s most valuable assets.
      Isn’t weired that the moffie keeps daydreaming about forming Government?

    • @4.2 Dudelove
      I didn’t know its that simple….i just stumbled on the word ” echoing” on Google a few minutes ago…wow I feel very smart…Google is magic…thanks to you Dudelove and keep on your good work of Googling..well I don’t know if there’s such a word (Googling)….please Dudelove can you look into it…am doing my first year at Google University but you already hold a PhD from Google University so please help

    • And by the way Dudelove I got my Phd in 1996 right here in the USA….been here since 1992….its 2019 and you talk about having a girlfriend ..that explains why we not on the same need to grow a few more years before you and I can talk…..ask professor Mwizenge Tembo he will tell you who anonymous is…feel free to Google Mwizenge Tembo

    • So you are telling me a PHD holder trashes any advice given by a self-made millionaire with a recih background in economics but applauds a dancing president who is totally incoherent on fiscal policy??? Is it an honorary PHD or what?

    • You see you have the luxury of being in the most developed nation on Earth for years so you actually have no idea what the average Zambian is going through under this vision less clown with his bunch of criminals. You being in a country that respects the rule of law should make you the first person to condemn Lungu flying around with a known drug dealer or the contents of the FIC. All I see is you attacking HH, a person who has no impact on the economy. How do your condemnations of a man seeking high office coz the economy is tanking help the Zambian people? Loadshedding in my area yesterday was from 10AM to 10:24PM. Am lucky enough to own a genset but what about the welder and barberman? Muleumfwako uluse bane.

    • @Dudelove
      You guys back home need to work with Zambians in the Diaspora….the only problem is you think whoever criticizes HH then he is PF….we dont even vote….there’s more you can benefit just by linking up with fellow Zambians in the Diaspora….the majority of Zambians want to connect with Zambians back home but you guys everything is Politics and insults…did you Google Mwizenge Tembo….so just you know

    • So have you guys made any proposals for partnerships with non-political groups in Zed like cooperatives etc? Don’t you think the onus is on you diasporians to come here and pitch ideas? Get desolate desperate Zambians on board? Some of us commentate not that we are lacking, am actually well off and can afford to fill trolleys in shops but see I feel for the masses out there who are struggling to feed their kids coz we have someone who insists on being president but hasn’t got a clue. First step is to get someone in who will create a solid economic platform where small businesses will thrive. We start from the fiscal aspect of it all and then watch the positive domino effect. Whether HH is disliked or not I feel no one can surpass Lungu in being ineffective. Absolutely anyone can make a…


  5. Anyone can do the ‘echoing’, we want hakainde to lead the way since he claims to be the panacea to all our economic problems.

    • As if any of your people will listen to him. His job right now is to talk, he cannot lead ‘the way’ because he is not republican president, or didn’t you know?

    • Being crooked business man doesn’t transition you into an effective politician let alone President.
      Isn’t it surprising how those on the sidelines think they can score higher and better economically.
      This nigga can’t dupe us going by a collection of highly filth packed baggage and damning unpatriotic conduct.

    • So ba Thorn, how does being a crooked lawyer transition into an effective president? Because right now based on economic indicators this clown in State House has been the most non-effective president we have ever had. Better to get someone who is self-made and has an economic background to lead than a drunk, thieving lawyer who had his licence suspended. Visitors presented with these two credentials and then realise dull Zambians like you had chosen the drunk thief would need to be hospitalised from shock.

    • Well done Dudelove for pumping sense!
      You dropped great points. I am impressed by your feeling for the Zambian people, unlike these people who only think about their bellies.

  6. Just speculating. The USD515 Million will come from KCM Sale, the Plane Challenger being sold for $20 Million, another Mine being sold, proceeds from Findlay’s Mandrax Deal, Sale of Wild Life Animals, another Mine being sold to the Chinese Investor, $100 Million from IMF etc. This is how Chipante Pante Budgeting looks like. I am just Daydreaming.

  7. Akainde knows nothing about governance or budgeting.
    Akainde is just a failure in life.
    He owes the Oppenheimer Brenthurst organisations the sponsorship money for regime change.

    Zambians are not ready for a gay Puppet.

