Friday, June 14, 2024

Chamber of Mines applauds Government’s debt agreement struck with bilateral creditors


The Zambia Chamber of Mines (ZCM), an association that represents the Mining and Allied industry congratulates the Republican President, His Excellency , Mr.
Hakainde Hichilema and Zambia’s Finance Minister Honourable Situmbeko Musokotwane for the successful renegotiation of the sovereign official bilateral debt
under the G20 framework.

In commending the outcome, Chamber of Mines President, Dr Godwin Beene, stated that this agreement opens doors to further progress in availing the Zambian Treasury
more room to apply resources to the restoration of broad economic growth to levels that spur tangible development at all levels. The agreement also sets in motion the process of availing Zambian businesses access to fairly priced capital as underscored by the Head of State.

The Chamber President applauded the steadfast resolve that the Government leadership has demonstrated in getting to this hard-won milestone.

“This access will come about as global perceptions correct to align with the confidence that the Chamber membership and wider local mining industry has that
the new dawn government will continue to deliver on its commitment to availing an optimal investment environment over time.” Dr Beene said.


  1. The biggest problem we have as a nation is the failure to appreciate success by others unless you’re involved. HH has just made one notable achievement and he must be commended. He’s addressed the current challenge that Zambia is faced with and that’s of a large chunk of our resources being channeled towards debt servicing. The PF failed on this but he’s done it it record time. He deserves a pat on the back. It’s Zambia that stands to benefit

    • All what HH has done is to pass the debt to the future generation- Clever guy. By the time he is out of power he would also have added his own debt .He has not given a road map on how he will pay the debt and by when? He will only use the relief to go to CDF and borrow more infra structure. The same way PF did. Nothing much to celebrate dance about

    • Ayatollah, remember HH has never appreciated any achievements done by the PF regime. You reap what you sow. PF could have equally done it but HH and his supporters convinced the international partners to disown PF. These kind of politics should end whether PF or UPND side. Democracy says even Lungu if he wants to stand again allow him and let the people be the judge.

  2. On the other hand, the UPND must also not behave like the PF never achieved anything in their 10yr tenure. We all know that the MMD left just 2 malls one at Manda Hill and the other at Arcades. In 10yrs almost all major towns in Zambia have malls and several supermarkets. We’ve 2 major football stadiums, Universities and colleges. The PF brought dignity to the civil service with the salary adjustments. For the first time we saw professionals leave the private sector for jobs in government. Buju have good houses. They might have failed in some spheres they scored in others but the UPND in opposition pretended like they weren’t seeing things. They still want to pretend yet they’re commissioning projects started by their predecessors. Let them also do their part and we’ll applaud them

  3. Can we at move past this so called kaloba and start working….now they sound like a broken record and the reality is nothing will change…..come ask me 12 months from today…we’ve just applied band aid and expect the wound to heal….typical African mentality

  4. Mr Beene, there will be investment in the mines but not to benefit Zambians. Copper is on high demand but you still give tax holidays. And then you go asking for ka $188m loan.What kind of thinking is this?

  5. At the moment about 60% of government revenue goes to debt servicing and the wage bill is above 50% which makes it already a deficit. I personally can’t downplay this achievement. As to whether the released resources will be prudently employed is a topic for another day.

    • So what’s the purpose of prolonged payment if the released resources will not be prudently employed

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