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Alba Iulia
Friday, January 21, 2022

We are just Borrowing $2.4 billion to Refinance the Debt-Musokotwane

Headlines We are just Borrowing $2.4 billion to Refinance the Debt-Musokotwane

Finance Minister Situmbeko Musokotwane has said that Zambia is going to borrow $2.4 billion for 2022 financial.

Speaking when he appeared on ZNBC’s Sunday Interview, Dr. Musokotwane said that the money borrowed will be used to repay the $750 million Eurobond. The Minister clarified that in actual terms, the UPND Government is only borrowing $200 million dollars for consumption in the Health Sector.

Dr Musokotwane said that on the surface if it, it looks like the government has borrowed a lot of money, but in reality, there is very little that the UPND government has borrowed and the big chunk is used to refinance the current debt.

“That amount of money that we are talking about, $750 million, is actually money that we are going to borrow to pay off that first Eurobond which we got which is due next year. So we are actually refinancing,” Musokotwane said.

Below is the full interview

 

34 COMMENTS

  1. The challenge we have is that the Zambian economy is too small at just around $24BN GDP. What can one do with such a dismal figure. Our needs are beyond our production. No matter how smart you sound the bottom line is that we are a poor nation. We should begin by adjusting our expectations, then move to work hard and produce more. Government must help by relaxing requirements for business. If I were given an opportunity to deal with this matter, I will remove the tax free income for workers and I will introduce a poll tax so that every adult contributes to the Treasury. But for PAYE I’ll reduce the margins, it doesn’t make sense to tax workers at 37.5%! People will only realize how poor Zambia is if they’re all made to contribute to its sustenance

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  2. #5 Ayatolla _Poll tax worked very well because everyone was afraid of the whiteman. After Independence it became a different ball. Mr Arthur Wina was minister of finance who introduced Pay As You Earn. I remember my grandfather who worked for NCCM Nchanga Division complaining bitterly over the deduction by KAMTAKIS (income tax). Otherwise your observations are good but difficult to implement but not impossible.

  3. Where are all those dull economists who were claiming GRZ was borrowing $2 billion in the budget for consumption ????

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  4. What was HH saying about borrowing during campaigns again? So this Musokotwane thinks Zambians are dull? You are borrowing 2.4Billion to refinance a $750 million? so were is the 1.75 Billion going? If UPND borrows the “little” 2.4 billion a year they would borrow $13 billion in five years and $26 billion God forbid in 10 years. Where is the so called change here?

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  5. Henry – Are you thick or blind? PF left a right good pile of s£%^ yes they are wholly responsible that’s why they were kicked out. How are you going to pay the Eurobond your Lazy Lungu and his thugs ate? It has to be paid …you are the same people who were calling us lunatics 8 years ago when we told you debt was unsustainable.

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  6. kci – Where does he say he will be borrowing $2.4 billion a year for 5 years? Have you even looked at the budget and projections? And no Bo Musokotwane doesnt think Zambians are dull only PF cadres are thick as porridge!!

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  7. Do you people not see that this govt is targeting 3 million metric tonnes of copper production per year …even on a good year we dont even reach that. Now sit down and calculate the ta which will collected from that?

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  8. IF ANYONE HAS CONTACT WITH MP’S OR THE MOF PLEASE DISCUSS THE FOLLOWING

    RENTAL INCOME

    1. THEY HAVE NOW CHANGED FROM A FINAL TAX OF 10% TO INCOME TAX OF 30%. THIS WILL DISADVANTAGE MOST POEPLE WHO HAVE INVESTED IN RENTAL PROPERIES AS INDIVIDUALS TO PLAN FOR THE FUTURE. THEY HAVE SUCUMBED TO PRESSURE FROM THE BIG INVETSORS WHO WILL BENEFIT FROM THIS. THEY WILL PUT ALL KINDS OF EXPENSES TO MAKE A LOSS AND PAY NO TAX. THE LIKES OF SHOPPING MALLS, PROPERTY DEVELOPERS ETC.

    2. SMALL TIME OWNERS WILL NOW PAY HEFTILLY FOR THIS AND MAY NOW GO BACK TO DEALING IN CASH.

    A BAD MOVE BY THE GOVERNMENT

    Shaun Tembo and other economists please take this up.

    THE FINAL TAX WAS THE EASIEST WAY, CHEAPEST WAY TO BRING IN THE INFORMAL SECTOR SO WHY CHANGE IT ???

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  9. Hahahaha Hahahaha we thought rich boy hh said he wouldn’t borrow to pay off debts. F00Iish party full of lying bab00ns

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  10. Dont worry about this puppy called Tarino Orange, its those cadres still thinking they are in the opposition. UPND should be giving us true answers thats so. You were good at discarding every step by the past regime, so grow up and stop been childish by been offended when answers are demanded.

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  11. The PF supporters should concentrate on helping their party raise funds for the millions the PF owes to tax payers and others who they promised access to tenders after victory……….

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  12. #12 TO Do you what know what 3 million tonnes of finished copper takes to produce? I wait for you to give me the details of this.

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  13. We really can’t blame Musokotwane , it is the PF who put Zambia into this heavy fiscal quagmire .

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  14. #6 Deja Vu, thanks for the compliment and your comment is true. The only way we can pull Zambia out of this beleaguered situation is by being true to ourselves. Depot owners at Chisokone and Soweto make more money daily than an average worker yet government treats them like vulnerable adults. Let’s make everyone contribute, that’s the only way people will realize that there’s nothing for free

  15. Mr Musokotwane your budget has not balanced by K37,355,003,163. This is equal to $2.1 Million. This has been verified by both PF and UPND Members of Parliament. Can you please explain yourself. Is this the new way of stealing from Zambians

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  16. I think we wasted time voting. Voting for the same policy of borrowing. UPND think they are clever to borrow from Peter to pay Paul. Actually the trick here is to overboard from Peter to pocket something before paying Paul. We are doomed. Government can’t save us.

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  17. I think we wasted time voting. Voting for the same recycled policy of borrowing. UPND think they are clever to borrow from Peter to pay Paul. Actually the trick here is to overboard from Peter to pocket something before paying Paul. We are doomed. Government can’t save us.

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  18. *Actually the trick here is to overborrow from Peter to pocket something before paying Paul. We are doomed. Government can’t save us.

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  19. Tarino Orange you are just a useless character. Where will you get that 3 million tonnes of copper.

    Have you made an audit of the mines? Where will that 2.2 million come from. Let your government do an audit of mines and come up with an inventory. Ukulanda kwalyanguka mwaice tarino.

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  20. Really laughable someone saying the budget is not balanced as if its a ledger …dont be misled by reckless PF MPs like Sampa who spent his time as a Mayor on Face book!!

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  21. Nomba ba upnd, how are you going to fix things when you can’t even acknowledge that a problem exists?
    You deny everything and pretend that all is under control. When PF borrowed, they were called reckless. When upnd borrow $2.4 billion in one budget cycle, they say we are ONLY borrowing a ka small amount. What hypocrisy!

  22. UPND has broken record by borrowing more than 4 billon USD in a single year.Imagine if UPND had 10 years=40 billion debt.Nothing good in this govt.Brace yourselves Zambians with this party

  23. #29 Henry..l have asked him that question. He hasn’t responded. I wish he did so that I can learn from him what I didn’t learn in Mine School and industry.

  24. my grand pa once told me that “we are in the same bout and we only change the cocks-wagon.” these people are just the same….. just yesterday someone was very bitter about borrowing but jst barely two months in office busy talking about borrowing. zambians are not fulls and they are on the vagge of waking up

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