  8. The problem that we have with HH is real and clear. The man is a Know it all and everything centers on him and him alone! On energy, Agriculture, Trade, Infrastructure and now Finance etc, its only him who is the expert and holds the answers in them, where are other people in UPND who by now should be known as “shadow Ministers?” HH is questioning where the USD$515 million will be sourced from, is this the first time our budget has been supplemented by other sources? HH and his minions must focusing on answering serious matters to the Zambians like what did HH sell for those hundreds of millions of dollars confiscated at the airport on a foreign plane? Why wasnt the money transferred using the legal Bank systems? Was HH scared of the FIC system? Hasnt he done too much damage already to…

    • Was he caught with undeclared money at the airport? Then why isn’t he arrested or in court? That means that this PF govt is so incompetent that it even fails to prosecute a known felon!!!
      Unless this is just political propaganda….??

  9. contd
    Was HH scared of the FIC system? Hasnt he done too much damage already to the country by mishandling the privatization of the industry for his personal gain? What was the motive of HH to attend the Gay’s conference in Italy yet he shuns the Day of Prayers back home?

    • Question is, what has the moofie done in his career or his life or publicly that people can point to and say he is a better option for state house,
      We have currently better positioned economists in the country that sound better than h² politically, economically and “acumen-ically”.
      Edith Nawakwi beat the chap clean in a debate in 2016 because of her experience and education in Government. H² is a trial and error show off with no clue whatsoever on national policy, budget and leadership. Forgive is blabs; yada yada.

    • “..Question is, what has the moofie done in his career or his life or publicly that people can point to and say he is a better option for state house,…”

      He is a proven bussiness men unlike your debarred theiving lawyer lungu…..who could not even afford nomination fees , yet today is one of the richest men ….

  10. Unfortunately, in life, its not everything you can question and disagree with. For the PF to have that in their plan, i’m sure they know where the money will come from. Lets give them a benefit of doubt my opinion

  11. The same Bwalya Ngandu while at BOZ scrapped the ATM withdrawal fees not be charged to any account holder. Currently these fees are being charged by certain banks, When did BOZ allow banks to reintroduce ATM withdraw fees???

  12. As I proud Zambian, my focus is on solutions and not problems. Mr hh should only appear on these platforms with answers and not problems. Honestly speaking of what benefits is his question to the citizens. As a country everybody knows that we are in economic crisises and we collective want practical short-term and long-term solution. The question is can Mr hh provide those solutions???. Can these politicians in govt and opposition for one be apartriotic to desire of a common zambian.

  13. HH has been advising government on issues like debt contraction. Food reserve in anticipation of climate change, power generation but his advice is politicised by those surrounding the President who are creating enmity between HH and the President, giving him wrong advice aimed at pulling him down . It is high time the President put in place independent /private advisors or personal intelligence from those misleading him. Many are waiting for his failure especially former MMD guys who are waiting to see him out to take over the presidency.

  14. Lungu and his gang plan to sell the game parks…..that is the only valuable asset left, they started with animals but chief mukuni and other vigilant citizen rumbled them.

    That story at the UN sidelines of lungu meeting a tycoon intrested in game ranching was meant as cover for the looting and sale of game parks…..

  15. Malinso ,Thorn in the flesh , anonymous and company give us just two good reasons we should keep ECL in power what extra ordinary things has ECL done for us to keep him in power as things stand PF behaves like they are the ones in opposition

    • In an ideal environment, the unprecedented infrastructure development we have seen should have stimulated economic activity. But the global economy hasn’t helped. Nonetheless it will come to bear fruit. There has been remarkable decongestion at major hospitals because of the health infrastructure roll out. Yes, there are no drugs but now the structures both human resources and buildings are in place. Most of you are applauding the efforts of the FIC but do not want to acknowledge that it is the brainchild of this regime. Need I go on?

    • David N, FIC was created in 2010 and not under PF so nothing to applaud. And with regards waiting for a stimulus of the economy based on the infrastructure, do you think the roads will postpone having potholes considering they are substandard until the economy starts to pick up God knows when??

