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Copper Production up in 2020-Mines Minister

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Copper Production up in 2020-Mines Minister

COPPER production by the large scale mines during the period 1st January 2020 to 30th September 2020 stood at 646,111.25 tonnes compared to 590,321.13 tonnes recorded during the same period in 2019 representing an increase of 55,790.12 tonnes, Minister of Mines and Minerals Development Hon. Richard Musukwa has said.

And Hon. Musukwa said Gold has been identified as a strategic mineral that can drive the diversification agenda in the Mining Industry.

Addressing the press in Lusaka yesterday, Hon. Musukwa said the increase in Copper production was due to increased output by NFCA, Kansanshi, Lumwana and Kalumbila.

Hon. Musukwa said Copper production by the small scale processing plants was 9,633.856 tonnes during the period under review recording an increase of 2,871.969 tonnes over last year’s production which was at 6,761.887 tonnes.

“The increase in the processing capacity of small scale processing plants in the third quarter of 2020 as compared to that of 2019 is as a result of stabilized power supply to the plants and importation of Copper Ore from Congo,” said Hon Musukwa.

Meanwhile, Hon Musukwa said government has developed a Gold mining strategy to guide the exploitation of the precious mineral in the Country having identified Gold as a strategic mineral that can drive the diversification agenda.

He said Gold production by Kansanshi Mining Plc stood at 2,717.1 kgs compared to last year’s production of 2,920.29 kgs. ZCCM-IH produced a total of 54.8886 kgs of Gold at Kasenseli Mine, most of which was produced in August and September 2020.

And Hon. Musukwa also disclosed that Cobalt production was 215.22 tonnes compared to last year’s production which stood at 296.26 tonnes, adding that the decline in production can be attributed to operational challenges at KCM.

“Nickel production was 4,522.33 tonnes compared to last year’s production of 1,641.06 tonnes and the increase in production can be attributed to the ramping up of production at Mabiza resources.”

Hon. Musukwa further said the country recorded Manganese production of 27,790 tonnes compared to last year’s production of 13,652 tonnes and that the increase in production was due to compliance in terms of reporting by 21 small scale Manganese producers.

“It is also important to note that increased compliance contributed to the reduction in illegal mining activities. And Emerald/Beryl production during the period under review was 5,857.18 kgs while that for the same period in 2019 was 16,679.61 kgs,” he said.

“The reduction in Emerald/Beryl production was due to suspension of operations at Kagem Mine from April 2020 due to covid 19, and scaling down of operations by Grizzly from March to October by 50%.”

The Mines Minister however said the prospect for the mining sector looks positive despite the COVID-19 pandemic due to interventions the government has put in place.

He said the commodity prices on the international market have started making positive gains stating that the rise in the Copper price will incentivize the mining companies to further increase production output at a global scale.

“There has been an increase in the production of electric vehicles which rely on Copper and the more advanced the technology becomes, the more copper the industry will require. Additionally, global demand for electricity is expected to continue, which will require large quantities of Copper in terms of Copper Wire production. Demand for Manganese and Nickel will also continue to be high owing to their usage in Electric Car Batteries.”

Way Forward on Debt and Default

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Way Forward on Debt and Default

By Hakainde Hichilema UPND President

The PF have delivered to the Zambian people a disaster that has tarnished the reputation of our country. We are the first African country to default in the COVID-19 era, following our failure to pay a $42.5 million coupon on the expiry of grace period on November 13, 2020. This reputation will unfortunately remain with us for decades to come.

As we had earlier advised on the need to avoid a default at all cost, the country now faces a real risk of holdout creditors taking legal action to seize our sovereign assets. There are reports already that some creditors have embarked on a process to determine a possible payout to holders of default insurance, which may trigger a chain of collection of payouts that could lead to the recall of the loans in full. Some banks are considering withdrawing confirmations of letters of credit issued to our business community, while other have suspended the global custody service and advised their clients to change future investment strategies for our country.

This basically means that our business entities shall now have to pay upfront for all our imports. Our access to cheap sovereign financing is severely diminished, and potential investors will now adopt a cautious approach to investing in our country. Simply put, the confidence in our economy, that was earned through the painful sacrifice of the majority of struggling Zambians, has been wiped out in a flash. We are staring at hard and long years of austerity, unless we as Zambians collectively decide to take away the responsibility to manage our economic affairs from the hands of this PF administration – the architects of this mess!!

