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Finance-Minister-Felix-Mutati-meeting-with-senior-management-staff-at-the-Ministry-of-Finance
The Senate of Brazil has approved up to US$ 90.7 million or 80% of the US$ 113.4 million debt which Zambia owed the South American Economic Giant as at 31st July, 2011.
This is according to a message from the International Affairs Secretariat of the Brazilian Ministry of Finance delivered this morning to Zambia’s Finance Minister Felix Mutati by the Brazilian Ambassador to Zambia Anna Maria Pinto Morales.
“The Brazilian Senate has agreed that the outstanding debt of US$ 113.4 million which Zambia owed should be treated through a special bilateral arrangement whereby 80 percent will be cancelled while 20 percent should be repaid,” read the statement in part.
Commenting on the development, Mr. Mutati said the act of goodwill by the Brazilian Senate is well received by the people of Zambia as it is an affirmation of the good relations between the two countries.
“US$ 90.7 million off our external debt stock is a manifestation of a new beginning in our socio-economic relations and a huge contribution to Zambia’s economic recovery programme,” added the Minister.
And Ms. Anna Maria Pinto Morales said Brazil stands ready to strengthen cooperation with Zambia in capacity building in the agriculture sector, and the school feeding and the social cash transfer programs.
Arrangements are now underway for the two countries to sign the US$ 90.7 million debt relief pact.
Former ZANASU Vice President Prince Ndoyi says Zambians should blame themselves for the closure of the the face of the private media in the country, The Post Newspaper.
Mr Ndoyi said the biggest private newspaper in the country died when the paper went to bed with the PF government after it won the 2011 elections and stopped being the voice of the marginalized in society.
He said no one should blame President Lungu but that everyone in the country should take the blame because everyone kept quiet when the paper used its unique privilege in society to disadvantage others during the reign of late President Michael Sata.
“On press freedom and closure of The Post Newspaper we believe we all created this problem, we made The Post Newspaper the face of private media and today we worry about the death of a free press. If we see the closure of The Post as an assault on and death of a free press. Then a free press died when the PF govt appointed people from the Post Newspaper in 2011, the free press died when the post went to bed with govt in 2011, the free Press definitely didn’t die today.
“President Lungu cannot certainly be blamed for The Post Newspaper’s closure but on everyone of us who kept quite when The Post became the only source of credible information, when the Post Newspaper participated in politics. When The Post Newspaper became a political party. The Post Newspaper used their unique privilege in society to speak for the poor and downtrodden, but used it to disadvantage people.
Today’s edition of the Post Newspapers
“For three years under the late President Sata MHSRIEP The Post supported everything even wrong decisions, and NGOs were all quite because no one wanted to fall on their wrong side. While everyone saw The Post as that one all too powerful individual, for us we continued to see that behind The Post is those ordinary Zambians, the workers in those departments, that son and daughter whose parents struggled so hard to take to school, those brothers and sisters, mothers and fathers, uncles and aunties who survived through that job at The Post Newspaper. Look at how many of those lives will suffer all because of negligence on all of us to act responsibly, and certainly true a free press has nothing to do with none tax remittance,” he said.
Mr Ndoyi however said not all hope was lost as there are a number of private news media that should ensure that they are the voice of the marginalized in the country.
“But not all hope is gone, those we neglected are still there watching, the free press is still here but we don’t want to listen through it. Qfm, Hot FM, Daily Nation, New Vision Newspaper, Prime TV, Radio Mano, Radio Chengelo, Muvi TV, MELLENIUM radio, Lusaka Times, Mwebantu News Media, CBC TV to mention but a few. The watchdogs are still alive.
“It is a timely warning for the private media that in order to enjoy a free press we must act responsibly. We must guard against having an editorial policy that appears to be an extension of a political party’s manifesto and this warning includes the church and civil society,” he said.
He added “Finally we strongly observe that majority of NGOs, Church Mother Bodies and media houses have gone to the dogs, why are they surprised that they have flees all over them, we all slept with an itchy anus, why are we surprised that we have woken up with smelly fingers? We ask everyone to conduct a self introspection for the sake of the voiceless in our country. Let us wake up because indeed everyone’s silence is so loud.”
Promoted Konkola Blades will maintain head coach Enos Silwimba ahead of the 2017 FAZ Super Division season.