    • @Dudelove, I concede you are correct FIC was indeed created in 2010. However, I have the 2014 Trends Report as the first tangible publication. As for the economic stimulus, one would expect that better roads will improve efficiency and productivity as goods and services will be delivered timely. Recently traveled to Chipata. It took me 2hrs 30 mins to reach Katete. A journey that used to take over 4 hours previously. In this regard it will translate into efficiency for truckers destined for Malawi. The multitude of casual workers engaged by the companies, buildings and road construction, should increase the tax base for GRZ and disposable income for the domestic economy. But then this is where our ruling clique do not seem to put a finger on! There are no deliberate measures in place to…

    • …to curb capital flight through these same foreign companies, the workers are paid paltry sums and fall outside of the minimum TAX threshold and then there is no stringent penalties to the companies for failure to enforce the 20% subcontracting to locals.

  16. When answering don’t include Sata’s achievements or plans what does ECL has a person bring to the table tell us please why should we have him for president again

  17. Hello Alangizi here, we should not comment negatively the budget can not be announced without the resouces in place, the Finance Minister is a professional person and he means well, this is cheap politics and no political agenda for this nation, if i may ask who advises HH kikikikikiki… please it is so confusing i think he is a one man show kind of a person, today he speaks this tomorrow he changes again, you wanted the Finance Minister to show you the Cheque or what hahahaha……….. stop misleading people.

  18. Chansa and Fwebene
    Please stop mentioning the great man Mr Valden Findlay in your commenting what is that you want to achieve in life?, the answer is ZERO, these are some of great mistakes we make in life, and what proof do you have for you to have the gats of including his name in your baseless comments? please am humbly as alangizi advising you to stop? The PF government is working unless a blind person can not see and a lazy person.

  19. We need a bold new vision for government and the country. Change in government takes bold leadership, Corruption has destroyed the economy. Corruption in Zambia has reached cancerous proportions.
    Borrowing is not the answer to our economic woes. You do not have to have a degree to understand that. It’s common sense.
    All those people in government, who have degrees, should be ashamed of themselves for they have failed to run the economy. A bunch of criminals and thieves is what we have. They all sit comfortable in their homes with food on their table while the poor continue to suffer.
    Political Corruption has a dramatic ripple effect on destroying the economy resulting in a failing economy and a weak state of governance. Corruption has a negative effect on both inequality and the…

  20. Corruption has a negative effect on both inequality and the provision of basic services and needs and affects the poor people.
    Letting foreign companies in to tear up our land to extract and sell our minerals while making our people become poorer with each passing day is unforgivable.
    Laws should be tougher on foreigners buying our agricultural land. Laws should be tougher on the any country or company who want to invest.
    Our land and mines must not be sold permanently, because the land belongs to our people and our children’s children. Selling our state-owned copper mines in Zambia was a big mistake.
    Selling our wild animals from its national parks – embarrassing

  21. We should be rich, but our government has destroyed the economy. The country is getting poorer now, because of economic mismanagement
    Shame on most of your comments as it’s always about tribe and never about what is good for the people and the economy.
    Leadership is about having a compelling vision and a comprehensive plan with talented people working together to put the vision into action.
    As for HH, you criticise him day and night and yet he seems to be reasonable man with a genuine passion. Anyone who demonstrates a genuine passion to help those in in need has my vote.
    Hopefully when I return back soon I will arrange to meet HH and help him to campaign for presidency and if not HH then one day I will set up my own political party and it will certainly not have any recycled…

  22. Hopefully when I return back soon I will arrange to meet HH and help him to campaign for presidency and if not HH then one day I will set up my own political party and it will certainly not have any recycled politician.
    Recycled politicians are a stumbling block to radical change.

  23. Selling our wild animals from its national parks is embarrassing. Our important economic activities such as tourism help to bring revenue into the country. It promotes cultural awareness and also helps to preserve local culture and traditions in the area and country on the whole. Our tourism industry business deserves the recognition and respect. Tourism plays a crucial role in the development and growth of our country and all those found to be poaching/trafficking our protected wildlife species must be caught with a matter of urgency. This is unacceptable and something must be done about this. Corruption is an issue which adversely affects Zambia’s economy.

  24. The country is too big for recycled politicians to run.

    It is high time that country allows each province to hold their own governmental jurisdiction and let the people decide who they want to run their province!

    It’s the only way

    Time for radical change!

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