While it is acknowledged by all, including local and international observers, that this crisis has its roots in the PF’s poor economic mismanagement, it is the ordinary Zambian who will have to pay the price. We all must therefore lend a hand in burying the hole the PF has dug us into. We therefore suggest the following steps that the PF administration must pursue to rebuild our credibility and creditworthiness, and to earn the trust of the global village, and above all restore our pride as a people.

First and foremost, we implore the PF leaders to ensure they always read from the same script. We can no longer afford situation where the Vice President assures creditors that there will be no default, and the country defaults within a few hours of issuing that statement. It reflects a lack of sincerity in handling this serious matter. Honesty is a virtue that should not be placed into doubt in any situation.
Second, we should pay the $42.5 million we defaulted on to unlock the support we need from the bondholders, as we embark on the more critical negotiations to restructure our debt.

Third, we must immediately engage the IMF and request for a staff programme, as a basis to embark on the journey to earn our credibility, creditworthiness, and a path to fully-fledged support. This will give the needed assurance to our creditors and potential investors of our commitment to a coherent recovery programme as we focus on rebuilding our creditworthiness.

Fourth, we have to come clean and be transparent about our country’s total debt exposure. The government must provide a full picture of our public external debt, domestic debt and private debt by quasi-government institutions that are not publicly guaranteed (including those contracted by companies now owned by ZCCM IH and IDC), arrears to suppliers of goods and services to the government and VAT refund exposure. The full disclosure must cover the terms on which the debt was contracted, for example, interest rates and maturity profiles. According to our constitution, this information should already have been in the public domain for the consumption of the citizens, who ultimately are the debtors. But that is not the PF way. We the people need to know the terms and application of the loans that we will have to pay through the taxes that we diligently contribute to the treasury.

Fifth, we have to scale up the engagement with all our creditors, especially the bondholders, who feel that the level of engagement has so far fallen short. This process must be handled with seriousness, transparency and honest yon the part of the PF government to demonstrate the expected seriousness and commitment to finding acceptable solutions.

Finally, we need to revise our 2021 budget as it is the tool through which the country manages its public finances. Our budget has significant gaps (refer to the statement by the UPND on the budget), and our creditors have expressed similar misgivings. The theme should be to cut all wasteful expenditures, such as slush funds, bogus expenditures on harmful and sub-standard goods and services, huge emoluments spent on politicians’ lifestyle, including the presidential jet. There will also be a need to reprioritize expenditures, by allocating freed-up resources towards growth enhancing expenditure lines.

We encourage the PF to learn from the experience of Argentina and Ecuador, which only a couple of months ago successfully restructured their debt, with the active engagement of the bondholders. We do note, however, that sound leadership is an important requirement under these circumstances and call on the PF to own up and do what is right to address the crisis facing our beloved Zambia. There is no time to waste.

HH officially Sues Tayali for defamation, claims K100 million in damages

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HH officially Sues Tayali for defamation, claims K100 million in damages

UPND President Hakainde Hichilema has filed a writ of summon in the Lusaka High Court against Chilufya Tayali of the Economic and Equity Party demanding for damages for libel as well as an order directing the defendant to retract the alleged defamatory words published against him.

In a writ of summon filed before the Lusaka High Court filed by M and Associates, Mr Hichilema further seeks an interim and permanent injunction restraining Mr.Tayali whether by himself, his servants or agents or otherwise from further publishing or causing to be published or broadcast the defamatory words or any words similarly.

Mr Hichilema further seeks the defendant to reimburse the sums expended in mitigating the effect of the defendant’s conduct towards him and arising from the publication of the defamatory words of and by Mr Tayali amounting to one 100 million kwacha and any other reliefs the court may deem fit.

Mr Tayali is, according to the writs, said to have on Sunday 15th November, 2020 hosted a Press Briefing at his offices at Villa Office Complex on Musonda Ngosa Road in Villa Elizabetha in Lusaka, where he uttered and caused to be broadcast by live internet (Facebook) streaming, and by digital broadcasting, the defamatory words alleging that the plaintiff corruptly benefited from proceeds of state privatisation and should be in jail and not seeking the Republican Presidency.

“Contrary to the Defendant’s assertions and innuendo contained in the defamatory words, the Plaintiff has never taken pecuniary advantage of the affairs at ZIMCO including but not limited to his purchase of House No. 609/A/77, Poplar Road, Chelstone as the property was legally sold to him some close to 20 years ago”.

