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Alba Iulia
Sunday, October 10, 2021

Zambia’s External stands at $ 12.74 billion, and not $ 27 billion-Ministry of Finance

Columns Zambia's External stands at $ 12.74 billion, and not $ 27...

The government has said that Zambia’s external debt remains at 12.74 billion dollars, contrary to claims that the debt was 27 billion dollars as of 2019.

The Ministry of Finance said that the 12.7 billion dollars was as of end of December 2020.

A statement availed to to the media by the Ministry in Lusaka today said that some media reports made the 27 billion dollars debt claim, following a misrepresentation by the World Bank’s International Debt Statistics published in October 2020.

The statement noted that the 27-billion dollars debt refers to all external debt including debt held by the private sector such as mining companies, banks, and other corporates which government is not in charge.

The Ministry notes that government has no liability for debt held by the private sector, adding that the World Bank’s report makes it clear that government external debt was around 11-billion dollars in 2019 similar to what the government reported.

The Ministry further noted that Zambia engaged in positive and constructive virtual talks with the International Monetary Fund earlier this month, making clear progress towards an agreement on a policy package and path to fiscal and debt sustainability.

The statement further stated that the country hoped the current engagements with various multilateral stakeholders will contribute to its goal of restoring public debt sustainability.

Meanwhile. ZCCM-IH Chief Investments Officer Brian Musonda has said that Mopani Copper Mine (MCM) will significantly contribute to Zambia’s economic revenue, now that the mine is in the hands of Zambians, adding that the mine will have something to show to the nation as positive things will be actualized.

Speaking during Radio Icengelo programme in Kitwe yesterday, Mr. Musonda said that ZCCM-IH working with Mopani management have worked on a strategy to turnaround the mine and make it profitable and that ZCCM-IH financials show that under Glencore the mine has been recording losses since privatisation.

Mr Musonda said that Zambians who have been operating the mine since April last year are upbeat about growing the company and will ensure it is run professionally.

Mr Musonda said that ZCCM-IH management is optimistic that things will be handled well by the Zambians.

“We are very sure that something positive will come out from Mopani because Zambians will ensure that the mine contributes something to the country,” Mr. Musonda said.

“Mopani will continue to produce results and we will give them support as shareholders, the performance of Mopani has improved and the financial status of the mine is encouraging,” he said

The acquisition will result in ZCCM-IH taking full ownership of Mopani. The transaction is scheduled to be fully consummated by 31 March 2021 after the ZCCM-IH Extraordinary general meeting on 30 March 2021 in which ZCCM-IH shareholders will vote on the transaction.

31 COMMENTS

  1. F00lish upnd propagandists. The gloves are now off. Yes I am born again but God even said that you should help yourself..so from now on until August I will help my self by attacking your lies. BaflkaIa

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  2. Ok, that’s the correct figure, but please ba PF you are defaulting on loan repayments with international lenders.
    But in zambia everyone with higher connections is spending money like it’s going to expire tomorrow.

    Respect, loyalty and love, you earn it. You don’t buy the aforementioned.

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  3. The World Bank looks at all claims on the Zambian economy by the rest of the world because this affects the exchange rate in Zambia. If the local currency depreciates as it has in Zambia, the debt burden increases although the amount owed in dollar terms would remain the same.
    They therefore also consider wht the private sector owes. There’s no big deal here and all the name-calling is needless.

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  4. LIARS LIARS ALL THE TIME UNTRUTHS SO IMF AND WORLD BANK ARE LYING ????????
    THEY CERATAINLY MORE HONOURABLE THAN THAN THE GOVERNMENT
    OH AND MAGAFULI DIED OF A HEART ATTACK WJILE THE REST OF THE WORLD SAYS COVID
    AFRICA OH AFRICA

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  5. ‘following a misrepresentation by the World Bank’s International Debt Statistics published in October 2020.’
    -Why are you reporting to the masses about this only now?
    ARE YOU GOING TO SUE THE WORLD BANK FOR MISREPRESENTATION?
    IT’S TOO LATE TO TRY AND DO DAMAGE CONTROL-
    AND WHEN ARE YOU GOING TO EXPLAIN THE SITUATION REGARDING MONIES BEING DISHED OUT WILLY NILLY?

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  6. Interesting that Dr. Ngandu, the minister in charge, is silent. And we know he is one of the very few ministers who has integrity.

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  7. So you think World Bank plucks figures from the sky and can be off by $15 billion? That’s Chinese debt that $12Billion

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  8. Elections around the corner and they announce his much debt is owed. Why couldn’t Ngandu come clean much earlier as to how much debt is owed.

    The ministry has not even told us how much Chinese loans are outstanding. Due to the COVID excuse they have stopped making interest payments but have gone full throttle in distributing cash, bicycles and fuel tankers. Where has money for these gifts come from.

    Who do they want to con? Are they saying the IMF and World Bank are liars.

    You can’t trust these thieves. They bought 42 fire engines for $1 million where half off them are write offs involved in accidents.

