Monday, June 17, 2024

Zambia will not default payments to bondholders and other creditors, Vice President Tells Parliament

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Vice president Inonge Wina says Zambia will not default payments to her bondholders and other creditors.

Mrs Wina said Minister of Finance, Bwalya Ngandu is still negotiating with the bondholders on an appropriate arrangement and approach to service her debts.

“Zambia is not ready to default, Zambia will not default on her payments,” stressed the Vice President.

Speaking during the Vice President’s question time session in Parliament today, Mrs Wina said Dr Ngandu will update Parliament and the nation on the outcome of the ongoing negotiations between the government and its creditors.

Mrs Wina was responding to a question on whether the government has made a position regarding interest payment to bondholders in excess of US$ 3 billion whose deadline is today, Friday, November 13, 2020.

And the Vice president has disclosed that over 1, 400, 000 young Zambians had obtained NRCs in the recent mobile National Registration Card exercise.

Mrs Wina said Minister of Home Affairs, Steven Kampyongo will update Parliament on how the mobile registration card issuance has been conducted in the country.

The Vice president also announced that the government remains committed to taking over all community schools in order to improve access to universal education to Zambians across the country.

Mrs Wina said the PF administration will honour its promise of bringing community schools under the government-run education system as already demonstrated in Western province, where the government has taken over some community schools and is dispatching public service teachers to the respective schools.

30 COMMENTS

  1. What does not paying today mean? Is that not defaulting? I was also shocked when this blind woman was trying to justify the madness of Kwacha claiming that because we import everything in Zambia, were we not importing in 2016 and before? Ala mayo if you do not know, just admit that you know nothing at all. Do not display ignorance publicly. let me tell you the truth for nothing, for as long as you have foreigners pretending to manufacture everything Zambians can manufacture, you will never succeed. Give me the names of Zambians who are manufacturers in any developed country and I will agree with your policies of manufacturing by Chinese, Indians, Pakistanians, Lebanese etc to develop Zambia

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  2. I hope they are able to continue paying off the debt instead of on handouts. It will take some otherworldly juggling skills to continue paying off debt, run the government and carry on with 11th hour Bribery Handout Schemes. The people will give the mandate to whomever they want to renegotiate the debt. I am sure the bondholders will be willing to listen to someone with a 5 year mandate. Really, they will have little choice.

  3. Tell those devil worshippers in upnd. The only defaulting we will see is when the voters in southern decide to default on them iin 2021.

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  4. We sincerely hope so, we can’t afford the ramifications of a default. That Lazard firm has not been very helpful it seems.

  5. Nearly 10% of the entire population are new voters. Where did these “young” people come from?

    It looks like the rigging machine has done its work.

  6. Haha black scouser what do you have against me? It seems very personal. Did your wlfe attend one of my parties in kafue.

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  7. Am sure this old Hen has not read the news that the bond holders have shown her minister of finance the middle finger

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  8. Zambians amaze me, why are they calling for loan payments? The owners don’t mind if Zambia fail to pay, but you hungry are forcing them.
    Just wait for HH to negotiate those so called loans.

  9. Indeed do not default even if it means borrowing more to pay off expensive loans. They want to put us in a debt trap which will convert a few millions in to billions. These people will use complex jargon which they invent from thin air so that down the line they tell us we owe them trillions. Ask yourselves, why is it always debt from Europe which makes Africa poor? Are these not the same people who pretend to care? Wake up mwebantu. First they’ll practice on Zambia and then SA will be next.

  10. Really laughable…i don’t think the old hen keeps up to date with current affairs as I have always said she is not in the know…they don’t tell her anything!!

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  11. Spaka and the rest of you angry upnd diasporans, how long have you been saying that Zambia is going to default? Has its happened? Only monkeys can wish their country of birth bad. In fact baboons. I have probably travelled the world more than you will ever do and I have never come across other Africans in foreign lands who despise their country of birth. I have met west Africans, east and even north who are so patriotic and advertise their countries very proudly to increase tourism but you dogs there have been brain washed and suffer from muzungu anikonde syndrome. Don’t worry mukabwelela, just ask Simon mwewa. You will come back and also start making videos on Facebook with your fake accents. Bakadoli imwe

  12. Spaka and the rest of you angry upnd diasporans, how long have you been saying that Zambia is going to default? Has its happened? Only monkeys can wish their country of birth bad. In fact baboons. I have probably travelled the world more than you will ever do and I have never come across other Africans in foreign lands who despise their country of birth. I have met west Africans, east and even north who are so patriotic and advertise their countries very proudly to increase tourism but you dogs there have been brain washed and suffer from muzungu anikonde syndrome. Don’t worry mukabwelela, just ask Simon mwewa. You will come back and also start making videos on Facebook with your fake accents. Bakadoly imwe

  13. Spaka and the rest of you angry upnd diasporans, how long have you been saying that Zambia is going to default? Has its happened? Only monkeys can wish their country of birth bad. In fact baboons. I have probably travelled the world more than you will ever do and I have never come across other Africans in foreign lands who despise their country of birth.

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  14. I have met west Africans, east and even north who are so patriotic and advertise their countries very proudly to increase tourism but you cows there have been brain washed and suffer from muzungu anikonde syndrome. Don’t worry mukabwelela, just ask Simon mwewa. You will come back and also start making videos pa social media with ama faykey accents. Bakadoli imwe

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  15. ZAMBIA DEFAULTS ON DEBT PAYMENT
    By Rhodah Mvula (Diamond TV Zambia)
    Zambia has failed to meet Friday 13th November, 2020 deadline to pay a $42.5m interest to bondholders.
    This comes after the bondholders rejected Zambia’s request for a six months interest payment freeze to April 2021.
    Minister of Finance Dr. Bwalya Ngandu met with the Eurobond holders committee to discuss on whether the debt payment could be deferred to a later date but the request has been turned down.
    Dr. Ngandu says Government is committed to pursue a constructive and transparent dialogue with all its creditors.
    Eurobond holders account for about $3 billion of Zambia’s sovereign debt.

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  16. I was wondering what ever bondholders had in mind , really these bondholders can be crafty I followed up these bonds they came up from the same creditors suggesting that Zambia had qualified to have these bonds because they knew Zambia was doing well economically.
    They were very happy to offer zambia those bonds in the nutshell they had another motive , to derail the economic performance and so they hid behind the bonds so as to put Zambia under pressure so was Ghana pressurized to get the bonds .
    However one thing we know about these bondholders is that they have a kaloba system in place to bully nations and keep them under their yolk without developing.
    Strange world indeed.

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  17. nshilimbemba – dont be silly, no one put a gun to your head to go to the market by sending Miles Sampa to go and get Eurobond. Are you telling me if you check your credit rating and find its good; do you go to get a loan for a Range Rover? Dont post silly comments to justify recklessness

  18. KZ

    We are patriotic for Zambia as a country not the corrupt theiving PF …….

    Yes , tibwelela after ba mungani ma kawalala imwe…..

    Me, I am free to enjoy my pension , you theives in PF are in trouble…..no asylum application will help you…

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  19. To ‘Scouser’: Stop yapping about something you have no clue about. If anything you people should be paying up to compensate the Zimbabwean people for the $42,000,000,000 you stole from them through economic sanctions – because you weren’t allowed to steal their land,labour and minerals like their diamonds.

    The Zambian people have been stolen from twice when the PF refused to collect billions in taxes from your mining companies and took on billions of your Eurobond debt instead. Pay up indeed.

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