Former Bank of Zambia Governor, Caleb Fundanga has warned that negative sentiments have a likelihood of worsening the country’s debt situation if left unattended to.
Speaking at a public debt indaba under the theme “addressing Zambia’s economic challenges for a stronger future”, Dr Fundanga says the speculation on the country’s current debt situation is as a result of lack of effective communication from government.
And Dr Fundanga has implored the business community to stop bad mouthing international lenders such as the International Monetary Fund (IMF).
He has also stressed the need for the country to strengthen its ties with other countries offering financial assistance including China.
He however, notes that the China/Zambia relationship currently is not benefiting the ordinary people in view of the conditions attached.
Dr Fundanga has further called for the urgent need to publicize the terms and conditions of Chinese loans in order to explore ways of how future debt can be contracted without undermining the future growth of private business.
Speaking at the same event, Ministry of Finance Permanent Secretary for budgetary and economic affairs, Dr Emmanuel Pamu says government remains committed to addressing emerging threats to the advancement of its development agenda, including rising debt and vulnerabilities in public financial management.
And Civil Society for Poverty Reduction (CSPR) Executive Director, Patrick Nshindano is hopeful that the Indaba will come up with solutions to the current debt situation in the country.
This attitude of being scared of white people or kissing foreigners behind, enshrouded in inferior complexities should end.
I’m with the MP on the Copperbelt who said if KCM cannot pay local supplier they should leave
That attitude can only end when we finally have the upper hand in the management of our resources, when we have enough financial muscle and are no longer dependant on anyone for our well-being. As things stand, I’m afraid we are still not the Kings in our own castle.
If PF is listening and would really want to improve on the negative attached to Chinese Loans and prevent xenophobia, the first step in the right direction would be to heed to this recommendation that there is a “need to publicize the terms and conditions of Chinese loans in order to explore ways of how future debt can be contracted without undermining the future growth of private business “. This is important, ignore at your own peril.
These Fundangas & Habazookas were silent as PF contracted debt beyond what we can afford to repay. Today they want to be wise-men.
No amount of wish-washing will make PF’s debt mess go away.
Every cent will have to be repaid.
Euro-bond maturity dates won’t be deferred. Adding more loans or selling Euro-bond to vulture-funders will be suicidal.
The funny thing is, we all know who is pocketing the money but bonse we want to blame it on the country. It’s not the country misusing the money. Ine ishi inkongole bakasende. Lenders shouldn’t come to us but follow whoever is borrowing. And trust me, you better stay in power pantu takuli ekomukafisama. Not Europe, not the US, and not even SA. Don’t say I never told you. Tiyenabo
Zambia can do this! We can do it! The problem we have is a tribal grouping which has the nerve to support LUMUMBA at the expense of their President! It is called TRIBALISM and its cousin is RACISM. The President and the team are doing a great job! Zambia is moving ahead. Only haters are the ones who are bad mouthing our peaceful country! They will NEVER be voted into power! Zambians know who they are.
This is just blackmail from KCM every business sector goes through these spikes, what they do is manage the spikes. Produce, sale more and save when the price is favourable. Schedule your projects in line with the spikes. What costs are they talking about; cheap labour, cheap electricity and low taxes. We need bold leadership from govt, Parlment and MUZ.
Magufulism
Praise for Tanzania president John “The Bulldozer” Magufuli amid a resources sector shake-up in the country was the most-read article on Mining Journal’s website this year.
Tanzania blocked exports of gold and copper concentrates in March, introduced new mining laws to increase government power and revenue, handed Acacia Mining (LN:ACA) a US$190 billion tax bill that the miner disputes, and in September took more than 70,000 carats worth of damonds from the Williamson mine it jointly owns with Petra Diamonds (LN:PDL).
Acacia’s shares plunged about 68% over the course of this year as sales dropped, its majority owner Barrick Gold (CN:ABX) stepped in to negotiate with Tanzania and promised a $300 million “good will” payment that Acacia couldn’t afford, it shut down its…
Continued
.. it shut down its Bulyanhulu mine and its CEO and CFO have resigned and will leave the company at the end of this month.
Meanwhile, Toronto-based Tanzanian Royalty Exploration Corporation’s (CN:TNX) praise for Magulfi in October – saying his demands on the resources sector were “clearly a call for fair and equal treatment, not nationalisation” – caught readers’ eyes.
