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Alba Iulia
Monday, April 5, 2021

Why is PF Government Seeking IMF Bailout when Copper Price is at all-time high of US$9,000 per metric tonne?

Columns Why is PF Government Seeking IMF Bailout when Copper Price is at...

By Sean Tembo

1. As Patriots for Economic Progress (PeP) it is our considered opinion that the continued attempt by Government to get a bailout loan from the International Monetary Fund (IMF) at a time that the price for copper is at an all-time high of about US$9,000 per metric tonne, is ample evidence that the PF have failed to run this country and need to be retired in the national interest on 12th August this year.

It must be noted that IMF bailout loans are meant for countries that have no resources and are on the brink of total economic collapse. However, Zambia has an abundance of resources and world economic parameters are in our favour due to the advent of electric vehicles which has caused a major surge in the price of copper which is a major component in their manufacture and is our major export commodity.

2. Given the circumstances at hand, our expectations as Patriots for Economic Progress were that the Government would be talking about how best the country should utilize the surge in copper prices for our economic prosperity and not talking about getting an IMF bailout loan.

The fact that the PF and its Government see borrowing as a solution to every national economic problem renders credence to our long held position that the Patriotic Front is a party that is made up of incompetent people that were in group C in class. Therefore, any reasonable Zambian should not expect improvement in the manner that the PF Government will run the affairs of this nation, should Zambians be naive enough to re-elect them back into office.

3. As Patriots for Economic Progress, we wish to appeal to the Zambian people to vote into office a political party that will competently and diligently run the affairs of this nation and which will be able to convert the huge economic potential that Zambia has into actual wealth for the benefit of Zambians. That political party is the Patriots for Economic Progress. The only thing that the PF and its Government are capable of doing is contracting more and more national debt, despite the fact that we have already defaulted on our debt repayment.

Come 12th August, if Zambians insist on re-electing this collection of group C individuals when group A is available, the end result will be continued shrinkage of the economy, unemployment, poverty, squalor and corruption. Zambians have a very important decision to make on 12th August this year. We have already seen what group C is able to do. It is now time to try group A.

27 COMMENTS

  1. The Pathetic Failures haven’t got a clue of what to do. They’d rather go for the bailout than anything that looks like Hard Work. What can we expect if the majority in cabinet are ill educated

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  2. Sean Tembo is always behind. He is talking of Zambians re-electing ECL and PF on August 12. ECL is no longer Electable and what he intends to do is to rig the 2021 Elections and retain Power. People are Angry and Tired of ECL and PF Corruption,mismanagement of the Economy, misrule etc. People are Hungry and cannot afford to put food on the table. Consumer goods prices have skyrocketed and are now unaffordable and life is unbearable. Most People are eager to send ECL and PF “ku wire” come August 12, 2021. ECL will lose the 2021 Election but will rig it to remain in Power. That is the challenge for the Opposition Parties and all Zambains.

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  3. “the affairs of this nation and which will be able to convert the huge economic potential that Zambia has into actual wealth for the benefit of Zambians.”

    The fact that this has not happened in 25 years of neoliberal rule means there must be a radical re-orientation of economic policy. Now. Not next generation.

  4. Last week i drove to livingstone and my heart bled when i saw the amount of trucks of copper on the road. At one time through my journey i counted a convoy of 12 trucks from the same company. Altogether all the way to livingstone i estimated seeing 50 trucks x 30 tonnes = 1,500 x $8,000 =$12,000,000 i saw in a day. Worse part is not our money, no tax plus i cant think of the damage to the roads. Come on guys we can do better!

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  5. The problem of talking about things you don’t know about is that you end up looking like a pwazl This f00l has no idea what he is talking about. Let us learn not to simplify things which are serious. Contact our relevant ministries and query these issues before writing such articles and looking like a f00l.

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  6. KZ everybody knows you are part of the PF corruption strategy. You only got fired because you got too greedy. Thankfully there will be a nice cell in Central Prison for you, next to the president, when it comes to August 13!

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  7. The Catholic Church has completely refused to accept the bribery money the PF is dishing out to churches in order to win votes in the forthcoming general elections.

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  8. I will be there while you are at work, entertaining your wlfe
    IS THIS CHAP A BORN AGAIN ???????????????
    A WOLF IN SHEEPS CLOTHING Id10T

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  9. It’s not just Copper prices which
    Are high but our revenue is all going towards debt servicing even
    Then we are defaulting. We got loans for infrastructure projects
    And inflated costs.get new kongole to pay old kongole.