Silwimba on Sunday guided Konkola back to the Super Division after spending a season in Division One.
Konkola secretary Kennedy Chota said maintaining Silwimba will be a way of appreciating him for leading the club back into the Super Division.
“The only way we can pay Enos Silwimba is maintain him as coach. He put in his best that’s why we want to reward him by maintaining him as head coach,” Chota said.
“He has what it takes to excel in the Super Division,” he added.
Silwimba, a former Konkola keeper, is assisted by his ex-team mate Lewingtone Mujembe.
Gospel artiste Pompi is excited to be the leading act in Lilongwe, Malawi this December at a show dubbed the ‘Giant Killer Experience’.
As this will be the first time he is performing as a headliner in Malawi, Pompi is looking forward to the experience and to reinforcing his following in that country.
The event is organised by Ntanda Artworks Dimensions and scheduled to take place on December 3 at the Bingu wa Mutharika International Convention Centre (BICC) Pabwalo Amphitheatre. “Malawi is one of the countries that have supported my music and I was particularly surprised to receive an invitation from there to headline,” he shared.
Pompi has previously performed in Malawi as a supporting act at the internationally renowned Lake of Stars festival.
The December event borrows its title from one of his best known hits called Giant Killer which featured on his first album Mizu.
Apart from the Malawi show, Pompi also let in on plans to release his third album early next year. “The album will have a strong reggae, hip hop and soul influence unlike the second album which had a jazzy and rock feel to it,” he explained.
Pompi says he wants people to believe in themselves through the album and to get insight into his values as a person. “It is going to be an expression of the things I value and how I have evolved. I was an introvert but as an artiste, now I have to be on stage and deal with people’s different views and perceptions,” he stated.
He also plans to share more of his testimony through the album as those who know him closely advise that he has not done enough of this.
Through his third album, Pompi hopes to emphasise that his passion to reach people who are lost is because he was once in the same place and that is where he was found.
Earlier this year, he released a single called Maganizo Pandeke which stirred buzz that there was another album in the offing.
His first album, Mizu, released in 2012, was well received and stamped his foot in the mainstream music scene. His second album Broken English was released in 2014.
Ministry of Local Government and Housing Permanent Secretary Amos MalupengaGovernment has bought 42 fire tenders to re-enforce fire fighting departments in Zambia.
Local Government Permanent Secretary Amos Malupenga has told ZNBC News in Livingstone that the fire tenders are scheduled to be brought in the country during the first quarter of 2017.
Mr. Malupenga says the Ministry will also build additional fire stations around the country to ensure quick response to fire outbreaks.
He says government has information that some fire outbreaks may be acts of arson.
Mr. Malupenga says government will ensure that property and lives of the people are safeguarded regardless of the causes of the fires.
The country has experienced fires which have gutted both private and public property with the most recent being the Maramba Cultural village in Livingstone.
KampyongoMinister of Home Affairs Stephen Kampyongo has directed the Lilayi Training College to develop in-service training curricula for continuous and professional development of all police officers in Zambia, reports Pan African Radio Journalist Hermit Hachilonde.
Speaking during the 2016 Police pass out parade today the 3rd November, 2016 at lilayi training college, Mr. Kampyongo said it is imperative that regular in-service training is provided to police officers due to the new and emerging crimes at the local and global levels.
The Home Affairs Minister also said the ratio of police officers in Zambia have remained far below the recommended ratio despite having 693 recruits passing at lilayi and 526 who passed out at kanfinsa a week ago.
Mr. Kampyongo has however commended that a continuous annual recruitments of police officers is required for Zambia to meet the recommended ratio which will result in the expansion of the police establishment.
” i have directed this Training College to develop in-service training curricula for continuous and professional development of all police officers” Kampyongo said
Meanwhile, inspector General of Police Kakoma Kanganja believes that the increase in manpower by 693 Police officers will help in the in the enhancement of national security in Zambia.
He has however acknowledged Government’s financial support during the 14 months training of police recruits at lilayi.
“the 693 Police officers will help in the in the enhancement of national security” Kanganja said
And the Divisional Commander Richard Mweene revealed that out seven hundred recruits only seven failed to remain afloat which is a clear indication that police work is not meant for the feint hearted.
