Monday, June 17, 2024

The Vice President’s Statement on Zambia Defaulting in Parliament Misunderstood-Finance Minister

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Finance Minister Hon. Dr Bwalya Ng’andu has said that Government remains committed to pursuing a constructive and very transparent dialogue with all its creditors including bondholders.

He emphasized that the government will not relent in its efforts to find a consensual and collaborative resolution to debt sustainability issues.

“Government is strongly committed to pursuing a constructive and very transparent dialogue with all its creditors including Bondholders to define a new cooperative and orderly process to put the debt back on a sustainable trajectory and thus be able to get out of the default situation.” Said Dr Ng’andu.

And further, the Minister has clarified that the Vice President’s statement in parliament as to whether or not Zambia will default on the payment of its coupon obligations to Euro Bond Holders has been misunderstood by some sections of the public.

The Minister holds the position that the Vice Presidents response in parliament reflected optimism that the Bond Holders would consider favourable the country’s request and continue with collaboration.

“There has been a misunderstanding on what Her Honour the Vice President said in response to a question in Parliament whether or not Zambia will default on the payment of its coupon obligations to Euro Bond Holders.

Her response reflected the optimism that the Bondholders would consider favourably our request and continue with collaboration, in which case the question of default does not arise.” said Dr Ng’andu

“However, since the decision is now known that they will not support the standstills or Consent Solicitation, and given the precarious fiscal position that requires us to treat all creditors pari-passu, Zambia would, unfortunately, have no other alternative but to accumulate arrears.” Dr Ng’andu added.

41 COMMENTS

  1. What dialogue is there to be pursued about making a loan repayment its either you can make the payment or not …look at this learned man make a fooool out of himself trying sugar-coat all this by being evasive. Everyone knows that shameless Old hen Veep is senile and you dont tell her anything she is like a granny you dont want to worry with the truth; last time she was saying telling Chilufya to account covid 19 funds with no reply only for AG office to reveal the extent of the plunder a few months later…anyone with integrity and pride would resign but not her.
    Bwalya Ng’andu we all know Zambia defaulted on a Eurobond coupon payment 0n 13.09.2020 these are wireless transfers on known dates you knew these dates 10 years ago…what there to dialogue?

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    • Misunderstood by who? The Minister should say ” I don’t understand the Vice President’s Statement in Parliament on Zambia Defaulting ”
      All of us have understood the lying

  2. congratulations to Kaizer Zulu and his government for defaulting on the loan repayment despite many assurances from govt that this would not happen and that our debt was with manageable limits. may i be the first to cast a vote of NO CONFIDENCE on the PF government

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  3. This vice president always gives very general answers that lack research and depth. On the debt side the one who was borrowing Alex Chikwanda who without efficient supervision from his boss is at home drinking tea or anything, no sanctions whatsoever for wanton borrowing

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  4. Goodness, so we are now in the realm of twisting words to cover up what was said earlier when plainly caught out….!!! Just pay as we were told in October. This is what needs a commission of inquiry.

  5. Keep that old senile woman locked up at home , she is getting worse….

    And the fact lungu is oblivious to her being spaced out is more worrying and is an indication of how clueless lungu really is…

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  6. Bwalya is being honest like Denny Kalyalya. He is loud enough to say Bo Inonge was lying once again.
    Fire Bwalya , replace him with Sunday Chanda.

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  7. Look at the money they failed to pay? A mere $42m…this the selfsame figure they splashed out on inflated firetrucks, the money they are wasting on Lusaka-Ndola motorway…this is not only shambolic planning its absolute recklessness of the highest order. It makes me sick to have such incompetent morons in govt…where is that EAZ President the fat boy?

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  8. Even that $5 million you paid those French debt consultants would have been put aside for this repayment but the morons poured it all down the drain…that’s the easiest money those white French chaps made this year.
    The shameless lazy man in State House is still talking about Bill 10.

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  9. Fools running this country into the ground. It’s beyond belief how we have got to this. Borrowing is bad enough stealing the borrowing is something even God can never forgive.

    Cry Zambia cry.

  10. “…the true navigator must study the seasons of the year, the sky, the stars, the winds, and all the other subjects appropriate to his profession if he is to be really fit to control the ship…[the ignorant] think that it’s quite impossible to acquire the professional skill needed for such control and that there’s no such thing as the art of navigation…”

    Plato

  11. “Government is strongly committed to pursuing a constructive and very transparent dialogue with all its creditors including Bondholders to define a new cooperative and orderly process to put the debt back on a sustainable trajectory and thus be able to get out of the default situation.” Said Dr Ng’andu. Even a f00l can read that and understand that the country has not defaulted. A lot of you are asylum seekers in English speaking nations like the UK and yet your command of the English language leaves alot to be desired. I guess to clean toilets, one does not need to be a good communicator. Anyway back to the matter. Look at how happy the evil diasporans are when they see anything that may lead to a negative development for the country. Why do you mother fakaz trouble yourselves hating…

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  12. CONTINUED….:on Zambia a country you left? If you are so happy wherever you are why waste your time gloating over the chance that Zambia may not do well? You will die disappointed because Zambia is stronger and bigger than your evil prayers. Hope you get corona and die you evil preeeks

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  13. @engineer the chances of you catching corona there abroad and dying are higher than those of Zambia defaulting. So think about that.