  10. Wako – Some of that copper is from Congo DR. It is good that Copper prices have recovered, but in the absence of a proper tax regimen and accountability, that accounts for very little revenue change to the Treasury.

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  11. The copper produced in Zambia does not belong to GRZ but to the various mining houses you sold the mines to such as FQM, Barrick Gold, Glencore and the Chinese ines at Chambishi and Luanshya. As Zambians, the revenue derived from the mining activity is via royalties and taxes percentages which is meager to say the least! I am surprised this is coming from Sean Tembo…

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  12. Yabaa….bare knuckle, ati Group C…. hehehe. And how about the majority citizens who voted in the alleged “Group C Team” three times in a row ?

  13. Yes the price of copper is at all time high, but who is producing copper in Zambia? The producers are the ones benefiting the most. The Zambians though the Govt get change from the mine’s profits. So to think that Govt has a lot of money from the mines is not correct. In Zambia we expect far too much from our Govts and we do very little on the ground to develop our economy.

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  14. @4 Joe, THAT ACTUALLY IS THE GIST OF THE WHOLE PROBLEM WE ARE FACING NOW, WE HAVE LOST CONTROL OF OUR RESOURCES DUE TO OUR INDISCIPLINE, THAT IS WHY FOREIGNERS ARE BENEFITING FROM THESE HIGH COPPER AND COBALT PRICES WHEN OUR CURRENCY IS PLUMMETING AND POVERTY LEVELS SKYROCKETING!! WE NEED TO GO BACK TO THE DRAWING BOARD AND OWN SOME OF THE MINES!!

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  15. THE GIST IS WE CANNOT EVEN RUN A BEER DRINKING SESSION IN A BREWERY
    NOW YOU TALKING OF RUNNING THE MINES
    REMINDS ME OF THE CHAP IN KAUNDA’S TIME WHO WAS GOING TO BE ZAMBIA’S FIRST ASTRONAUT KIKI
    DREAM ON WE STILL A GENERATION AWAY FROM RUNNING THE MINES AND COUNTRY PROPERLY

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  16. THE PROBLEM IS THAT WE ALLOW MINNG COMPANIES TO RETAIN 100% OF THE FOREX EARNINGS.
    WE SHOULD ALLOW THEM THROUGH A STATUTORY INSTRUMENT SAY 75 %
    FOR THE OTHER 25% THEY SHOULD BE FORCED TO BUY KWACHA WHICH WOULD THEN APPRECIATE IN VALUE AND LOWER PRICES
    THAT IS THE SOLUTION

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  17. KZ is a leading beneficiary of PF Corruption. Although a Civil Servant and paid a Salary from Taxpayer’s Money KZ’s core business is how to rig the 2021 Elections for ECL and PF. In essence KZ is a PF Cadre with a Mandate to rig the 2021 Elections for ECL and PF. KZ is a National liability to the State but an Asset to PF for Election purposes. On legal,Constitutional,Economic and Financial issues KZ is mute.

  18. THE PROBLEM IS THAT WE ALLOW MINNG COMPANIES TO RETAIN 100% OF THE FOREX EARNINGS.
    WE SHOULD ALLOW THEM THROUGH A STATUTORY INSTRUMENT SAY 75 %
    FOR THE OTHER 25% THEY SHOULD BE FORCED TO BUY KWACHA WHICH WOULD THEN APPRECIATE IN VALUE AND LOWER PRICES
    THAT IS THE SOLUTION!!

  19. Who is the vice president for PeP? Who are the parliamentary candidates? Where are your offices. A one man party can not form government. If you sat in group A in primary school that does not make you a president.

  20. We need to relegate politics to its rightful place, below proper governance & the economy. Politics reigns supreme now, just look how “one small farm” in Kalomo is causing drama, Finance Bank was at one time “grabbed ” for political reasons, Zambezi Portland issues, CEC issues, Prime TV etc. Which sane rich Zambian can invest his millions locally so politicians can mess them up ? We are definitely our own worst enemies, too damn short-sighted to think beyond our flat noses…..

  21. Do you really think that any mining company in Z can retain 75% of the forex? Most of them barely brake even. What do you think why Glencore run away from Zambia? Would anyone sane sell to Zambian Govt mines which make money? They must be laughing at Lungu and his minsters.

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