He urged Provincial Police Commissioners across the country to adequately orient the newly graduated police officers to practical work in the field.
“Provincial Police Commissioners should adequately orient the newly graduated police officers to practical work in the field” mr. Mweene said
Minister for National Development Planning, Mr. Lucky Mulusa speaking when he delivered the keynote address at the opening of the ‘Invest in Zambia Business Forum’ at Sandton Convention Centre in Johannesburg
GOVERNMENT has refuted accusations that it has been inconsistent with its economic policies saying all adjustments made previously were necessary as they were meant to protect the interests of Zambians.
According to a statement released to the Media by Nicky Shabolyo, the Press Secretary at the High Commission of Zambia in South Africa, Minister of National Development Planning, Mr. Lucky Mulusa said that there has been cases of insincerity on the part of some investors and that Government has had to respond accordingly in order to safe guard the nation.
“All the adjustments to policy should be seen as a way of trying to align things for the benefit of the people. These policy adjustments in the past were in response to the insincere conduct of some members of the business community. There is no way we can just wake up today and introduce a new law which we again change a few weeks down the line. All our actions are informed by how businesses in the country behave,” Mr. Mulusa said.
He gave an example of businesses which either closed shop or simply changed names when their tax holidays and other incentives were coming to an end so that they could avoid paying tax or being subjected to other measures.
“It is these same businesses that go out on a crusade to speak ill about Government and sponsor various individuals to attack us when they see that their evil plans have been curbed. Before we condemn government about what we see as policy inconsistencies, we need to ask what informed Government to take such action.”
Mr. Mulusa was speaking as guest of honour yesterday at the ‘Invest in Zambia Business Forum’ organised by the Zambian High Commission in Pretoria in conjunction with the Zambia-South Africa Business Council (ZSABC).
The well attended event held at Sandton Convention Centre in Johannesburg was sponsored by Liberty.
The Minister said Zambia was realigning it economy and noted that the country was ready for business but “it should be clear to all those interested that we are not, at the same time, open to abuse.”
He bemoaned the collapse of Zambia’s industrial base built over 27 years which he attributed to the privatisation exercise through which he said some unscrupulous investors came and stripped companies of their machinery and left them as warehouses to store imports from South Africa and elsewhere.
“I acknowledged the important role that South Africa plays as Zambia’s largest trade and investment partner, and at the same time, lament that for over 10 years, Zambia has only been able to capture less than 10% of total trade volumes between the two countries. What we have seen over the years is that this has not worked for us as some investors only rip, and do not plough back into the economy. What we are looking for are sustainable partnerships, and not relationships that leave our country worse off,” the Minister said.
He urged the ZSABC to promote Government’s agenda of fostering inclusive business models that ensured integrating local communities in the supply chains and support the growth of local industries in all sectors of the economy.
Mr. Mulusa urged South African investors to quickly get into Zambia before they lost opportunities to other countries such as China which were in a hurry to do business with Zambia.
He also appealed to investors entering Zambia not to engage in activities, such as casualisation and others, which exploited the country and its people.
He said Government has realised that it was more expensive to produce a particular product in Zambia as compared to other countries pointing out that this, and other issues that would help bring about a conducive environment for business, were being addressed.
“Our Government is keen at enhancing private sector led growth and has been working hard to create an enabling environment for business, as evidenced by the enactment of the Business Regulatory Act of 2014 that was meant to create a cost effective and business regulation framework in Zambia. As a result of our business environment reforms, Zambia is now ranked 8th in SADC and 4th in COMESA in terms of the Ease of Doing Business. Furthermore, Zambia is ranked the 8th most competitive country in Africa on the Global Competitiveness Index,” Mr. Mulusa said.
He said despite all the favourable business elements that Zambia had in place, the country had taken long to develop because of the poor policies which it previously pursued while other policies had been mishandled.
Zambia’s High Commissioner to South Africa, His Excellency Mr. Emmanuel Mwamba concurred with the Minister on the issue of privatisation saying the exercise failed to yield the targeted results because most of those who bought off companies were only interested in satisfying their selfish desires.
Mr. Mwamba said the High Commission devised the ZSABC as a platform from which to engage captains of industry so that amicable solutions for the two countries could be found.
