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Alba Iulia
Friday, April 16, 2021

The hiring a PR Company to advise on debt restructuring-related communication with all creditors and stakeholders is shameful

Columns The hiring a PR Company to advise on debt restructuring-related communication...

By Dr. Cosmas Musumali

The hiring of Highgate Advisory Ltd by GRZ to advise on debt restructuring-related communication with all creditors and stakeholders is shameful, a waste of the taxpayers money and is symptomatic of our clueless PF government.

The Socialist Party had in May 2020 criticised the unnecessary USD 5 million hire of the French Company, Lazard Freres. This company was contracted to provide advisory services regarding liability management for Zambia’s debt portfolio. Our Party had consistently given GRZ free advice on debt restructuring. We warned of the immense hardships the masses of our people were going to face as well as the damage to the international reputation of our country if no urgent action was taken. In the typical arrogance and parasitic behaviour of the PF government, this advice fell on deaf ears.

The Socialist Party views the hiring of foreign companies for debt restructuring services as corrupt, wasteful and retrogressive. Senior Officers in the Ministry of Finance and the Bank of Zambia have over the past 10 years provided valuable options on how debt sustainability could be achieved. Several workshops have been held, study tours conducted, econometric models developed and a policy framework suggested.

However, all these efforts were thrown away and rubbished because the PF leadership did not want a systematic structure and process for debt management. Transparency and accountability was never a top priority. This is a government that thrives on chaos and disorganization. They deliberately created conditions under which debt contraction could allow high-level corruption.

Today, GBP 333,403.54 from the taxpayer is going to be spent senselessly on Highgate Advisory Ltd! This company is by all standards a briefcase one and whose owner has a questionable background. The picture emerging is that we have a cartel of former French graduates, who went through the corrupt, elitist Grande Ecole university system, worked in the finance and prime ministers offices, then went on to work for a number of dubious state actors that found themselves in a debt trap, such as in Greece and Ukraine.

In vulture-like style, this cartel has found out that corrupt, clueless governments whose economies are dying under a debt burden are the easiest victims. Such governments are ready to dish out millions of dollars to any “healer” who promises success without them being accountable to the citizens.

The Socialist Party calls upon all people with a heart for this country to strongly condemn this open theft and wasteful use of public resources.

16 COMMENTS

  1. You mean after 57 years of independence and PF can not find a Zambian who can write economics English to communicate with the rest of the world ?????

    Zambian is being shamed by this corrupt lungu regime,

    Look deeper you will find this was just meant to earn commissions by lungus gang

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  2. Not long ago, this government hired a firm from Europe to help them negotiate with lenders.

    So far, lender after lender is refusing to lend us money.

    They can see how money is being thrown around during campaigns. They have seen that we can afford to buy VVVVIP jets.

    Now they have money to pay someone to teach them how to lie to lenders.

    Shocking stuff!

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  3. Consequences of Nepotism. When you hire a relative but doesn’t know the job, then you look for someone else to assist your clueless relatives on how to handle debt repayment & source for foreign investments for the country. Laughable

  4. And people will still vote for PF especially those who have been given given chitenje/bags of milea meal and cash

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  5. This is the result of having people writing leaked examinations, they will normally have no substance upstairs. So what does the Govt do? Hire qualified people to do the job. Look at this man called socialist man. What has he got to offer in a dinosaur political party? Nothing! Pure waste of time. All political parties have incorporated a socialist component in their systems. Social cash transfers, Farmer input support systems, bursaries to learners etc so what socialism is Membe’s disciple talking about? The Zambian people who have already seen what the 27 years rule in socialist state can do are not interested. Let us see how you perform in 2021.

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  6. Conspiracy theories generating chaos among the armchair critics! Nauseatingly politicizing any issue.

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  7. ANY ONE WITH COMMON SENSE WILL AGREE THAT THIS IS A GRAND SCALE ADMISSION OF INCOMPETENCE.
    THEN, WHY SHOULD THE TAX PAY SALARIES FOR THE RELEVANT GOVT WORKERS.
    FELLOW ZAMBIAN’S WE ARE NOT SUPPOSE TO SAFER BECAUSE OF INCOMPETENT THIEVES. 2021 IS A DEFINING MOMENT LET’S NOT FALL INTO THE UGANDA AND ZIMBABWE “TRAPE.”
    Watch “Uhuru Kenyatta deletes message congratulating Dictator Museveni after backlash” on YouTube

  8. I own a PR and Communications firm in Lusaka. There’s no Rocket Science involved only a good knowledge of Public Relations. With all those dollars I could have easily organized a few meetings and done some webinars selling Zambia’s abilities and imagined qualities which is what these highgates will do at a cost of about 1000 dollars. Check out the profit? ikulu nayo!

  9. Pali ma allowances apa: Finder’s fee to a PF member, Fixing the deal allowance to a PF Permanent Secretary, Sangwapo allowance to a PF backbencher, Nicekeleko to three PF cabinet members, Mwibala allowance from a PF MP,

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