TNX will share 45% of the asset and earnings of the Buckreef gold project with Tanzania, and executive chairman James Sinclair said the enterprise which produced the natural resources should have a fair share of the rewards.
Do not expect people to keep quiet when projects are overpriced because in the long run it is the grassroots who feel the pinch of those overpriced projects as funds are channeled towards debt servicing, not to mention the tax burden on the poor citizens. As for politicians it is business as usual. You won’t see them buying cheap Hiluxes but V8s
I never knew what was meant by ‘selling your soul’ until I came across some of the people who SERVE our nation..
Reckless borrowing and spending is the root of all this debt crisis. Mr Fundanga treat the problem at the source not applying cosmetic bandage to the symptoms.
lack of effective communication from government… 100% agree. this leave room for speculation and lies. Very well respected academic. I wonder why we afford not to have such brains in policy making
Just don’t borrow unnecessarily when u know u are deep in debt already and the leadership we currently have can’t even understand a comprehensive contract due to the level of education in the PF cabinet,Kaponya’s for ministers, that why all contracts are over stated, fyena Ku sign fyi
Thats the only strategy they have beside
XENOPHOBIA
ZAFFICO
MUKULA
LUNGU IS STRIPPING NATIONAL
LUNGU IS CORRUPT
Yes we hear you. But what are you going to DO for Zambia.
No Anawer
Am a non partisan political consultant
Ask one of them why they are matching…………. You will be amazed at the answer.
“We will continue borrowing without shame” bragged the Zambian president or is it soliciting for kickbacks without shame?
ZAFFICO’s Listing Valuation should include Known Mineral deposits on its land and income from any current and future mining revenues. This will avoid a single buyer mopping up shares at an irresistible offer price from one set at an undervalued share value that does not incorporate the mineral and mining value cost. This will be insider trading manipulation from the start. I concur with cries that the listing of ZAFFICO must therefore be halted, until a fair value and exchange of this asset can be concluded.
First and foremost, what is contained in the geological surveys, who carried them out and when? They need to be made public so that a market value is determined on the base of facts rather than deceit. There is something fishy about these deals, how come it’s only the Chinese snapping up all these lucrative deals with the help of some unPatriotic Party member.
President Peter Sinkamba, you make the most sense of all opposition leaders in Zambia. Please follow up on my comment above and file an injunction against the ZAFFICO proposed listing until the concerns highlighted are addressed. Thank you.
What are you going to do once you win
ANSWER: Arrest lungu
Yes if he store he must face jail full stop.
Very childish. From president to cadres. Thats why is practically impossible for upendi to win under HH.
They behave like programed robots. Artificial intelligece robotics would behave far much than these cadres
They have been programed to insult and vote down anything against their president who is feared like prophet Muhammad
Negative actions are followed by negative sentiments. Positive action is followed by positive sentiments.
What causes negative speculations is lack of transparency in the conduct of public affairs together with lack of access to accurate information! For example, when someone says ZAFFICO has been sold to the Chinese. It’s not enough for GRZ to just respond that it has not sold. What is the meaning of those Chinese activities going on in ZAFFICO plantations? What is the meaning of Chinese Nationals driving ZESCO vehicles? What is Synohydro’s role in ZESCO? ZNBC won’t tell you anything and so most citizens go to ZWD for accurate information is consistently accurate and damaging to GRZ and sadly, the economy!
I dont go to ZWD. ZWD has a specific group of people that go there for false hope and self amusement. PERIOD.
How can a rational human being believe when they say ati. Litunga has died in car accident as he was heading to state house to pick a brown envelope.
That site is for GALU WATCHERS in ZAMBIA.
WE KNOW YOUR DRNKEN WIFE IS MMD AND SO U ARE, IF NJALA YAKUNYOKOLA WE CAN CONSIDER YOU TO BE A PS IN FINANCE, DONT MISLEAD PIPO THAT CHINESE LOANS DONT BENEFIT PIPO LIKE MULYOKELA,WHEN U WERE BOZ GAVANA DID YOU USE TO PUBLISH SENSITIVE DATA LIKE PRESIDENT EXPENSES ON A SINGLE TRIP? AND U WANT US TO LINE UP CHINESE LOAN CONDITIONS IN A TABLOID , ULABEJA MUNENE
IF MY ENGLISH IS GOOD, WHEN ONE SAYS IT CAN WORSEN, THEN IT IS WORSE CURRENTLY….