He also pointed out that there was trade imbalance between Zambia and South Africa which favoured the latter. “There is no way that South African stores operating in Zambia should continue importing into Zambia, products that are readily available in the country.”
Minister for National Development Planning, Mr. Lucky Mulusa being congratulated after his speech at the ‘Invest in Zambia Business Forum’ at Sandton Convention Centre in Johannesburg
And South Africa has said that Zambia was a strategic market and partner for South Africa, and vice versa, because of the potential for enhanced economic cooperation that existed between the two countries.
Chief Executive Officer for Trade Invest Africa, an initiative of South Africa’s Department of Trade and Industry, Ms. Lerato Mataboge, has noted that total trade between the two countries has been showing positive growth from R19.9 billion in 2011 to R31.9 billion in 2015, making South Africa Zambia’s main trading partner in the SADC and Zambia, South Africa’s fourth largest trading partner in the region.
Ms. Mataboge said South Africa was conscious of the trade imbalance which supported her country and that this needed to be assessed and addressed. “Key to this will be identifying and establishing cooperative mechanisms for assisting Zambian businesses seeking opportunities to supply in the South African market.
Our aim as a government is to increase the levels of South African investments in the Zambian economy and the rest of the Continent through targeted support measures.”
Two such measures are the recent creation of Trade Invest Africa as well as the unveiling of the Guidelines to Good Business Practice for Doing Business in Africa, both of which were launched in July this year.
Trade Invest Africa supports South African businesses looking to invest in the rest of Africa as well as those looking for export opportunities on the continent.
She said Trade Invest Africa will work with partner countries to facilitate sourcing of goods from the rest of the continent into the South African economy as a way of contributing to increasing the levels of intra-Africa trade and intra-African investments.
Ms. Mataboge pointed out that Zambia today was one of the promising emerging markets in the world and “I strongly urge the South African business community to take advantage of the advanced economic and diplomatic relations and seriously consider investing in Zambia. We commend the Zambian government for ensuring that the conditions for foreign investments are continuously being improved upon.”
ZSABC chairperson, Mr. Charles Kalima urged businesses to join the Council so that they could be assisted with establishing themselves on the Zambian market.
Mr. Kalima said there was need to develop an African concept where countries on the continent traded among themselves in order to foster development.
South African Chamber of Commerce and Industry (SACCI) Chief Executive Officer Mr. Alan Mukoki said Africa should realise that agriculture, and not activities such as mining, was the major contributor to economic growth.
And during a panel discussion, Barclays Africa Region Chief Executive Officer, Ms. Mizinga Melu said Barclays Bank has been in Zambia for over 100 years because it had found Zambia to be good for business. Ms. Melu said Zambia had 19 reputable commercial banks operating in the country because they have found the environment conducive.
She said the freedom for investors to externalise profits was a big incentive that Zambia’s potential investors should seriously consider.
Massmart Holdings Chairperson, Mr. Kuseni Dlamini said Game Stores and the recently opened Builders Warehouse, which are subsidiaries, have performed exceptionally well because of the favourable business environment in Zambia.
Zambia Energy Forum Chairperson, Mr. Johnstone Chikwanda told the audience that with the energy deficit in Zambia, the country had a lot of opportunities for producing energy from various sources that the Government had identified.
Others who spoke on various panels were Ms. Zandile Shabalala, ZSABC Vice-chairperson; Mr. Michael Njapau, Head of Business Development for Liberty Life Insurance Zambia Limited; Mr. Brenden Alexander, Head of Business Development Support for STANLIB; Mr. Mduduzi Nene, Africa Divisional Director for Liberty Health; Mr. Kennett Sinclair, Partner from Exeo Capital; Mr. Ewout Van der Molen, FMO Southern African Regional Representative, and Mr. Ashley Petersen, Senior Business Development Manager from South Africa’s Industrial Development Corporation.
