Zambia’s government was granted a $1 billion concessional loan by China for various development projects, Commerce, Trade and Industry Minister Felix Mutati said.
The loan follows a visit to China by Zambian President Rupiah Banda last week, Mutati said in an interview today in the capital, Lusaka. In addition, China provided a grant of $10 million to be used to complete a stadium being built in the northern town of Ndola, he said.
[Bloomberg ]
Pay it back before you use a cent:-ss:d/
Can we be told what those ‘various development projects’ are?
Gov’t should be specific with what the money is intended for, for accountability purposes. At the end of the day its citizens who will have to pay back the loan.
Thats the money for campaigning!!!
How much of this money will actually get to Zambia?
The GRZ should tell the nation the amount of money and the projects for which this money is being borrowed for. Each project expenditure can then be reviewed every year against progress made. We stop being treated like children.
More loans. Dambisa Moyo is not going to be happy about this
Someone educate us, which arm of government is tasked with the monitoring of loans given i.e conditions,repayments plans,purpose,interest rate .
I suspect the Chinese government,has probably set out a list of developmental projects which will be handled by Chinese companies including manual labor, thus creating jobs in China & reducing population in China temporarily & most of all we will lean towards Chinese and support their political ambitions at the world stage . On top of all that, we will repay principal $1 billion and interest (which could well be much above the $10 million stadium grant) .So as one of the people repaying these loans, I want to see more than is currently shown on tv i.e a Minister signing our future away on camera
Zambia is just increasing its foreign indebtedness again. It now stands at US $ 2 billion – unsustenanble!
:(( This is dribbling of the highest order. While people have been distracted by FTJ vs Mpundu and Sata, RB has been to China ot sell the family silver!!
As someone above said, pay back the money straight away.
We go begging for money, yet we are allowing mining companies to operate for virtually nothing!!
oh my GOD! You can still get out of this deal before it’s too late.
Which developmental projects. China will just give us more hearses at the value of 1billion. That’s what happens with such unplanned things, or if they are planned, they are dubious.
What various development projects Mr Mutati? please be specific. And the govt has used Zambia’s natural resources as collateral to get the that loan, isn’t it?. I feel sorry for you Mother Zambia. You will be crying while China and the rest of the world prosper. I urge my fellow Zambians to hold a referendum whenever the govt wants to borrow funds to avoid govt from doing something without their consent. This is too much!
Stop nkingole. You will soon be over your head in debt Zambia. Start being productive than this nonsense of wooeing investors who are coming to rip you off. Tampeni manufacturing sector. Ninshi kanshi. Right now i hear there is accomodation problem at UNZA, students are renting from homes, do something about it. You keep building more primary and secondary school and yet the Universities are pretty much the same since independence!! Take care of these future leaders and help them to graduate in better environmoents. Maybe that could be sued towards solving the University issues such as accomodation.
If you have not spent the money, use some of it towards a good cause like education accomodation.
A $1 billion loan on top of debt that is already in the billions??? Are you kidding me??? Is there no end to the stupidity and corruption??? Ah well…if it’s spent on health, education and infrastructure…then that would be real good, but we all know this is just extra spending money for the political parasites that run this country….
Of course the people in government are going to do whatever they want; they have total power. Need proof of that? Look no further than my recent post. One of my words got censored and it wasn’t even a swear word. So much for democracy! I feel sorry for anyone that lives in Zambia….
The imput is high,the output is little.All this money is going to be spent on non economic ventures like campains,and buying themselves luxarious cars and housewives