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  9. World Bank is one of the biggest Creditors and is in a better position to know what Zambia’s Debt becoz it has advanced Debt Assessment Capabilities. The World Bank has no beneficial reason to falsify the Debt position for a Member Country. Minister of Finance, Dr Bwalya Ngandu should reconcile his Debt figures with those of the World Bank. IMF and World have the best Debt Surveillance System in the World and their figures are more reliable than that of Ministry of Finance,Zambia. So who can believe Dr Shandu’s cooked Debt figures? Absolutely nobody.

  10. Let’s not runaway from the exact
    Figures of debt.When we were
    Borrowing the money it was sweeter then honey and now it’s
    Time to payback we want to dispute the figures.lets find ways
    How to pay it.Even our grand grand children will not be able to
    Payoff.

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  11. PFCriminalsDontOwnZambia March 19, 2021 At 2:00 pm
    Chi Kaizar Zulu ati born again? Evil ape.
    THIS HAS TO THE BLOG OF THE DAY !!!!!!!!!!!!!!!!!!

  12. ACCORDING TO K ZULU GOD SAID HELP OURS SELVES THATS GREAT NEWS PEOPLE
    HELP YOUR SELF TO GOVERNMENT FUNDS AS MUCH AS YOU CAN
    *IS OVER INVOICING AND SCAMMIMG ZRA OF OUR HARD EARNED CONTRIBUTION TO THEM ALLOWED ?????????????
    IM ONLY REFERING TO GOVERNMENT NOT PRIVATE CITIZENS AS WE HAVE TO LOOK AFTER EACH OTHER
    AS GOVERNMENT DOESNT CARE

  13. Remember in 2016 when Mozambique was forced to admit its $2b USD owed in hidden debt? Zambia ,the IMF never lied and i’ll leave it at that.

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  14. The World Bank did not mislead anybody. People read the WB report with their own jaundiced eyes. There is debt owned by government and there is debt owned by other entities in the country, including personal loans and mortgages. Put all these together it amounts to $27 billion. GRZ (sovereign) debt is $12 billion.
    The way to think of it is as follows. The husband owes K12. The wife and children owe K15. Total household debt is K27. whether the wife’s and children’s debt is also the husband’s, depends on how the household does its economics. Perhaps the husband has a finger in each of the other debts but doesn’t want people to know?

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  15. One thing about numbers is that they never lie…this is why Minister of Finance is quiet he knows better…really laughable…only foooools like Lazy Lungu and his gons will ignorantly dispute WB as over estimation.

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  16. We know it 27 billion, oh PF dander heads don’t know how to count… maybe you can have a conversation all of you in your ka stup1d party = a grade 1 nd you can maybe count to a billion, dander heads

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  17. Bwalya Ngandu your nose is growing just like Pinocchio. At least please stop in your last few months in office because as it is the truth is about to come out after August.

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  18. I don’t like to comment on stories of success. I want to reserve until better ministers we saw on UPND list start working in September. 4 more months and PF are out. Just 2 months more and there will be no MPs in Zambia.

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  19. 12.7 billion is still not a good number. Levi Mwanawasa left the debt at 0 at one point. Levi, Zambia’s greatest economic president ever. He blundered on continuing privatization, put this was Zambia’s fault as a nation.

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  20. @Tikki, you are awesome my friend. This ape thinks he can come here and lie his way out or try to bully people around? Nah, we will put him and his big nose in his place. I can’t wait when he does not have the state machine protection and I want to personally beat his foolish arrogant face.

  21. World Bank and IMF monitor Debt Sustainability levels for all Member Countries including Zambia so we see no reason why she would inflate Debt figures for Zambia only. Based on past records Ministry of Finance Debt figures are “cooked” and therefore unrelyable while World Bank figures are transparent and accountable.

  22. @PFCriminalsDontOwnZambia

    You can count me in as a former SAS commander it would be an honour to give this monkey a beating of his life.

    I wonder if he knows anything about water boarding tactics.

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  23. Bottom line, Zambia defaulted on it’s debt obligations. That is not something to boast about by these incompetent crooks.

  24. This Minister of Finance wakes up to comment on the Stock of Debt for Zambia. While Money was being recklessly printed and dished out by PF Cadres like confetti the Minister remained quiet. Interest on Eurobond has been suspended. IMF negotiations for $1.3 B Cash Bailout Package have been put on hold till after Elections are over on August 12, 2021. If the Elections are violent and disputed who will bother to assist financially an illegitimate ECL Govt? The prospects for Zambia post the August 12, 2021 look bleak.

  25. Whether it is $13 billion or $27 billion every Zambian including babies before they even start to crawl have been saddled with at least/minimum of $812 debt on their head by the PF government . SHAMEFUL

  26. Tell us which country on this earth doesn’t have credit, no way those who are richer have borrowed more they borrow in trillions now you are so worried about twelve billion which is just peanuts compared to those trillions.
    I would like to state here that with out borrowing you cannot develop as a nation, those roads you don’t like are the drivers of any economy in this world , unfortunately people don’t think deeper any one who will be in power will borrow money to develop the nation if there will be no good roads he will start building roads clinics etc with the borrowed money.
    What opposition should talk about is how they should use the borrowed money with much care and only use it for the intended goal.
    If anyone doesn’t know is that even personally we all have…

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