President Hakainde Hichilema has assured that a solution for the issue of Eurobond creditors will be found.
Mr Hichilema said this when he met the Eurobond creditors in London on Thursday.
President Hichilema says he carefully listened to their concerns on credits that the country is involved in.
He expressed appreciation of their concerns and assured them that Zambia still remains a better choice for trade and investment.
“In order to grow confidence in our economy, this morning we met the Eurobond creditors here in London who congratulated us on a peaceful transition. We listened carefully to their concerns and had a fruitful conversation,” President Hichilema said.
“We stated that within our first 100 days, we are doing everything possible to stabilise the economy, create jobs and business opportunities for all Zambians. We further noted that we will attend to all creditors fairly. Lastly, we are glad to state that ultimately, a solution for the Eurobond creditor issue will be found and this consultative meeting was very important. We have resolved to work together to create a path forward.”
President Hichilema said government is doing everything possible to stabilize the economy, create jobs and business opportunities for the youth, women and men who elected the UPND into office.
He said government will attend to all creditors who dealt with the previous regime and pay attention to their dues.
President Hichilema said Zambia will treat all creditors fairly with emphasis that investment is to the benefit of the people so that they are not deprived of anything.
He said a solution for the Eurobond creditors will be found and that the consultative meeting was important as the country works to resolve credit issues that the previous regime incurred.
This is how a leader should sound not like ” Its global” Mealie Meal is more expensive in South Africa”. We wanted someone to provide us with hope and hope for the future not the past.
“President Hichilema said is everything possible to stabilize the economy, create jobs and business opportunities for the youth, women and men who elected the UPND into office.”-LT
We are in trouble with the HH administration. They can’t define that the government is for the people, by the people, for the people. When you are outside the country you are representing GRZ not UPND.
First hundred days in office is almost over and you haven’t done anything.
Why does hh keep on cheating the world. What has he done in the first three months that he can point at apart from giving false promises and persecuting PF and Amos Chanda who was just a civil servant.
“…a solution for the Eurobond creditor issue will be found and this consultative meeting was very important…”
Was he born promising? I don’t see anything being done about the Eurobond myself. Is a lie! Yet another one. This guy is wasting taxpayer’s money in Europe. The solution to Zambia’s issues is in Zambia not with those Western baldheads.
What has hh achieved by posing for a photo at London Metal Exchange here? Has he affected any copper price changes upwards or he just loves photo posing?
…the country works to resolve credit issues that the previous regime incurred…? “Mpyanango mpyana namabala”. Zambia got the eurobond, it’s Zambia not the previous regime. You think talk will pay it back? Keep talking then, but go back home.
Look at the office of your creditors and the chairs everyone is sitting on and compare them to the borrower’s office. You see when we say you start to look like 419.
Dont just complain. Setting the platform for engagement is also work. You wanted him not to meet them? But then, I dont blame you for lack of understanding. How do you start work without explaining to stakeholders how your process to deliver will affect them? To me this is a well planned assignment not the way it was previously handled.
Zambians must remember this was a problem PF created which PF should have fixed. It’s very shameful for people like Lubinda to claim that acted in best interest of Zambians because we needed to see more benefits than borrowing. Generally in business or personal when you borrow a lot of money to invest, years after you should not only pay it back in full but greatly improve your financial and economic standard. Zambia today is one of the most poor countries far worse than it was when PF took over.
Can’t forget, still waiting… hours have gone by 9hrs WE ARE SWORN AT 16HRS THE KWACHA APPRECIATES TO K10 AGAINST USD. LET’S HOPE THIS SOLUTION ISN’T another time buying antic
Ok
Personally I think Dr Situmbeko may be using wrong lenses on how to revamp our economy using mines. Let’s stop giving a majority share of those mines to foreigners. Partnering with them is welcome but not when it comes to who gets the lion’s share. Extrenalisation of funds is affecting our economy. We need those dollars to stay in our financial sector to lower those high interest rates.
I thought we had a financial advisor in the name of that French merchant bank whose name I cannot recall immediately. Is it Lazards?
That’s the language we want to hear. SOLUTION to something. That’s what we the 2.8m voted for
Abena Lungu was more at home being in the company of Museveni and not with people were intelligence was actually required
This true leadership we have been lacking in the last 10 years and his Finance Minister is not even on the table he is leading from the front not hiding behind his minister like the humble lazy one from Chawama. Where is that silly boy Miles Sampa and Fossil Chikwanda they were the ones who was in London 10 years ago dancing when he got these loans and was calling everyone bitter who is cleaning up your poo now 10 year later?
This is how you face these busungus you face them head on prepared with an attentive lean savvy team.
The point is that ZAMBIA is in this situation because of PREVIOUS PF government and LUNGU. ECL and PF were not trustworthy to the creditors, and NO one could LEND them money anymore. 3 year of IMF/WB negotiations FAILED. Defaulted. Hired LIZARD to help restructure- FAILED. Looked around for any internal CAPACITY – was clueless and FAILED.