Minister of National Development Planning Mr. Lucky Mulusa speaking during a panel discussion. Listening in are Ms. Zandile Shabalala, ZSABC Vice-chairperson, Zambia’s High Commissioner to South Africa His Excellency Mr. Emmanuel Mwamba and Mr. Michael Njapau, Head of Business Development for Liberty Life Insurance Zambia LimitedZambia’s High Commissioner to South Africa His Excellency Mr. Emmanuel Mwamba speaking during a panel discussion. Listening in are Mr. Michael Njapau, Head of Business Development for Liberty Life Insurance Zambia Limited and Ms. Zandile Shabalala, ZSABC Vice-chairpersonZambia Energy Forum Chairperson Mr. Johnstone Chikwanda speaking during a panel discussion at the ‘Invest in Zambia Business Forum’ at Sandton Convention Centre in JohannesburgBarclays Africa Regional Chief Executive Officer, speaking during a panel discussion. Listening in are (R – L) – Minister for National Development Planning, Mr. Lucky Mulusa, Massmart Holdings Chairperson Mr. Kuseni Dlamini and Zambia-South Africa Business Council Chairperson Mr. Charles Kalima
The Oasis Forum has vowed if provoked, to defeat any attempt to extend the term of office for the president and other elected officials in a similar manner it played a major role in defeating the third bid by President Fredrick Chiluba in 2001.
In a statement, Oasis Forum Chairperson Fr.Cleophas Lungu says the fact that Mr Paul Moonga a senior member of the PF made the proposal to extend the term of office for the president and other elected leaders at a media briefing held at the PF Secretariat appears to suggest that his proposal has the backing of the PF party.
He says this is cause for serious concern as these moves threaten to usurp the power of the people of Zambia who only granted the PF Government a five-year mandate.
Fr. Lungu says the Forum hopes that the country’s leaders will pause, pray and reflect on any action that threatens to undermine democracy in the country.
He adds that the Oasis Forum is able to draw parallels between the concept of “State capture” in South Africa and the capture of citizens by the State in Zambia.
Fr Lungu says the Zambian form of “State capture” has manifested itself in the gradual shrinking of the space for independent media, decreased public confidence in the judiciary, increased police brutality and now the proposed extension of the presidential term of office from five years to seven years by Mr. Moonga.
Zambia coach Wedson Nyirenda now has two friendly games to test his team’s readiness for their 2018 World Cup qualifier against Cameroon.
Zambia will face two 2017 Africa Cup finalists prior to their November 12 Group B qualifying date against hosts Cameroon.
This Saturday, Zambia will be in Harare to face Zimbabwe at the National Stadium.
Nyirenda will exclusively use his domestic-based players in that match although AC Leopards striker Winston Kalengo, who is back in the country, could also make the lineup.
Nyirenda will later drop ten players from the team and travel with 13 to Kampala for Tuesday’s final warmup against Uganda.
Ten overseas players will join the team in Kampala for the friendly against Uganda.
Striker Evans Kangwa of Turkish club Gaziantepspor is expected to end his twenty month exile from the Zambia fold in the Uganda friendly.
Meanwhile, Zambia are bottom of Group B on zero points after losing 2-1 at home to leaders Nigeria on October 9 in Ndola.
Cameroon have one point after drawing 1-1 away to Algeria on the same date.
City of Lusaka coach Davy Musole has declared that “Ya Moto” have gone back into the Super Division with the aim of competing.
City at the weekend ended a six-year wait to win promotion back into the Super Division.
Musole is cheered by City’s promotion.
“I am happy that City is back in the Super League where the team belong. I thank the players, the supporters and the executive for their efforts,” he said.
“The relationship between coaches and players plus the executive helped us,” Musole said.
City have suffered demotion from the Super Division twice in the last fifteen years.
“We are going in the Super League to compete. Our objective will be to maintain our status in the Super League,” Musole said.
PS Amos Malupenga(Left) LGAZ) President Christopher Kang’ombe(second left),Chipata Mayor Sinoye Mwale(second right) during the second Local Authorities Financial Management workshop held at Chrismar hotel in Livingstone.Picture by KELVINMUDENDA
MINISTRY of Local Government and Housing Permanent Secretary Amos Malupenga has lashed out at Lusaka based civic leaders who boycotted the orientation workshop organised by his ministry.
Speaking when he officiated at the second Local Authorities Financial Management workshop held at Chrismar hotel in Livingstone, Mr Malupenga said he was disappointed that councilors from Lusaka shunned the orientation workshop in Lusaka because of salary concerns.
He called on Local Government Association of Zambia (LGAZ) President Christopher Kang’ombe to intervene in the matter.
