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Alba Iulia
Thursday, October 22, 2020

President Lungu calls of debt relief, cancellation in wake of COVID-19

Headlines President Lungu calls of debt relief, cancellation in wake of COVID-19

President Edgar Lungu, President has called for debt relief and cancellation for developing countries as a major intervention to the Coronavirus (COVID-19) pandemic and urgent action to guarantee economic recovery for a better world.

President Lungu has also called for enhanced collaboration in research for vaccines and cure for the COVID-19 global pandemic because only through concerted efforts and unity of purpose would the world conquer the pandemic.

And President Lungu has reaffirmed Zambia’s support for international efforts aimed at the peaceful resolution of conflicts through advocacy and peacekeeping missions.

Addressing the 75th United Nations General Assembly (UNGA 75) in a pre-recorded message on Thursday, the Head of State told world leaders that an opportunity had manifested itself for nations to maximize comparative advantages and expertise, technologies and innovations to combat COVID-19.
President Lungu said the COVID-19 had not only decimated economies and exacerbated poverty but had also shown the world how interdependent nations had become.

He challenged the Member States on the need to work together in order to effectively respond to the challenges confronting the world.

“The post-coronavirus landscape will require urgent action to guarantee recovery and to lay a solid foundation for a better world. Accordingly, Zambia supports the calls for major interventions such as debt relief and or cancellation for developing Member States and enhanced collaboration in research for vaccines and cure of the COVID-19. Mobilisation of resources from the local and international community is another major form of intervention,” President Lungu said.

President Lungu informed the United Nations General Assembly that young people were three times more likely to be unemployed compared to their adult counterparts prior to the onset of the COVID-19.

He stated that the young generation was now at higher risk to disproportionately bear the brunt of mass unemployment and under-protection as the pandemic continued to push the global economy into a deeper crisis.

The Head of State informed Member States that as a result of the COVID-19 pandemic, the Zambian Government launched a multi-sectoral youth empowerment programme to support youth entrepreneurs

He said although the road before nations was laden with challenges, world leaders should neither waiver nor surrender to any cynicism on the accelerated implementation of the 2030 Agenda for Sustainable Development.

And President Lungu said Zambia would remain an active player in peacekeeping and peace buiding operations and urged the United Nations to remain resolute in its duty of protecting vulnerable persons.

“Zambia remains supportive of international efforts aimed at the peaceful resolution of conflicts through advocacy and support shown for peacekeeping missions.

“We would like to urge the United Nations to remain resulote in its duty of protecting the vulnerable persons and to redouble its efforts to bring about a more peaceful world,” the President said.

President Lungu said as the United Nations marked its 75th anniversary, its continued relevance to mankind was beyond question and therefore the need to revitalise the global governance organization so that it could fulfill the ideals for which it was established.

The theme of the 75th United Nations General Assembly is: “The future we want, the United Nations we need: reaffirming our collective commitment to multilateralism-confronting COVID-19 through effective multilateral action.”

23 COMMENTS

  1. I was wondering why Edgar wanted to go campaign in Monze, when his budget initiation ceremony was today. Besides he should be following UN general assembly.
    Did they boooo him Southern province or cancelled his trip as we advised him?

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  2. When you went on borrowing rampage didn’t you know that you will one day need to pay back?

    The PF government is is very useless and must be held accountable for these debts.

    We need commission of inquiry to understand how the the borrowed money was spent.

    The funds were spent and embezzled by these PF government officials.

    PF must go!

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  3. You have stolen all the money and now you can’t pay so you are asking for debt cancelation. Who can help you under such circumstances.

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  4. Zambia has borrowed money from the bond markets and these are private sources of finance. Western governments hv no say in these private arrangements.

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  5. Very timely calls. The same rich countries are borrowing and feeling the economic effects of covid so why would their lenders based there expect Africa which they exploited to pay back during covid related downturn? Only the brain washed diasporan kunta kintes will not support the president’s stance because these f00ls are living there abroad at the mercy of the Same imperialists. Of course if you are being kept by a foreign father who is feeding you, we know that your loyalties will lie with them. But why come here and talk nonsense about a country you left voluntarily? Aren’t you happy where you moved to? Voestek!!!!

