The Italian government has cautioned Zambia against accruing more debt from the international market to levels where they can struggle to repay it.
Italian Ambassador to Zambia Filippo Scammacca said it is important for Zambia to avoid the over expansion of debt because it can create more problems for the country.
Ambassador Scammaca said told Hot FM News in an interview that Italy is one of the heavily indebted countries in the world and Zambia should not follow suit.
He said Zambia must not borrow too much and follow Italy’s bad experience but strive to keep the debt within manageable levels.
Zambia’s external debt stock currently stands at 9.51 Billion US dollars.
He’s right. Italy is another Zambia.
No country has ever developed using debt.
PF’s agenda of borrowing is stealing the hard work of future generations to feed current generations.
– 40 years from now, our grand-kids will still be paying for these chinese roads which will be pot-holed by then.
– They’ll still be paying the $400 million loan for Lungu’s missile-proof private jets & other useless loans.
– None of the Eurobond recipients is contributing towards repayment. Taxpayers are being expected to foot the bill instead of using the money for hospital drugs.
When someone tells you they have been there and are still stuck, take heed, Italy is head deep in debt.
Political guru
I have a PhD in political science.
@Maloza: Are you sure?? Europe’s Marshall Plan wasn’t debt?? The American railway system was funded by debt but powered the industrial revolution. The real problem in Zambia is not debt but our lack of production and a diversified economy. All previous govts. have failed to diversify our economy or invest in an education system that can train furniture makers, gemstone polishers and jewellery makers and other technical labour to drive our economy. To blame PF solely for all problems is naive and unobjectve.
@ZC,
I agree with you, but to a point.
And the point is this:
Every succeeding administration inherits the failures and successes of its predecessors. We will blame GRZ, the political stripe of the person holding the instruments of power notwithstanding.
Let’s develop this thing Zambia! No one will if we don’t. Also, remember, it is UNELECTABLE.
LT CAUGHT RED HANDED AKA PANTS DOWN LYING.
This EXTREMELY fake news.
Source: Italian Embassy.
Thanks.
Only if that advice was given to a hardworking government with a visionary head of state, it can go a long way, the advice is excellent but the recipient are wrong, corrupt and dumb
Thats why we are floating shares at zaffico.
We are not floating zaffico shares for eventual r change of use into mining minerals. No no.
We want to stop external debt
Sorry Mr. Ambassador but that dull chap in State House has already declared that he will continue borrowing without shame.
The moron in charge is so dull and wont understand what you mean, he thinks borrowing is development, the finance minister is a drunk who her self can not advise her fellow drunk, we are in trouble with these vision less leaders.
talian Ambassador to Zambia Filippo Scammacca. You are a true friend to the less fortunate Zambians for cautioning the elites.
We have friends but we don’t want to hind time we mature change ourself like japanes the people are poor but there country is ricer than USA we call ourself zambian we are looters specially in powere they are taking us for ride
Lungu and pf don’t know anything else…..if they can’t borrow they will tax Zambians to starvation.
It’s borrowing, selling state assets, taxing.
On selling state assets , I think Zambians have woken up.
So only more borrowing and more taxing left to do….
We have some mad people from UPND talking nonsense everyday.
Let Zambia continue to borrow as long as we are within best practice.
Someone has to pay for our development. So,the UPND dunderheads can not argue against both broader taxation and borrowing.
We should tax ourselves and choke development or borrow?
This PF govt is practical. Borrow a bit and tax a bit.
We need pipo with balls to run this country and NOT ba ‘some of us’.
Besides, UPND retards should wake up.
WHEN DID EUROPEANS EVER WANT SOMETHING GOOD FOR AFRICANS?
WHEN?
We are not gullible like UPNDEADS.
The primary principle to borrow is to upgrade your current status so that you maximize your profits in order to remain afloat and be able to pay back the debt. The problem in PF is that they borrow to change the status without maximizing the profits in order to remain afloat and be able to pay back the debt. If PF can sort out this issue, the economy will no longer short circuit.
He is indirectly telling his President
Italian ambassador to Zambia Filippo Scammacca getting pictures.
Getting pictures? From where?
Mr. Ambassador your advice is timely but unfortunately will fall on deaf ears.