We were disappointed yesterday when we received information that a number of councilors particularly those from Lusaka shunned the orientation workshop because of the issue of councilors being on salaries has not been resolved.
“Am saying this taking advantage of the presence of the LGAZ President to see how they can seriously reflect on the national responsibility that they have. We all know that the bulk of councilors that we have are new and so the need for orientation can never be over emphasized,”Mr Malupenga said.
Mr Malupenga disclosed that Government would continue to offer supplementary support to local authorities.
“As you may be aware, the treasury allocated K717 million in the 2016 budget towards the establishment of a Local Government Equalisation Fund(LGEF) to provide a stable, buoyant and predictable source of revenue to supplement Local Government revenues.
“It is also anticipated that Government will yet again show the same level of commitment to provide more supplementary financial support to councils,” he said.
He however said it was disappointing that the Auditor General’s report had continued to highlight financial irregularities committed in local authorities.
Zambia Institute of Chartered Accountants (ZICA) Chief Executive Officer Hapenga Kabeta called on local authorities in the country to develop strategic plans that would help guide interventions in their service delivery.
Mr Kabeta said strategic plans would attempt to address the opportunities and challenges faced by local authorities in resource mobilization and infrastructure development.
“Good financial management has an impact on how funding is used to address national and local priorities, the availability of resources for investment and the cost effectiveness of public services.
“The general public will have greater trust and confidence in their councils if there was strong financial stewardship, accountability,and transparency in the use of public funds,”Mr Kabeta said.
He said there was need for Government to make resources available to build strong financial management capacity in local authorities.
Speaking in a separate interview Local Government Association of Zambia (LGAZ) President Christopher Kang’ombe has called on all councilors across the country to attend orientation workshops as his office engages Government on the issue of salaries for councilors.
“First of all I want to put it on record that the work of a councilor is vital, we need councilors because they are the first point of contact in terms of development.
“In our execution of duties as civic leaders we need to be prepared, oriented and the ministry needs to tailor a programme and a curriculum that will help civic leaders to deliver to the expectations of the people. Our position as LGAZ is that the issue of salaries will be addressed through various consultative forums,” he said.
President Edgar Lungu should allow State House staff to be investigated on allegations of corruption as speculations seem to indicate that several people surrounding him are involved in the scourge says MMD
The MMD has charged that if his pronouncement on the fight against corruption is to be taken seriously investigations should begin at State House.
In a statement MMD National Secretary Rapheal Nakacinda said his Party welcomes the President’s position on corruption but that he should let the Anti-Corruption Commission (ACC) and other investigative wings to crack down on staffs at State House who are alleged to be involved in corrupt activities.
And Mr Nakacinda said it is disheartening to see a Head of State lament so bitterly about the ineptness of the institutions charged with the responsibility to guard against the abuse of public offices and resources.
“As MMD we are strongly in full support of the strongest position on corruption because we have never heard President Lungu lament the way he did,” Mr Nakachinda said
He commended President Lungu for categorically restarting the significant fight against corruption in a time when Zambians have lost hope.
Mr Nakachinda noted that many people have suggested that State House also requires a clean-up if the fight against corruption would be meaningful.
“We want to urge the President that he must de-insluate State House from investigations as speculations seem to suggest that perhaps several people surrounding the President have abused their offices.”
” just weeks ago the Deputy S.G for the Patriotic Front was in the media informing the nation that several committees that were formed to campaign for the President have been corruptly collecting money in the name of the President and the party.” Mr Nakacinda pointed out.
Mr Nakacinda also noted that for the President to lament the way he did then he has been overwhelmed with the corruption taking place in the country as he is privy to sensitive information.
He also charged that ACC were a disappointment as they have not done their work on the reports by citizens such as the corruption at Food Reserve Agency (FRA) which led to the sharp increase of the country’s staple food.
“He wondered on whether the ACC were also chewing the curd together with the suspects.”How surely can an institution meant to safeguard institutions from graft fail to avail a Head of State with reports?” Mr Nakacinda questioned.
He added that people will only take President Lungu seriously if he is seen to be acting on his pronouncement as opposed to just issuing statements.
“The President’s call must be respected and supported by all well meaning Zambians and a strong and revitalised fight against corruption will boost and attract investment,” he said.