“Contrary to the Defendant’s innuendo contained in the defamatory words, the Plaintiff has never acted as receiver, manager or liquidator of Lima Bank as alleged by the Defendant or at all nor did he acquire the said Farm No. 1924, Kalomo through the said Lima Bank (in liquidation) but bought the same from the estate of the late Samson Siatembo through his heirs and assigns as will be demonstrated at trial but suffice to say that the said property is subjudice in Cause No. 2020/HP/ 128 at the suit of the administrator of the estate of the late Samson Siatembo one Pheluna Hatembo and another”, the statement of claims reads.

The writ further adds that despite the Plaintiff demanding formally that the Defendant retracts the said words and renders an unreserved apology to the Plaintiff, the Defendant proceeded to host another Press Briefing at his office aforesaid on Tuesday 17th November, 2020 where he categorically declined to retract and apologise for the disparaging words opting instead to repeat them as he justified his action by saying that he had reported the matter to the law enforcement offices.

Mr Hichilema pleads that his reputation has been lowered in the estimation of right thinking members of the Zambian and global community given his international repute as an astute businessman, and that he is the leader of the largest opposition political party in Zambia and aspiring candidate of the Presidency of the Republic of Zambia.

As a consequence of the Defendant’s actions, the plaintiff has been compelled to engage the services of legal consultants and other consultants and the consequent pecuniary damage, costs and expenses which are projected to accumulate to circa K100 million as the process of litigation and damage control continues in the period leading up to the Presidential elections scheduled for the 12th August, 2021.

Mr Tayali has 14 days during which he has to respond to the writ of summons while any default will leave the plaintiff with no choice but to proceed therein, and judgment may be given in his absence.

Mr Hichilema is represented by M and Associates, Lukona chambers,Muleza Mwiimbu and Associates, Milner and Paul Katolo and Company,Malambo and Company,Keith Mweemba and Associates, CL Mundia and Company and Lusenga Mulongoti and Associates while Mr Tayali is represented by Rabson Malipenga and Associates.

Bowman Lusambo gives a Lusaka Company 7 days to improve workers Condition

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Bowman Lusambo gives a Lusaka Company 7 days to improve workers Condition

Lusaka Province Minister Bowman Lusambo has given Sabs industry, a wig making company, a seven-day ultimatum to improve conditions of services for its workers or risk having its operating license revoked.

Mr. Lusambo who today stormed the Sabs plant in Lusaka light industrial area, is concerned that some of the employees who get as low as K30 per week operate without protective clothing and with poor sanitary facilities.

He advised the directors at the company which has a workforce of 146 to employ a human resource officer, who understands the country’s labour laws, and can ensure that the working conditions of the workers are in line with the law.

“The human resource officer will be able to guide you to ensure that you do not flout the country’s labour laws,” he said.

He advised the directors who he said have been abusing their employees to change.

And Mr Lusambo warned labour officers that those found in dubious dealings with investors will be dealt with.

“This is a warning to my labour officers who just stamp contract papers to disadvantage my people that they will be in hot soup,” he said.

The employees complained to the Minister that they are meant to meet targets of assembling a bundle of fiber at K2.50.

“The amount of money we get on a day is dependent on the available fiber, sometimes we get as low as K15.” Said one of the workers who chose to remain anonymous.

He explained that money is deducted for absenteeism even when a worker is not well.

“This happens even when one has a medical report from the hospital. The conditions of services have not changed for some of us who were initially employed on a temporal basis then later engaged on a permanent basis. We can be fired at any time for making any mistake,” he explained to the minister.

Another employee stated that the female workers have to pay K5 on a monthly basis for the use of the toilets.

She said it is unfair for the company to force them to pay another K5 from the little money they get as an income.

“We want the government to help address our concerns as the working conditions here are pathetic,” she said.

And Lusaka Province assistant labour officer, Ellen Moyo who accompanied the Minister, advised the workers to seek redress from the labour office whenever they meet labour issues.

“If you don’t tell us, we cannot help you.” She said.

Ms Moyo advised them to send representatives to the labour offices.

“You need to come with your contracts and your job descriptions so that we are able to tell if you’re getting incomes in line with your work.” She said.

Government to support initiatives aimed at contributing to the development of the rural areas

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Government to support initiatives aimed at contributing to the development of the rural areas

President Edgar Lungu has said that his government will continue to support initiatives aimed at contributing to the development of the rural areas.

The President was speaking when he officially opened ABSA bank Petauke branch in Eastern Province.

He also says in the last 3 years , ABSA plc has been a regular partner in the farmer input support programme (FISP) ,impacting over 200,000 small holder farmers and 50 agro dealers with total transactions channeled through the bank amounting to K130 million .

