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Alba Iulia
Wednesday, November 25, 2020

Why Did Finance Minister Dr Bwalya Ng’andu lie to the nation?

Columns Why Did Finance Minister Dr Bwalya Ng’andu lie to the nation?

By Fred M’membe on behalf of the Politburo of the Socialist Party

On September 22, this year, the Minister of Finance announced that he had made a request to bondholders to suspend debt servicing for six months because Zambia was not in a position to meet her debt servicing obligations due on October 14, 2020.

As you may be aware, 40 per cent of bondholders immediately refused to grant Zambia debt servicing suspension.

The Zambian government had hoped that when 60 per cent of bondholders met last Friday, which was the last day of the one month grace period given to pay from the initial due date, the bondholders would agree with their proposals. But they too refused.

Consequently, Zambia officially became the first country in Africa to default even if it had already defaulted on other unknown Chinese debt obligations.

As the Socialist Party, we are concerned with the lack of seriousness from the Treasury when dealing with these important issues. We have plenty human resource that we have invested in as a country and worked at the highest level at of both the International Monetary Fund and the World Bank. It is an embarrassment to the nation that the Minister of Finance lied to the nation about his engagement with bondholders only for them to issue a statement the following day that there had been no direct contact between them and the Zambian government.

Why did Dr Bwalya Ng’andu lie to the nation? Is he covering up on the debt that was borrowed under the cover of darkness?

They say, ‘You can run but you can’t hide…You can fool some people all the time, but you can’t fool all people all the time.”

Reality has finally dawned on this Patriotic Front government.

What the international community is demanding is transparency on the Chinese debt obligations. The demand by the Minister of Finance through his representatives that bondholders should sign a non-disclosure agreement before he discloses the extent of Chinese debt and the conditions attached thereof should be of interest to every Zambian because this is public debt which you will all pay for.

As the Socialist Party, we wish to announce to the nation that the reason why this government has since 2016 refused to open it’s books to the IMF on the Chinese debt is because that would reveal the Patriotic Front’s massive penchant for bribes. Most of the loans have inflated figures because of amounts a few greedy individuals collected as ”facilitation” fees. The International community is well aware of the extent of corruption and are now collaborating with bondholders to expose how corrupt this government is.
Once that information on the Chinese debt is given, it will reveal how much money was shared and by who. At the moment, Ministry of Finance officials have been struggling to balance the figures before the IMF team comes in.

Dr Ng’andu must not continue protecting criminals. There is no place for them to hide anymore.

Dr Ng’andu has two options: It’s either he reveals the actual figures of the Chinese debt and Patriotic Front goes down so that we can protect our economy or he lets Patriotic Front continue hiding their nefarious acts and we all go down.

Dr Ng’andu has to make that choice because time is of essence. Thankfully, since we cannot demand accountability and transparency from the powerful politicians and their fellow gangsters outside government, a far more powerful group has come to our rescue.

38 COMMENTS

  1. The chickens have come home to roost. These morons have no shame indeed, they lie through their canine like no mans business. Wake up Zambians and smell the coffee, time to act is now, get those voters cards and get rid of these nincompoops’.

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  2. As usual the Vice President was also made to mislead the nation in parliament, again!!. Anyway, the chickens have come back to roost. They thought this day will never come. There is nothing like free lunch and now that the river is drying up, all those swimming naked shall be exposed.

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  3. Welcome to Zambia!! The real African corrupt country!!
    Dununa reverse in progress…I hope you have learnt your lessons Ba Zambia.
    Do not vote for a song,. Vote for a team that will liberate you from oppression, poverty, illiteracy, the crippling economy, police brutality and corruption. If this nation was educated enough, the people would have been making wise decisions in as far electing leaders is concerned!
    EDUCATE YOURSELVES BA ZAMBIA,POLITICIANS ARE ONLY HERE TO ENRICH THEMSELVES,NOTHING ELSE!

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  4. Then you replace the PF with HH who corruptly sold himself all the undervalued privatization assets he evaluated without declaring interest.

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  5. @ Quest. Don’t tell me these issues will be sanitized by HH who, even outside Government, undervalued properties and bought them without declaring interest. Put on your seat belts its gonna be bumpy!

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  6. He made the Vice President lie to the whole nation. This is what they call “chickens coming to roost” and what is done in darkness being revealed in the light. There is nothing like free lunch, all those kick-backs had a cost. Unfortunately it’s the entire nation that is now paying for it. 2021, justice should prevail.

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  7. It’s very disgraceful these thieves cannot even disclose their debt to bondholders let alone Zambians. What on earth are they hiding. That dosh belongs to the people of Zambia and the debt is on them. Every Zambian deserves and it’s there right to know how much is been borrowed and how much is been spent on projects these thieves claim.For every unaccounted Kwacha those responsible show see themselves in chimbokaila
    To bondholders don’t let these criminals screw you and get away with it.

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  8. If what Dr Fred Mmembe has written is true, eishhhh…..this country is in ruins. Guy Scott and Sylvia Masebo saw something in this PF under ECL that a lot of us did not see. How I regret voting for this regime. Nga kulasanikwa…………..