The MMD National Secretary was commenting on the statement by the President that there is too much corruption taking place and that the ACC were doing their job.
Frank Bwalya
The ruling Patriotic Front says there is nothing wrong for its Central Committee member Paul Moonga expressing his individual opinion with regards the term of office for elected officials.
PF Spokesperson Frank Bwalya says it therefore disappointing that some people are suggesting that the party disciplines Mr Moonga for proposing that the extension of the term of office for the President, Members of Parliament and other elected officials, from the current five to seven years.
Mr. Bwalya says the ruling party practices intra-party democracy and therefore does not find anything wrong in Mr. Moonga expressing his individual opinion.
In an interview with QTV News, Mr. Bwalya says Mr. Moonga will therefore not be punished or reprimanded over his proposal.
Mr. Bwalya says this however, does not imply that the PF is in support of his proposal to extend the term of office to seven years.
Copperbelt Minister Bowman Lusambo listens to a KCM Engineer during the tour of the Smelter PlantThe Mine workers Union of Zambia (MUZ) says Konkola Copper mines-KCM is operating under financial stress and called for urgent government intervention.
MUZ President Joseph Chewe has since urged government to immediately correct the situation at KCM.
Mr. Chewe has also advised the mining firm to get back to its initial core business of mining ore and not processing concentrates to boost its production levels and finances.
He says if the situation at KCM is left unchecked Chingola and Chililabombwe districts on the Copperbelt are headed for an economic hardship.
Mr Chewe was speaking on the Thursday edition of TV’2 Morning Live News and Current affairs Program from Kitwe.
Chishimba Kambwili with Amos Chanda at Statehouse By David Kapoma
On July 28, 2015, the government through the Minister of Information and Broadcasting Hon. Chishimba Kambwili announced at a press conference in Lusaka that cabinet had approved the creation of a sinking fund “the fund will help to ensure accumulation of resources for the repayment of the bonds at maturity. The move will reduce pressure on the national budget and mitigate against foreign exchange risks.” Mr Kambwili said the establishment of the fund will also ensure the credibility and integrity of the country on the international capital market.
Going by the words of the Minister of Information and broadcasting at the time, it is clear that government had good intentions and meant well in creating a sinking fund. If this fund is managed properly, the country may not feel as much pressure when the repayment time for the loans come.
The dictionary defines a sinking fund as “money served by a company or government for the purpose of loan repayment.” Other definitions states that “a sinking fund is a means of repaying funds borrowed through a bond issue through periodic payments to a trustee who retires part of the issue by purchasing the bonds in the open market. Rather than the issuer repaying the entire principal of a bond issue on the maturity date.”
A sinking fund is public fund which the citizens must have full information about. We the citizens must monitor how the funds are accumulating and ensure that such funds are protected from abuse. This is a responsibility of every Zambian regardless of one’s political affiliation. As it stands, we can only monitor the growth of this fund through the minister of Finance. This is a very important project which the government must treat with seriousness as it has the potential of reducing the burden on the treasury when we start repaying the loans in 2022.
I am however, concerned with the loud silence from government regarding this fund. The newly appointed minister of finance has said nothing about it, not even in passing. It is common sense that the idea of using Zambia Railways as a major contributor to this fund did not work as the company is still struggling despite government pumping in millions of dollars. We are at greater risk when government decides to remain quiet regarding the issue of the sinking fund. We may just realise that the facility was in fact never created and no money has been served.
Zambia’s current total public debt stands at $9.75 billion dollars. The debt is made up of $6.05 billion external debt and $3.7 billion domestic debt. The total public debt has increased from $3.5 billion in 2011 to about $9.75 billion today, an increase of 176 percent. It is good however that government realised how huge the debt is and came up with the idea of creating a sinking fund which in my view and I believe the view of many people is the safest way to ensuring that the country is prepared to pay the debt in the next few years as pre-conditioned.
Having said that, I wish to challenge the Ministry of Finance through Hon. Minister Felix Mutati to provide the nation with a report on how much has been served, where the account for the sinking fund is held and how safe the fund is from abuse by government. With the current financial situation, it is very tempting for the government to touch on such money, a development that may injure the country’s economy even worse in future. Government must treat this matter seriously and ensure that the country does not find itself in a situation where paying back the loans becomes a mission impossible.