President Lungu notes that the launch of a ‘New brick and mortar’ branch in Petauke, is indeed an affirmation that the bank is here to stay and the bank’s commitment to its continued operations in Zambia.

“This development is a demonstration of what my government stands for – not leaving anyone behind. There is, therefore, urgent need for us to ensure that our motto – not leaving anyone behind – is actualized. Development needs to be equally spread throughout the country,’’ He said.

Mr Lungu further said the bank has made great strides in living up to being a worthy and reliable partner in our country’s development agenda through the provision of financial support in key sectors of the economy such as mining, energy, agriculture and the public sector.

“I’m informed that the bank has arranged financing in the country of over $7 billion in the last 10 years and this has facilitated expansion of operations leading to among other things, increased export earnings and employment for our people,” President Lungu Stated .

The Head of State further said in the energy sector, the bank has facilitated investment to increase power supply to reduce the power deficit.

President Lungu explained that the vision for financial inclusion in Zambia is to have universal access to the usage of a broad range of quality and affordable financial products and services.

“In achieving this vision, it is expected that all Zambians will reap the full benefits of financial inclusion: that is, individuals will be able to use appropriate savings, credit, payment, insurance, and investment services to manage risks, plan for the future, and achieve their goals,” Mr Lungu said.

He stressed that firms will be able to access affordable financing to facilitate innovation and growth to create employment.

President Lugu said significant disparities in financial inclusion still remain in rural and urban areas, men and women, youth and adults, and small and medium enterprises (SMES).

President Lungu stated that Zambia has faced serious economic headwinds in recent times exacerbated by the coronavirus pandemic and climate change.

“This has caused serious financial challenges on the majority of the population,” resident Lungu lamented.

The President however, said Zambians should draw inspiration from ABSA’s newly coined phrase of ‘Africanacity’, the distinct African way to always find a way to get things done despite all odds.

ABSA Zambia plc, previously known as Barclays bank has stayed the course in Zambia for over 102 years.

President Lungu launches crop national planting

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President Lungu launches crop national planting

President Edgar Lungu has called on agriculture extension staff to take their job seriously so as to help farmers improve on agriculture productivity.

President Lungu speaking during the national crop planting launch in Petauke district ,eastern province today, said he was displeased with concerns that extension workers spent time on trivialities at the expense of teaching farmers on how to grow crops.

“I personally want to state that extension workers who spend time womanizing should change their behaviour and focus on work for our farmers,” said President Lungu.

The President who was accompanied by Ministers of agriculture, Michael Katambo, State House freedom Sikazwe, Housing and Infrastructure, Vincent Mwale, PF National Chairman, Samuel Mukupa and Deputy Chairman, for national mobilization Geoffrey Mwamba said government pays particular attention to agriculture because it is an engine for national food security.

President Lungu addressing agro dealers and farmers who assembled at Yengwe farms, said the national planting launch has become an important event because it signifies the commencement of planting by farmers.

He said it was pleasing that the country has continued to record a bumper harvest owing to the government’s sound policies.

The President implored farmers to continue adopting smart agriculture as it was the best way to go.

The Head of State discouraged farmers who have benefited from the Farmer Input Support Programme(FISP) not to sell their inputs. “It is not right for the farmers to sell inputs when others completely failed to get anything,” President Lungu complained.

The President during the same occasion also donated a tractor to Paul Yengwe the owner of the farm the launch was held at so that he improves on his farming activities.

President Lungu also donated another tractor to the Petauke district cooperative union for their farming activities.

And British High Commissioner to Zambia Nicholas Woolley, commended the government for its efforts it was making to improve food production and embrace smart agriculture.

“The United Kingdom was supporting conservation farming initiatives to an amount of 25 million British pounds targeting 250,000 farmers countrywide, he disclosed.

Mr Woolley reiterated his governments’ commitment to improving livelihoods thus eradicating poverty in Zambia.

Earlier, Petauke District Farmer’s union Chairperson, Fackson Phiri praised president Lungu’s administration for exhibiting leadership in the agriculture sector.

Mr Phiri said the early distribution of inputs was unmatched in the country’s history.

He further said the on spot payment of farmers who supplied maize was commendable.

“I’m however, appealing to the government to work on roads which pose a challenge during the rainy season” he stated .

He also appealed to the president to direct the Food Reserve Agency (FRA) to increase the price of bag of maize considering the cost of production.