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  9. Change is inevitable. There must be a difference between jokes and seriousness in life. Everything is in negative ever since they took office, so what are they contesting for

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  10. Lies, prevarications, deception and disingenuity is the whole mark of PF government, so much so that even children in their families know their parents are LIARS. Over to KZ

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  11. We were telling you………

    But many PF sycophants were and some till are adamant lungu and pf are the best thing to happen to zambia…..

    Membe is right , the main reason for the breakdown in talks with the bond holders is the refusal of bond holders to sign a confidentiality agreement with PF about the loans…..

    What is lungu and his PF hiding that they even chose default over exposure ????

  12. Bank statements are private domain. This principle applies to personal accounts, corporate accounts and to public accounts. The data is protected from access by unauthorized parties. This principle also applies to bank accounts of the Zambian government. It is wrong to mix every government financial transaction with politics. States have two faces. One face is open and transparent for public consumption. The second face is classified, confidential and secretive. Take time to access information held by government. Take time to reckon with the impact of Covid-19 . Take time to face climate change.

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  13. We were telling you………lungu is the problem, you laught at us…

    But many PF sycophants were and some till are adamant lungu and pf are the best thing to happen to zambia…..

    Membe is right , the main reason for the breakdown in talks with the bond holders is the refusal of bond holders to sign a confidentiality agreement with PF about the loans…..

    What is lungu and his PF hiding that they even chose default over exposure ????

  14. And why didn’t you pay your taxes which would have contributed to debt financing. My friend take many seats with that your big head looking like brain from pinky and the brain

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  15. EACH TIME MMEMBE OPENS HIS MOUTH IN PUBLIC MY SYSTEMS SHUT DOWN BECAUSE HE IS THE ARCH HYPOCRITE IN ZAMBIA.
    AND HIS SOCIALIST AGENDA FOR, ZAMBIA IS BANKRUPT. ZAMBIANS REMEMBER VERY WELL HOW THEY SUFFERED UNDER UNIP’s MISGUIDED SOCIALISM.
    ECL FOR 2021

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  16. Zambia first those are my concerns too. The sad part is that a few100 people might fall for his garbage and vote for him. The good part is that takatekepo

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  17. Meembe..

    The answer is that…. that’s what all politicians do. They lie through their teeth. This includes yourself Meembe. You have lied throughout your life at every stage. In business and in politics.

    It would help if you paid the taxes in million $Dollars you owe the nation. So are many Zambians who owe the government in taxes.

    That’s no excuses. PF have messed up.

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  18. Africans have two extremes. They either pretend that they are very rich or that they are very poor. When they borrow, they find it hard to pay back. So many small businesses collapse because those who took the Brazilian hair on credit do not want to pay. Lawyers borrow from clients’ accounts and get caught. They take the same mentality into government. The GRZ does not pay lenders, whether internal or external on time. Contractors have built bridges, pensioners have retired, suppliers have supplied desks but all will not be paid unless they know someone. Now, Zambia, you have met the real financial world.

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  19. Public debt should not be confidential. This confirms our concerns that our total foreign debt has not been fully disclosed to the citizens i.e. the people who will eventually pay it off.

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  20. Fred M’membe is 100% part of the gang that brought us this rot. He sought to install himself as King Make; picking a side and plainly compromising his journalistic ethics. Before the PF got drunk on Easy Money, dear old Freddy got sozzled on the power of the pen and its reach to all corners of Zambia. Who can forget Freddy addressing President Sata as Michael this, Michael that is if they were two lovers in bed, and in the next sentence virulently label one region as a Bantustan.

    This virus of tribal statements all too common in Zambia now is the brain-child of this same Fred M’membe. He could not handle the power of an editor, and now in, his new found wisdom, he wants us to entrust him with the Presidency. Not me.

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  21. BA KZ MEMMBE AND CHINTO SHOULD ALSO TELL US WHERE THEY TOOK THE ZAMBIAN AIRWAYS PLANES AND FIND OUT IF THEY PAID THE K9BILLION THEY BORROW UNDER MWANSAWASA BY TELLING MWANAWASA THAT THEY KNEW WHERE CHILUBA HID WHAT HE STOLE…..MMEMBE AND HIS CARTEL ARE JUST CRIMINALS IN NEWPAPERS. GOD WILL JUDGE THESE CRIMINALS………THIS CARTEL OF CRIMINALS WAS THE ONE THAT WANTED TO REPLACE PRESIDENT LUNGU WITH ANOTHER CARTEL LEADER BUT WE THANK God EDGAR had the Grace of God UPON HIM……What Mmembe tell me? Let him also pay what he owes Zambia through Zambian airways and DBZ roan…..

  22. All political parties and their leaders who engage in foulmouthing with no agenda for uplifting the bottom line population shall be banned. Vote who spells in clear terms his development agenda.

  23. Ba group three mu government bwafya. We struggled under ba levy, sacrificed to have debt written off. Aba bamwankole baisa kongola more that than what UNIP and MMD combined borrowed. They need to be punished . Ukuteka ichalo tekwabano bane. Techalo chakwanoko or wiso.

  24. Thanks Dr Makasa Kasonde, James Kabaso , Son of the 18m and others. Those are beautiful comments from the wise citizens. Some citizens want to impose themselves to plot no 1 when they sold government assets and Zambian economy go down. Only unreasonable and tribalist Zambian can support the above article from socialist leader which has no substance. God is the one who gives to lead a countrynot cadres.

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