Sunday, April 14, 2024

African Development Bank lifts the temporal disbursement sanctions on Zambia

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The African Development Bank has written to the Ministry of Finance to confirm it’s lifting of the temporal disbursement sanctions that were imposed on Zambia.

This follows the clearance of a delayed obligation of US1.4 million to the Bank.

And the European Investment Bank has disbursed EURO 21.9 million to clear contractor arrears for works done on the Great East Road between Luangwa Bridge and Mwami Border Post in Eastern Province.

This brings to EURO 61.9 million, the total disbursements made to date on the EURO 80 million project.

The outstanding balance of EURO 18.1 million will be accessed from the EIB once the on-going tender processes for construction of the Chipata Dry Port and weigh bridges for the Great East Road are concluded.

the African Development Bank has written to the Ministry of Finance to confirm it’s lifting of the temporal disbursement sanctions that were imposed on Zambia.

This follows the clearance of a delayed obligation of US1.4 million to the Bank.

Commenting on these developments, Minister of Finance Dr. Bwalya Ng’andu has thanked the EIB for disbursing the funds that were committed for the Great East Road Rehabilitation Project.

“The Zambian Government remains committed to implementation of the medium term debt management strategy and will apply it’s best efforts to ensure that foreign debt obligations are cleared as they fall due,” added the Minister.

Dr Ng’andu has thanked all cooperating partners for their support during the year and for their commitment to the high-level policy dialogue process in the quest to strengthen their development cooperation with Zambia.

 

24 COMMENTS

    • You should be embarrassed for failing to pay when it was due. Do you know how many countries in the whole of Africa where on the blacklist? Four (4). Do you know which other countries are these? Somalia (War torn), Sudan (War torn) and Zimbabwe (Deep economic problems). You surely can’t be proud to be on the same list with these. Shame on you.

    • Do you strive to work hard so that HH is hurt or do you work for the benefit of Zambians? I have said so because everything is about HH this HH that. When I was still a pupil we used to have this saying- simple minds discuss people, ordinary minds discuss events while great minds discuss ideas.

  1. Failing to pay 1.4 million USD on time for a country like ours? Something is seriously wrong somewhere, how about the lump sums for the euro bonds coming in 2021 and 2022? These are billion disbursements that cannot be faltered at all. Just accept that you have failed and resign in national interest for all we care.

    • We didn’t fail. The Finance Minister gave plausible reasons why payment was not done on time. Banks are the real crooks if you ask me, they would never exist without your money and yet they behave as if they’re doing you a favor when they lend you some.

    • Look at this @Nine Chale, Blame everyone but the govt…surely what can you say about this blogger there attempting to defend the indefensible. This is blogger is gullible as they come if s/he is not blaming imperialism s/he is pretending to be a hard line pan African yet s/he is married to a German wo/man.
      If Banks are real crooks don’t borrow from them, PF govt was getting loans for empowerment of marketeers and other pointless schemes for youths during the last general elections so dont come here and feed us that nonsense okay as if we have just started reading news today. Are you not even ashamed? STUPIDITY!!!!

  2. Good evening fellow Zambians. I am glad to be finally blogging on this site which I followed during my time as political advisor to our humble leader Mr E Lungu. Due to my previous position which I held in high regard, I made a choice to not engage in social media platforms such as these. However, although I am still in power, I am not in the position and therefore I can excercise my freedom to express myself here. You will see or rather read more from me in the coming days. I hope we can all engage maturely and support our great leader mr Lungu. Afterall we have paid the loan and now we can enjoy development. KZ

    • Only alleged criminals need be in police custody. Please tell the zambian people what I have done to warrant arrest. If you have a complaint to make about me you know the right channels. Just ensure you have evidence otherwise you are wasting your time and breath. We are busy developing your villages while you spend time criticising us out of jealousy. Kz

    • The loan has not been repaid. The repayment was an instalment of repayments in liquidating the loan. So you are clearly as dull as you exhibited in your office, although I clearly doubt you are the same terrorist

  3. They make it look as if its an absolutely normal thing and all you have to do is simply pay the $1.4 million and all is well, if you default on a loan or Credit card repayment service charges are incurred. PF will not tell you that as they assume everyone is as ignorant and simpleminded as their cadre kaponyas.

  4. Paul Volcker, who died in December at the age of 92, was the most enduring and important financial policymakers of the post-Bretton Woods era.

    As a Treasury Department official in the early part of his career, he did not care much for the uncertainties associated with floating exchange rates, which were eventually adopted widely. He was America’s key negotiator as the post-Bretton Woods international monetary system came into place in the early 1970s, maintaining the trust of other countries when the Treasury secretary was saying, “It’s our currency but your problem.”

