Parliament has heard that Zambia as at December 31st 2010 had a debt stock amounting to 1.28 billion dollars.
Finance and national planning minister Situmbeko Musokotwane disclosed this in response to a question raised by roan Member of Parliament, Chishimba Kambwili.
Dr. Musokotwane explained to the house that multi-lateral agencies were the main sources of the loans acquired.
He named the World Bank and the International Monetary Fund –IMF- as the major multilateral financiers accounting for 65.5 percent of the debt while the Paris club consortium of members accounted for 75 percent.
The minister named some of the Paris club members as Brazil, Russia,and Japan while other financing nations are Bulgaria, China, Iraq,and Kuwait.
[ MUVI ]
Either L.T or Mr Kambwili the M.P should have pressed the finance minister harder.Something is being hidden from Zambians as you cannot have a debt with one financier accounting for 65% and another for 75% of the same.Some serious “cooking” of the books at play.
You mean HIPIC was for nothing? We are back to borrowing heavily?
This is not too much for a nation if you are serious with development. Those windfall taxes you refuse to collect from the mines could pay off this debt in a short time. The problem is greedines of politicians. Whatever kickbacks you might be getting from the mines is a drop in the ocean compared to going all the way with taxes and getting the wealth that rightfully belongs to the zed pipo. Poverty should not be something to be stuck with for a whole generation. Shame for bein in debt since independence.
When shall we smile and share a drink with colleagues from Botswana or Nigeria as debt free nations??
How did we get back in the debt? Where did the money go? Oh, foolish me, it went to fatten MMD pockets.
And they refuse the Windfall tax to repay this debt. God help Zambia
How much more do Zambians need to realise that Rupiah and his f.o.o.l.s are taking us back? Are we really serious people? With the copper and other resources under our feet, do we need such debt? This all goes towards financing unnecessary trips for Rupiah and useless politicians like VJ. Yaba, iyo kwena Zambians are collectrive failures. There is no money to pay pensioneers and yet there is money for RBs jet fuel, hitel accomodation, meals, drinks and allowances for him and his entourage. Eish!
Thugs ate ministry of finance appointed by the incompetent president are responsible for our woes.
Windfall taxes will not return, regardless of who comes into office next year. Copper resources in Zambia are have been by Western and Chinese Multi-nationals who have no interest in seeing development of any kind in this country. Our politicians are helpless. They simply dance to whatever tune these corporations play. The MMD government will return to power not necessarily because the people of Zambia will, but because they’re in good books with Multi-nationals, ‘Cooperating Partners’, and other foreign players. Ask Gadaffi. Ask Saddam. They tried to play tough guy, and their fate is no secret.
Windfall taxes will not return, regardless of who comes into office next year. Copper resources in Zambia have been hijacked by Western and Chinese Multi-nationals who have no interest in developing this country. Our politicians are helpless. They simply dance to whatever tune these corporations play. The MMD government will return to power not necessarily because the people of Zambia will, but because they’re in good books with Multi-nationals, ‘Cooperating Partners’, and other foreign players. Ask Gadaffi. Ask Saddam. They tried to play tough guy, and their fate is no secret.
We sacrificed to free ourselves from the shackles of IMF & World Bank. Why are we going back? We have been blessed with natural resources & the price for copper is great.
Our dumb govt decides its cheaper & more convenient to borrow at astronomical interest rates than just collect money that is ours.
Where is our pride as a country?
Please rupiah & your dumb govt stop thinking with your loins and start using your brains (if you have any).
Anybody who knows where we can do a brain transplant for rupiah?
And one of those debts is the one used for buying MMD mobile hospitals which am going to pay through my sweat.
Shame on President Banda, who is a blood thirsty for corruption.
$1.2 billion in a space of how many years?
13
villager – It has been within the last 2years. Kunda on a visit to SP said that GRZ had $1.2b in the bank which should be protected by not voting in the (late)PACT.
i feel like crying. how can we go back to the same shackles that we fought so hard to free ourselves from. buying of mobile clinics, borrowing money to distribute to RB’s and all ministers girl friends, to build a house for a former thief (chiluba), and of course some to go into campaigning for mmd. f**k mmd, f**k all you supporting this shit. i hate ya, i wish you all die of malaria this. st*pid idi*ts,morons.
CAN SOMEONE CORRECT THIS : EXTERNAL DEBT IN DOLLARS $3,495,000 AS AT 30/12/2010
SOURCE : en.wikipedia.org/wiki/list_of_countries_by_external_debt
Is the honourable Minister of Finance in Order to lie that we owe $1.28Billion Dollars instead of $3,495,000.
This is a clear way of avoiding the parley to query on the new loans we have been rackless cooking in the background especially on the mobile hospitals.
We are number 122 on the list with such a huge debt. Number 149 is Malawi who has shown discipline in terms of loan at only $1,213,000
Swaziland is a shining example in the southern part of africa.
this is ridiculous Hon Minister! i feel ashamed to be associated with Zambia on this part. When will we ever get rid of national debts? Your Govt’s borrowing spree is a very strong and effective way of telling Zambian citizens to engage in massive borrowing since you the govt perceives it as an acceptable way to run national matters in the name of national development.
On January 20, 2010, Kale Fundanga reported that “ZAMBIA’s gross international reserves increased to US$1.9 billion” ($1.892 billion 31 December 2009 est.). This figure is estimated to rise to $2.287 billion as ay 31 December 2010 est.
Now we are told that the country owes $1.28 billion dollars from various lenders at very different rates with some at commercial rates from Chinese banks.
This means that the net foreign reserves are only $612 million which is the equivalent if not less than the value of Manchester United Football Club.
So what is there to praise the MMD government for when just 2-3 years ago Zambia had zero debt which was fought for by the people but have seen no benefits.
source: CIA- The World Factbook. 10/10/2011
“”””””””Parliament has heard that Zambia as at December 31st 2010 had a debt stock amounting to 1.28 billion dollars.””””
THIS IS SERIOUS AND CALLS FOR WELL MEANING ZAMBIANS TO GET INTERESTED AND FIND OUT IF LUSAKA TIMES IS REPORTING THE TRUTH.
MMD=Y SHUD WE GO BACKWARDS.
IN LALA WE SAY:
1. “AKACHILA KA MBUSHI KASENGULA APO KEKELE”
2. “IMBWA TAILYA MAALUSHI YAIKO”
Finance and national planning minister Situmbeko Musokotwane disclosed this in response to a question raised by roan Member of Parliament, Chishimba Kambwili.
VIVA KAMBWILI 4 YO STAY IN PARLIAMENT:
.VIVA 1NCE AGAIN
Dr. Musokotwane explained to the house that multi-lateral agencies were the main sources of the loans acquired.
If Windfall Tax is gone, then we can at leadst jail those responsoble for allowing these funds to vanish. RB and Musokotwane will be great jail birds for once with ka Chiluba.