Now you have a leader, who is projecting enthusiasm and hope, who has shown that he capable of negotiatiating and who CREDITORS have shown confidence in, and someone who is trying to resolve the MESS created by the Previous government, instead of giving him support, you are busy throwing such rubbish like “persecuting PF and Amos Chanda ” or some sh!t like “it’s Zambia (that borrowed)not the previous regime”. SOMETHING IS WRONG WITH YOU PEOPLE. Oh,…
Timbwi – Govt doesn’t have the capacity to run the mines …the problem is you think running mines is like running a bakery. Which shares has Bo Situmbeko sold Mopani and KCM are very contentious issues. Look at the way Lazy Lungu and his liquidator were stripping off KCM
What a difference Lazy Lungu would never face creditors like this sober or not…he would have sent Aunty Dizzy at that table…really impressed with our President and he doesnt even have his Finance Minister on the side as he is in Lusaka.
Cont`d
Oh, BTW…Kwacha appreciated from 22 to 16, until it started to impact Importers. The question of appreciating to 10K, should be reviewed in context of where the Kwacha was when that statement was issued, then we can extrapolate.
1. HH, I shall give you credit and having the balls to face the creditors. My experience in investment banking, is that such kind of meetings are always hard to address and air the concerns.
This is because Creditors always have the upper-hand. They can screw us simply by playing hardball and sending out Negative Market Sentiments, especially in this age where Algorithms can flash out red-flags and BOOM! The dust goes up. Its called Shark Attack. They then, can simply write off their investments and head to the insurance companies and claim back their seed capital.
2. We must realise that they are 3 UK Top Hedge Funds who have put Big Bets or Shorting against our Sovereign Bond. Their hope is to see Zambia fail to pay and keep defaulting. And if we fail to pay, these guys make $ Billions from our misery. Market Short-Sellers make money from other people’s misery. And the same Hedge Funds have special interest in IMF & World Bank, the same institutions where we are going to borrow money to sustain the economy. It’s a rat race. Unfortunately, that’s how the games play as unethical as it may sound.
3. I am not sure about creating jobs for the youths within 100 days. The 41000 teaching and health jobs you have created will add an additional wage bill to government as far as they are concerned. We need more teachers and nurses and we trained them. But Creditors don’t see it that way.
CDF has been received well in Zambia because jobs will be created at constituency level. However, I also know Creditors want to hear how the new government will open up gates and boost private sector’s, Services & Manufacturing industries because they know we are blessed with natural resources to grow the economy.
4. Truth be said, anyone who has read Bloomberg Terminals in the last 7 days will state that Creditors are very sceptical about CFD as they believe money will still end up with corrupt officials on District & Constituents’ Level due to lack of Project Management Skills, Meticulous Planning, Preparations and Corruption for decentralisation to work efficiently and be beneficial. This is where CDF has to produce good results.
And from what I see – Measures, Facts and Dimensions have not been articulated properly. They really has to be a Uniform-Template that everyone uses to enable accountability. Our friends inside UPND have confessed that no such thing has been implemented on paper. It will be try and error for a while until when someone comes up with a blueprint.
If it was lungu and his advisors sitting opposite those creditors, all they would have had infront of them was 2 to 3 phones each, no notepads……..like drug dealers.
HEHH is working to correct the mess left by lungu and his thugs………
INDEPENDENT OBSERVER 19 >>
Thanks for the insights and your everyday objective comments. If only we could all come here without calling each other names and insults, we would educate and motivate each other, coz that’s what we need right now in Zambia.
I read some comment that you also post comments on advfn.com and I went to the website and signed up and I have started reading your daily comments. Thanks for advertising Zambia to the rest of the world. You are doing a good job for Zambia.
Like you keep saying we all need to play our parts. I really think you need to start posting articles on Lusakatimes.
Your success is a shining example and an inspiration to us and yet your are full of humility
President Hichilema says he carefully listened to their concerns on credits that the country is involved in
LT credits are income or receipts. Should be liabilities the country is involved in.
For 10yrs the Patriotic Front never had solutions to the ailing economy and debt acquisition was their only misguided tool.Now HH is tackling this head on.
24@ Mutafela
Daily constant vomiting of insults has pushed a lot of good thinking bloggers away.
We are left with garbage getting spilled every day from people who have nothing to say
but engage in insults, tribal comments, addictive jealousy and trolling
Dear Upnd cadres, This nation your leaders are taking us backwards we must agree that it’s not everything that patriotic front did was bad and this must sink in our heads!
Eg In the mining sector after so many attempts to ask IMF for help to no avail the Patriotic front started to
1. buy and keep gold reserves to strengthen the local currency,
2. The best way to develop a nation is earning more forex is by have shares in mining firms not just to start removing some tax and be charging 2%-6% tax on the mining firms it’s
It’s not making sense because you can’t develop. The aim of the patriotic front was to start setting up industries that were privatized in order to increase the export base because that is the only way to grow the economy, activities like marijuana growing was one of the key component that would have helped this great nation called Zambia, it’s sad that pig from the West and some from europe now want to loot Zambia mercilessly this is why under5 new yarn government have removed some tax from mining firms.. Anglo America is no the way back to Zambia..
If you think Americans are your friends watch the space. When they are done looting… Trouble will be next ..
Will be found. Is HH seriously still campaigning or the statement should be “has been found”.