    When double-digit inflation became an important contributor to a sense that America was not in control of itself, Presidents Jimmy Carter and Ronald Reagan turned to Volcker, then chair of the Federal Reserve, to bring…

  5. down inflation. Today, we think of long-term inflation expectations as stable and take stable prices for granted, not just in the United States but throughout the industrial world. That is because of what Paul Volcker did.

    Those under age 50 might not fully appreciate what the world was like before Volcker’s accomplishment. I remember well when Harvard recruited me to its faculty in 1982. In addition to the quality of its faculty and students, the key inducement it offered was a 9 percent mortgage rate—well above today’s average, but no small thing when the best I could get on my own was between 13 and 14 percent.

    People often talk about the importance of accepting short-term pain for long-term gain. No one else I have ever seen in public life stood so strong for so long against so…

  6. many as Volcker did as he restored, in the United States and around the world, predictable and stable prices. Volcker adjusted monetary policies to be less inflationary and, more important, was credible in his assurance that inflation would be contained whatever was necessary to do it.

    Some combination of irrational lending and the unexpectedly high interest rates associated with bringing down inflation led to a pervasive emerging market debt crisis when Mexico indicated in the summer of 1982 that it would not be able to meet its debt obligations. The major New York banks had an amount that was two or three times their total capital tied up in loans to affected countries. Breakdown of the financial system was conceivable if the situation was not well managed, and the Treasury at the…

  7. time was given to rosy scenarios and ideological sloganeering. It was Volcker, working closely with the International Monetary Fund, who steered the financial system through, deferring debt service payments, eliciting new loans and getting the affected countries to adjust their policies.

    Once the crises had passed, Reagan’s sunny optimism and Volcker’s hard-edged moralism came into conflict, and Volcker stepped down as Fed chair in 1987. He commented on policy issues, chaired commissions, celebrated public service, traveled the world giving speeches and advice, and generally lived the life of a former top-level official. Many—including, I suspect, Volcker himself—judged that by the time he turned 75 in 2002, his principal contributions had been made.

    It was not to be. The very…

  8. qualities that led political figures to turn away from Volcker in good and easy times—his gruff, moralistic view of financial propriety—made him irresistible in times of trouble. And so, candidate and then President Barack Obama kept Volcker close as the 2008 financial crisis unfolded and the administration forged policies to avert a repetition, appointing him to chair the Economic Recovery Advisory Board.

    Paul had strong views. He was unimpressed by the financial innovation that had taken place since his time at the Fed, seeing it as mostly directed at facilitating dangerous speculation. He took a dim view of the practices, the individuals and the institutions he saw as bringing on the financial crisis.

    Paul had his moment when, in early 2010, Obama committed himself to what became…

  9. became known as the Volcker rule: a prohibition on institutions that benefited from the federal safety net—namely, large banks—from engaging in speculative proprietary trading. It was not the enthusiasm of bank lobbyists or congressional mastery of the underlying economics that led to the passage of the Volcker rule as part of the Dodd-Frank reform bill a few months later; it was universal respect for Volcker. The only other piece of legislation that I can think of that passed because of respect for its author is the Marshall Plan.

    Whether the Volcker rule proves equally successful remains to be seen. I and many others of the generation after Paul have doubts about how enforceable and stability-enhancing it will be. But in the highly contentious realm of economic and financial policy,…

  10. , there is no doubt the American economy functions better and the American people lead more prosperous and financially secure lives because Paul Volcker has been central to our country’s finances for the past half-century. We will not soon see his like again.

    WHEN NEED SUCH LEADERSHIP IN ZAMBIA IT WAS TEMPORAL SANCTION AS WAS CONFIRMED BY ADB OFFICIALS BUT SOMETHING THAT SHOULD NOT DAMPEN POSITIVE GOOD EFFORTS TOWARDS COMMITTED LEADERSHIP TO NAVIGATE US THROUGH

  11. I am equally shocked that KZ is still roaming the streets freely like a chicken. He’s supposed to be locked up for many sins and terrorizing innocent citizens. Tell us why you were fired if you are innocent.

    • Have you seen a document stating I was fired? Let us learn to be honest. You seem very obsessed with me rather than governance itself. Do not worry I will let you know of my next moves in due course. I may not have the position but the main thing is that my side has and will continue to yield power. Kz

    • Mr KZ

      your side continues to wield power , but all economic indicators are headed down south.
      That is what your side has to show, that is even before the principle loans have come up ??

  12. Please dear Author, there is a huge difference between the word TEMPORAL AND TEMPORARY. When you learn the difference, you will never use the word again in that way, kindly check the dictionary.

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