UNZA unrest caused by PF’s failure to prioritize on National Matters-HH

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UNZA unrest caused by PF’s failure to prioritize on National Matters-HH

United Party for National Development (UPND) President Hakainde Hichilema has said that the current students’ unrest at the University of Zambia(UNZA) have been caused by the ruling Patriotic Front(PF) ‘s failure to reschedule its priorities on national matters such as education that plays a critical role in shaping up a nation’s development agenda.

In a statement, the UPND leader said that UNZA’s perennial problems have been left unattended, for far too long and they won’t go away unless and until the PF systemizes allocation of public resources to core areas such as education of our youth.

Mr HIchilema demanded that all UNZA students be allowed to write their exams and that the PF redirects the resources that they are lavishly using for slush funds, political campaigns and bribing people, to resolving the financial problems at the University of Zambia.

Below is the full statement

PF HAS NO POLITICAL WILL TO RESOLVE UNZA CRISES.

We deeply regret reports of disturbances currently taking place at the University of Zambia Great East Road Campus, between students and the University Management. We believe the student unrest has been caused by the PF’s abysmal failure to reschedule its priorities on national matters such as education that plays a critical role in shaping up a nation’s development agenda.

UNZA’s perennial problems have been left unattended to, for far too long and they won’t go away unless and until the PF systemizes allocation of public resources to core areas such as education of our youth. But we all know they lack the political will because of misplaced priorities and incompetence.

In view of the above, we demand that all UNZA students be allowed to write their exams and that the PF redirects the resources that they are lavishly using for slush funds, political campaigns and bribing people, to resolving the financial problems at the University of Zambia.

We further wish to reiterate our long held position as UPND that when elected into government, all deserving students especially those from poor families will be granted Bursaries and no one will be turned away from writing exams on account of not paying their University fees.

The UPND will ensure that education is once more a core priority of government, and in that regard will reintroduce meal allowances and expand and enhance Bursary opportunities to all tertiary institutions, to ensure growth in human capital for the betterment of our communities.

At a time when Zambian households are struggling due to the PF’s mismanagement, incompetence, recklessness and corruption, the PF must take responsibility for the misery they have caused to the people of Zambia by ensuring our citizens especially the youth are correctly empowered through proper education and the provision of jobs. That’s what the PF promised, let them live up to it.

HH aka Bally.

Chipata woman wins K2.5 million playing Zambia Millions on Zamtel network

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Chipata woman wins K2.5 million playing Zambia Millions on Zamtel network

Martha Zulu, a 38-year-old Marketeer from Chipata, Eastern Province has won the jackpot after she bagged K2.5 million in the Zambia Millions Mobile Lottery.

Ms. Zulu drew the lucky combination of numbers after participating in the Lottery on the Zamtel network recently.

She received her mega prize this morning from Zamtel Chief Executive Officer Mr. Sydney Mupeta and representatives of Quatro Mobile Marketing Zambia Limited, the firm behind Zambia Millions at Zamtel House in Lusaka.

Ms. Zulu who said has been participating in the Lottery for over six months said she never imagined that she would one day snatch the jackpot.

She said her first reaction after she was called by officials informing her that she had won the jackpot was that of disbelief and dismissiveness as she thought it could be a case of people attempting to scam her.

When asked what she was planning to do with her winnings, Ms. Zulu said she plans to buy a plot in Lusaka and give a small portion to her family members.

Mr. Mupeta congratulated Ms. Zulu adding that Zamtel is proud to work with partners to provide a platform with its partners that enriches Zambians.

“Seeing a Zamtel customer winning the jackpot is a cause for celebration,” said Mr. Mupeta.

“We are always looking for innovative partnerships that help to improve the digital experience for our customers and Zambia Millions which is a digital Lottery is another way that Zamtel customers are embracing a digital lifestyle,” he said.

“It’s always exciting when our players win large cash prizes, especially this time of the year as we approach the festive period, this is an early Christmas for Ms. Zulu and we are proud to present it,” said Mr. Angelos Zouras, Chief Commercial Officer, Quatro Mobile Marketing Zambia Limited.

Subscribers can participate in Zambia Millions by texting “WIN” to 4400.

Zambia must re-engage Bondholders and Seek Sustainable Solutions to Debt Problems

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Zambia must re-engage Bondholders and Seek Sustainable Solutions to Debt Problems

ActionAid Zambia has said that the Zambia Government re-engage Bondholders and Seek Sustainable Solutions to Debt Problems.

In a statement released to the media, ActionAid Zambia said that Zambia defaulted on its interest payments on the US$3 Billion Eurobonds as of Friday 13th November 2020 and urged government to re-engage bondholders regarding the six (6) months interest payment relief hoping that bondholders would reconsider the status quo and demonstrate a measure of humanity, and recognize the suffering that its actions will inflict on millions of Zambian women and children who are already living in poverty.