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  14. Its funny but not strange how genuine resident PF LT bloggers are quiet on this thread as they know the ramifications of such news.

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  15. Thank you honourable Bwalya Ngandu for remeding veepee’s uninformed pronouncement. I knew in the first instance that the assurance she was making was an empty one. You were just short of saying that veepee does not understand the country’s debt position. I like your diplomacy, especially that our tradition dictates that old people shouldn’t be subjected to ridicule. Thank you again, Bwalya.

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  16. Thank you honourable Bwalya Ngandu for remeding veepee’s uninformed pronouncement. I knew in the first instance that the assurance she was making was an empty one. You were just short of saying that veepee does not understand the country’s debt position. I like your diplomacy, especially that our tradition dictates that the elderly shouldn’t be subjected to ridicule. Thank you again, Bwalya.

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  17. Tarino submitting many comments here does not make your comments any popular or persuasive. It just comes across as desperate and in need of attention or a cry for help. The people here know which bloggers they follow and this is reflected in the number of reactions on comments in the form of upvotes or down votes. Grow up iwe hahaha. Stop spamming this website with your faeces

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  18. This is Issue is becoming personal to some people, instead of finding solution to the problem for the benefit of our mother Zambia, people are attacking each other….
    Natukule bane…….

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  19. Zambia is officially bankrupt. That wonderful rich country has been run by street kids (adults),ignorant cadres and mediocre educated people for far too long.
    It has been Government by Deception. Now let the demolitions begin

  20. Anthsila – How would you treat someone who has put your grandchildren into further debt even after you were telling them that their spending on overpriced substandard infrastructure was unsustainable? Just look at the flyover bridge in Lusaka if was supposed cost $265m ended up costing $26 far downsized to what was on the plans ..with no explanations to were the funds went to. You want solutions now …these people can not manage expenditure and creditors have no confidence in them so what solution do you want? Do you think you can treat alcoholism by giving a job to a drunkard in a brewery?

  21. Matador – Whether he is diplomatic or not …this just shows the lack of organisation between the leader of the Ruling Party in Parliament and her Finance minister…Grandma Inonge was asked a question about debt situation last week or fortnight ago and she had all the time to prepare for that question so what are thanking the minister for? Do you not know that Veep is a running mate and is senior to Finance minister under this constitution …just because you have an old senile woman with nothing to lose as she is retiring next year doesn’t mean that position is useless.

  22. MuZambian – And someone is singing everyday about infrastructure development projects yet cannot make a mere $42 million repayment for a $1 billion Eurobond…that is folly of the highest order!!

  23. There is a bit of sabotage here. Can anyone educate me on who actually answers the questions to her honour the vice president. Are those not written questions? Are technocrats not involved in the response process. If questions are submitted a day before the sitting then there is a serious problem. But if the vice president responds using her wisdom then we need to change the process else some1 is sabotaging her image.

  24. Of course they just had to reject the xtension out of will to put Zambia in a defaulting position so as to create room for the manifestation of more infestation by their likes. Twasebana!! One would shudder to imagine how much of the begging pie the Chinese would go for. We are in for yet another scramble for our resources by western forces+1

  25. I would respect and share a drink with ECL as an ordinary private citizen. I suspect a lot of his critics would do the same. So nothing personal. But it is insulting and unbearable when after getting us into debt to the point of default, he and his fellow Easy Money Class (remember K2 million is nothing!) are insisting they are the right people to take us forward for another 5 years.

    What magic trick will they use in the next 5 years that they didn’t have in the last 10 years?

  26. Of course they just had to reject the extension to create room for the manifestation of more infestation by their likes. Twasebana!! One would shudder to imagine how much of the begging pie the Chinese would go for. It’s another big scramble for careless consumer nation’s resources by western forces+1

  27. Of course they just had to reject the xtension out of will to put Zambia in a defaulting position so as to create room for the manifestation of more infestation by their likes. Twasebana!! One would shudder to imagine how much of the begging pie the Chinese would go for. We are in for yet another scramble for our resources by western forces+1

  28. I’m reaching for George Orwell’s classic POLITICS AND THE ENGLISH LANGUAGE just to refresh my mind whn I sit down in my study tonight. For those who don’t hv a copy, it’s available on the web.

  29. Kaiser

    Please help us by leaving your stupidity in the toilet.

    Your simplistic analysis just shows that you are a typical thug who fails to read between the lines. Dr Ng’andu has used extreme diplomatic language to point out the obvious that Zambia has no money to pay the interest demanded by creditors and is trying to negotiate for debt rescheduling. Debt rescheduling only happens after defaulting on payment.

    Which ever way you look at it, F00lish drunkard Lungu ‘s government run by thugs has defaulted.

    Soon most missions abroad will be merged to save money as lenders wont give them soft loans guaranted by drunk Lungu ‘s government.

    Bachimbwi Ba PF have failed to run Zambia.

    Mwanya I am busy preparing kuchivundula pa Zed to lock up all PF thugs.

    Lungu must go…

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