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  6. Charles Milupi says the challenge this time around is that we were borrowing from private institutions; as such such, institutions like the Euro Bonds, the China Import and Export Bank will need board approval for any action and being investors, its unlikely that what happened in 2000 (HIPC) is likely to happen. PF refused to listen.

  7. Lungu needs money for PF campains , hence the pleas for debt breathing space…..

    He knows with the massive unemployment and high cost of living , he knows will be a hard sell…

    The problem lungu has with western money networks is , they see another Mugabe in the making……

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  8. The chief government spokesperson told us with great confidence that hakuna matata regarding the debt situation in our country. So was covid the tipping point? Me thinks not. Me thinks it is a rush to grab at straws. Unfortunately turning a large ship is not as easy as being on the F1 circuit. It takes time — the effects of correcting this will not be as fast as the corruption that has led to the bleeding of the fiscal purse. Sorry guys. Plus if you check what is going on now whistleblowers are coming out of the woodwork so gird your loins if you are a potential culprit.

  9. Every Country is feeling the adverse economical effects of Covid-19. Individuals are reviewing their financial status and adjusting accordingly. Companies are revising their performance targets downwards while countries are redesigning their economical structures, re-prioritizing resources and making arrangements for debt re-organization where possible.

    The call by EL for lenders to offer relief in terms of payment is timely and not extra-ordinary.

  10. Private bonds have nothing to do with the United Nations. Why bother the General Assembly with such cries? If Zambia wants debt relief on the public front, the answer is perfectly simple. Stop wasting the IMF’s time and be serious about fiscal reform. Developing countries with sound fiscal policies have received generous and timely assistance already. This is what every donor looks to and is important in private bond markets as well.

    Else, to call for relief without change is to be like the alcoholic bum who begs for money just to buy his next bottle.

  11. You pay what you owe…nothing is free in this world…Kabova mind set…

    Let’s see how your golden brown teeth will get you out of this one.

    Who borrows money to buy a plane?

    You guys are amazing….

    PF Must Go…

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  12. I wrote to the Government offering my services in mining and agriculture, to no avail.
    I know of simple methodologies that can assist in turning around the economy.
    These methods have been in use in a third-world country since 1977 with immense success.
    I’ve written to the President, and numerous ministers in the past with my panacea. KZ was even copied in.
    It’s a shame that such rich resources with which Zambia is endowed are not being utilised.

  13. Bashi profiti message me on Facebook. How are we supposed to know who you are with a fake name. We receive millions of messages and correspondence. It is easy for anyone to claim they have a good idea on here anonymously even when they may just be a disgruntled upnd member.

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  14. The normal Zambian mentality. ‘Borrow me ka one hundred.. I will pay you back pa 28 nga twa fola.’ 29th comes. ‘Can I have my money please?’
    ‘Ah, you also, kwati it is a lot of money! Ka 100 kwacha fye is the one you are crying about. I had a funeral and so I spent it on transport since you didn’t come yesterday.’
    The same mentality is in our politicians.

  15. Why are we using Covid as an excuse? Zambia is not even one of the most affected Countries in the World. Zambia didn’t even experience Covid 19 like South Africa. Zambia didn’t even experience Total Lockdown. Our economic problems in Zambia were already real even before Covid 19. PF was just caress in the manner of borrowing.

  16. When you borrow carelessly to the extent that you can’t pay back, there is no way you can remain a respectable member of society. Even a kid can insult you because that is what you deserve. You reduced your own status. Instead of crying for mercy, those who are wise change their ways. Society is more forgiving to those that reform than those who remain adamant with f00lish pride.

  17. Why should Western pensioners subsidize African misrule? They need the money themselves if they’re to hv comfortable retirements. Some African countries could not borrow cheaper money from the World Bank because they didn’t want the tough conditions such as project scrutiny, project selection and supervision that go with such borrowing. After getting into trouble, they are now asking for relief. It’s not coming, surely not from the bond markets. These are hard-nosed money men of the world economy, the running dogs of global capitalism. Whn they lend they want to collect with interest.

  18. Tough luck on this one ba president. The UN have a different agenda than to sponsor your reckless borrowing thirst. We all know elections are around the corner and more money will be needed by the party in power to hoodwink people.

Comments are closed.

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