Below is the full statement

GOVERNMENT MUST RE-ENGAGE BONDHOLDERS AND SEEK SUSTAINABLE
SOLUTIONS TO OUR DEBT PROBLEM.

Zambia defaulted on its interest payments on the US$3 Billion Eurobonds as of Friday 13th November 2020. This came in the wake of bondholders rejecting government’s request for six (6) months interest payment relief.

As ActionAid Zambia, we are concerned with the latest developments on two fronts: worsening credit ratings with dwindling prospects to attract future financing and consequences/penalties arising from this default. Fitch ratings, a credit rating agency already downgraded Zambia to almost junk status after government sought to delay interest payments to bondholders in September 2020. As a developing country, Zambia needs attract sustainable foreign investment which responds to the economic needs of the country. However, with a poor credit rating this will affects investor confidence and eventually lead to capital flight. This may further weaken the economy by the possible contraction of GDP as well as currency depreciation.

We would therefore like to urge government to re-engage bondholders regarding the six (6) months interest payment relief. Our hope is that bondholders reconsider the status quo and demonstrate a measure of humanity and recognize the suffering that its actions will inflict on millions of Zambian women and children who are already living in poverty. The vulnerable Zambians are the big losers in this case, as government will further be handcuffed in providing any gender responsive public services due to the rejection by bondholders to grant Zambia a debt interest payment relief.

It is our considered view that the debt relief will be necessary to ensure that the most vulnerable Zambians do not suffer the consequences of the country’s debt mismanagement amidst Covid-19. On the other hand, the Zambian government must also genuinely seek to address some of the issues and concerns raised by bondholders such as lack of transparency regarding Chinese loans and government not having a clear strategy on public debt management. Chinese lending institutions, whether state-run or quasi-commercial, should clearly state how much they have lent to our government and the loan terms and conditions involved. The Zambian government should also be more transparent on its borrowings and finances and provide a clear strategy on public debt management which is key in assuring lenders our commitment towards debt sustainability.

More importantly, we would like to remind the government that in as much as seeking debt interest payment relief seems to be the only way to go for Zambia. It is, however, suffice to note that this is not enough. Government should explore and pursue a more sustainable path of restoring fiscal discipline, commitment to good economic governance with zero tolerance to corruption.

Nalucha Nganga Ziba
Country Director, ActionAid Zambia

Bank of Zambia will not ban dollar accounts in Commercial Banks

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Bank of Zambia will not ban dollar accounts in Commercial Banks

The Bank of Zambia has refuted social media assertions that the central bank intends to ban the holding of dollar accounts in commercial banks.

Bank of Zambia Governor Christopher Mvunga said that the fake social media statement should be ignored.

Mr. Mvunga said this in Lusaka yesterday when the central bank announced this month’s Monetary policy rate.

His comments come in the wake of a social media report that the bank plans to expropriate over 2.6 billion dollars in an attempt to lower the exchange rate.

Meanwhile, Finance Minister Bwalya Ng’andu ha said that the Eurobond holders have indicated their willingness to continue engaging the Zambian government on debt restructuring.

Dr Ng’andu said that the government is looking forward to deeper engagement with the committee of the bondholders once the confidentiality agreement has been signed.

He has told Parliament that Government has not paid the coupon that was due on November 13, 2020 for various reasons.

Dr Ng’andu explained that payment of the coupon could have contradicted Government’s earlier message of its incapacity to service the debt.

He said inconsistency regarding the country’s lack of capacity to pay would send a signal to bond holders and other creditors that Zambia lacked a credible and orderly approach to the debt restructuring process.

In a Ministerial statement in Parliament today, Dr. Ng’andu said the decision to pay would weaken Government’s negotiation position beyond the solicitation process.

He said other commercial creditors would have interpreted Government’s decision as lacking in transparency and equal treatment of creditors.

Dr. Ng’andu said Government is fully committed to engaging the bondholders committee meaningfully and transparently to reach a common and orderly approach to the process.

He said Government will continue to provide the bondholders with necessary information regarding the debt, economic and fiscal position as well as plans to restore growth and attain fiscal and debt sustainability.

And Dr. Ng’andu said Vice President Inonge Wina’s assurance that the country would NOT default was based on government’s real expectations following engagements with the Eurobond holders.

He said at that time government did not expect the bondholders to reject its request to defer payments.

Dr. Ng’andu also said he does not expect Zambia’s sovereign rating to drop in the wake of the rejected request.

He also said government is still engaging the International Monetary Fund on the type of facility the country can secure.

Why Did Finance Minister Dr Bwalya Ng’andu lie to the nation?

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Why Did Finance Minister Dr Bwalya Ng’andu lie to the nation?

By Fred M’membe on behalf of the Politburo of the Socialist Party

On September 22, this year, the Minister of Finance announced that he had made a request to bondholders to suspend debt servicing for six months because Zambia was not in a position to meet her debt servicing obligations due on October 14, 2020.

As you may be aware, 40 per cent of bondholders immediately refused to grant Zambia debt servicing suspension.

The Zambian government had hoped that when 60 per cent of bondholders met last Friday, which was the last day of the one month grace period given to pay from the initial due date, the bondholders would agree with their proposals. But they too refused.

Consequently, Zambia officially became the first country in Africa to default even if it had already defaulted on other unknown Chinese debt obligations.

As the Socialist Party, we are concerned with the lack of seriousness from the Treasury when dealing with these important issues. We have plenty human resource that we have invested in as a country and worked at the highest level at of both the International Monetary Fund and the World Bank. It is an embarrassment to the nation that the Minister of Finance lied to the nation about his engagement with bondholders only for them to issue a statement the following day that there had been no direct contact between them and the Zambian government.

Why did Dr Bwalya Ng’andu lie to the nation? Is he covering up on the debt that was borrowed under the cover of darkness?

They say, ‘You can run but you can’t hide…You can fool some people all the time, but you can’t fool all people all the time.”

Reality has finally dawned on this Patriotic Front government.

What the international community is demanding is transparency on the Chinese debt obligations. The demand by the Minister of Finance through his representatives that bondholders should sign a non-disclosure agreement before he discloses the extent of Chinese debt and the conditions attached thereof should be of interest to every Zambian because this is public debt which you will all pay for.

As the Socialist Party, we wish to announce to the nation that the reason why this government has since 2016 refused to open it’s books to the IMF on the Chinese debt is because that would reveal the Patriotic Front’s massive penchant for bribes. Most of the loans have inflated figures because of amounts a few greedy individuals collected as ”facilitation” fees. The International community is well aware of the extent of corruption and are now collaborating with bondholders to expose how corrupt this government is.
Once that information on the Chinese debt is given, it will reveal how much money was shared and by who. At the moment, Ministry of Finance officials have been struggling to balance the figures before the IMF team comes in.

Dr Ng’andu must not continue protecting criminals. There is no place for them to hide anymore.

Dr Ng’andu has two options: It’s either he reveals the actual figures of the Chinese debt and Patriotic Front goes down so that we can protect our economy or he lets Patriotic Front continue hiding their nefarious acts and we all go down.

Dr Ng’andu has to make that choice because time is of essence. Thankfully, since we cannot demand accountability and transparency from the powerful politicians and their fellow gangsters outside government, a far more powerful group has come to our rescue.

COVID-19 could increase Child, Early, Forced, Marriage – Amb Simbyakula

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COVID-19 could increase Child, Early, Forced, Marriage – Amb Simbyakula

The socio-economic consequences of the COVID-19 pandemic could result in 13 million cases of Child Early and Forced Marriage across the globe, Zambia’s Permanent Representative to the United Nations (UN) Dr Ngosa Simbyakula has cautioned.

Amb Simbyakula has told the United Nations that COVID-19 is threatening the progress made in the last decade to prevent and eliminate Child, Early and Forced Marriage (CEFM) which was estimated to be eradicated by the year 2030.

Dr Simbyakula stated that Child Early and Forced Marriage was not only a harmful practice but also a grave abuse of human rights which often jeopadised the education, health, well-being and future of millions of children in the world.

Dr Simbyakula said this during the adoption of a resolution on “Ending Child, Early and Forced Marriage” at the United Nations in New York. The resolution is co-sponsored by Zambia and Canada.

The resolution calls on the international community to take decisive action to overcome the unprecedented challenges nations are currently facing in order to protect and accelerate progress to end the vice of Early, Child and Forced Marriage.

“Before the COVID-19, we knew we needed to significantly accelerate the pace of progress to eliminate Early, Child and Forced Marriage by year 2030 as set out in the 2030 Agenda for Sustainable Development. COVID-19 is now threatening the progress made in the last decade to prevent and eliminate Child, Early and Forced Marriage and the socio-economic consequences of COVID-19 global pandemic could result in 13 million cases of Child Early and Forced Marriage. We cannot afford to see the hard-won progress slowed down or set back,” Dr Simbyakula said.

Dr Simbyakula informed the United Nations that the Government of Zambia was committed to ending Early, Child and Forced Marriage and was proud to have partnered with Canada and other cross-regional groups of countries to support the balanced and strong text in the resolution.

He however said Zambia was disappointed that despite the best efforts to reach the broadest possible consensus, some Member States had decided to propose amendments to the resolution whose text was balanced.

The Zambian envoy to the United Nations explained that over the past six weeks, during which Zambia and Canada co-facilitated several informal consultations, conducted three full readings of the text, invited relevant UN Agencies to brief participating delegations yet some Member States chose to table amendments to the resolution.
“We hope that for the sake of the important cause to eliminate Early Child and Forced Marriage and the integrity of the principles underlying all Third Committee negotiations, all delegations will join in adopting the draft resolution,” Dr Simbyakula said.

The resolution was however adopted by consensus with a record co-sponsorship of 114 Member States.

Shepolopolo U17 Star Tisilile Relishing Spain Trials

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Zambia Women’s Under-17 star Tisilile Lungu is excited to earn a trip to Spain next year courtesy of LaLiga after shining at the recent COSAFA Cup in South Africa.

Lungu was named Player of the Tournament as she helped Zambia reach the COSAFA Cup final before losing to Tanzania on penalties.

The COSAFA Technical Study Group picked Lungu and South Africa’s Jessica Wade as top players from the November tournament who deserved the offer made by LaLiga to take two players from the competition to Spain.

“I’m so excited and I’m looking forward to meeting other people and to learn from them,” she told COSAFA Media.

Lungu is inspired by China based Shepolopolo captain Barbra Banda, who has played in Europe.

“I do admire her; I also want to reach the position where Barbra Banda is. I also want to be there.”

Prison Leopards Lure Lwandamina Back to Work

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George Lwandamina is back in football management after he was unveiled by promoted Prisons Leopards.

The Kabwe side presented Lwandamina on Wednesday as their technical director.

Lwandamina returns to football two months after he parted ways with Zesco United by mutual consent following a second two-year stay with the eight-time champions.

“Prison Leopards FC is pleased to officially unveil the new Technical Director in Mr. George Lwandamina who has taken up the new role at the club on a one year deal with effect from 14th November, 2020,” Prison stated.

“Management is confident that the coming of the new Director will definitely contribute to the great success of the club.”

Lwandamina was later on hand later on Wednesday afternoon to witness Prison beat visiting Green Eagles 1-0 at President Stadium.

Prison is now third on 7 points, one behind Forest Rangers and leaders Buildcon.

Nkana KO’d in Fists of Fury

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Nkana coach Manfred Chabinga squared off with a spectator on Wednesday afternoon at Nkoloma Stadium in Lusaka where his side were capitulated 5-0 by hosts Green Buffaloes.

A Nkana jumped over the perimeter fence to confront Chabinga and they traded blows in the last 10 minutes of the game with Buffaloes leading 3-0.

Action resumed after security intervened on the day fans trooped back to stadiums following a nine month Covid19 lockout.

It hasn’t been a great start to the season by the defending champions who have lost two, drawn and won one of their opening four games.

Meanwhile, unbeaten Buffaloes collected their first league win of the season after three straight draws.

Friday Samu struck in the 26th and 54th minutes, Martin Phiri added the third in the 58th minute before all hell broke loose.

And when play resumed, Fredrick Mwimanzi made it 4-nil in the 88th minute while Youremember Banda aptly added to an unforgettable day deep in four minutes of added time.
But our CAF Champions League envoys Nkana were not the only continental team to lose today.

CAF Confederation Cup reps Napsa Stars and Green Eagles both suffered their first league defeats in away dates at Buildcon and promoted Prison Leopards respectively.

Buildcon outplayed Napsa 2-0 at Levy Mwanawasa Stadium in Ndola thanks to goals by Conlyde Luchanga in the 69th and a breathtaking Mwansa Naofwa volley in the 90th minute to send the hosts top of the log on 8 points.

Prison beat Eagles 1-0 at President Stadium in Kabwe to go third.

Francis Zulu’s 2nd minute goal there saw them return to winning ways after Red Arrows beat them by the same margin at the same venue before the international break.

However, CAF Champions League debutants Forest Rangers left Kafue with a honourable 0-0 result at promoted Young Green Eagles but stay in the top two on 8 points with new leaders and Ndola neighbours Buildcon.

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