International trade expert Trevor Simumba has charged that Government is not being sincere over the extent of Zambia’s foreign debt stock.
Finance Minister Felix Mutati on Wednesday announced that Zambia’s total external debt stands at US$7.2 billion as at end of May 2017 from the US$6.9 billion recorded in December 2016.
But Mr Simumba says the $7 billion announced does not include Chinese project finance debt of approximately US$10 billion.
“As they say the devil is in the details. We are being distracted. Parliament need to ask the right questions,” Mr Simumba said.
“Just a snippet of announced Chinese loan funded projects: 1. KKIA new terminal: $320 million. 2. Copperbelt International Airport: $397 million. 3. L400 roads: $422 million. 4. C 400 CB roads: $493 million. Kafue Lower Gorge Hydro: $2 billion (cost increased from $800 million under MMD to $2 billion under PF after it was cancelled). Serenje to Eastern Province TAZARA rail link: $2.3 billion. Just these selected comes to US$5.932 billion.”
He added, “If we were to dig deeper we would find another US$5 billion if you include the dual carriage way project, roads in Western province that is costing billions alone owing to the complexity of the road over the plains of Western Province.”
Mr Simumba charged that there has been serious abuse by the PF Government when it comes to Chinese loans that are obtained without any transparency and contracted out by Ministers and senior civil servants without proper due process with very little benefit to the nation but at great cost.
“Remember Chinese money though cheap has to be paid back. It is a loan, not a grant or charity,” he warned.
Simumba is a lemon ignore him
Thanks
bb2014,2016
Yes, Zambians should just continue ignoring such people and let the government officials spend money the way they like as they are in power to manage the way they like. After all our children will pay from their noses.
So @ Mushota are you saying he is lying? The truth is you are safe in Scotland. Its the Zambian who is feeling the pinch of these loans. it doesn’t respect whether you are UPND, FDD, PF as long as you are earning less than 10,000 Kwacha per month, you are in trouble. even those who earn above that are being taxed at 37.5% that’s more than a third of your earnings going to government. in as much as it is good to get these debts, it is important that they are properly procured and utilized.
PF bandits have been caught pants down. PF short legged lies have caught up with them & now the country is $17.2 billion dununa regret debt.
By 2019, $1 will be equal to K25,000 with Lungu~sha economy & PF bandits at the helm of illegal, undemocratic, unconstitutional & fraudulent leadership.
How much is mealie meal today?
The Skeleton Key
~206~
Ignore mushota she is infungo.
The truth pains that is all about PF! More poverty and more suffering?
Mushota , do you need to know that I have a PHD too.
Despite my education , I fear GOD and request you to fear GOD and keep His commandment.
In life , my daughter, for I know you are very young. I am an elderly man fit to be your father or older than your father. I shall not insult you not call you nonsense because I want to leave a good legacy behind me.
One can be a winner without a medal and loser with a medal if winning is not kept in perspective.
Let you life be based on emphathy, fairness, compassion for the injured, ill and the girl and the larger interests of society.
Never argue but discuss with people. Know the difference between discussion from argument.
Calling Trevor a lemon is wrong
Simumba is so right about PF hidden loans. Just look at the new jets ZAF are flying. These are not the Migs Kaunda left behind. The police have the latest anti-terrorist paraphernalia (bullet proof jackets, machine guns, armoured cars, terror dogs). Money has been spent secretly right in front of our eyes.
Mushota, PHD can also stand for Permanent Head Damage.
Just a correction: there’s not a single dual carriageway in Western Provinve. The road to Kalabo that Simumba is referring to was fully funded by 2011. Otherwise, Sata would have cancelled the contracts and diverted the money to his home village, as he did with the Bottom Road.
Zambians only wake up when their bums are in the Crocodile’s teeth! Never Proactive. Always reactive!
@robmwale, note that mushota has a PHD. calling others ‘Lemon’ is part of her speciality.
She is merely flowing in her qualification.
KIKIKIKIKI
Mushota’s Phd is gotten it through Insults. He/she is a professor in insults. Which school did she go to?
And all you will hear from the resident kaponyas on LT is that it is money well spent, which country spent have debt, we needed infrastructure, sontapo ,foynoyo, foyonyo, foyonyo……
Africa has brains which are not utilized.As a continent,it is a fuss to think that Africa can survive minus contracting debts.Our survival depends on loans which we get from western world hence modern slavery.The major contributing factors are laziness and corruption which have permeated into the moral fabric of our society.Year in,year out,the Auditors Report is produced but no action is taken.It is just a mere academic exercise which is shelved for future reference.We are not serious as a continent.To say,Zambia should not contract loans,is putting dust in peoples’ eyes.We survive through loan acquisition because of our laziness.We are a continent that has a lot of resources but under utilized.What a paradox!!!!!
@mbaluso Its u who is LAZY and CORRUPT , I am not. I make sure my 8 children from 8 different mothers spread in different countries and continents are well fed and go to good schools. I have so many kids because just after grade 12 studied in 4 different counties and continents for my Bachelor degree, master, Phd AND POST doctoral, hence the temptation from asia, europe, north and south america, on women was very high. Those of u who have lived in real diaspora know about this fact, not diaspora of malawi or tanzania but in a country where your race and color is different from majority. Sometimes one gets pissed off due to racila remaks but their women are always sweet to a black man
@Anyoko!you must be joking.8 children from 8 different women and you call yourself a real man?That is not an achievement.Real men will take greater responsibility for their lives and those they bring on earth.You can have those papers that you have,just like I do,but you like wisdom.It is not a matter of having a lot of children from different women,it is a matter of leaving a better moral standing for your children.Education,minus morals,is futile.We are all in diaspora but we have maintained our values.We do not go to Europe to start wominising and sleeping around.We were brought under very fortified values and morals.I really pity you.You need to go back to your roots and revive your upbringing.
It’s very common to read how citizens counter check on the figures provided by government officials and find that they’re actually not what they’re supposed to be, whether it’s ZRA or the Ministry of Finance.
if there is a Minister, President Lungu needs to get rid of its Mutati. Ala ba Mutati ba pakakwa fye thats why he is making mistakes on his so called State of the Economy Ministerial Statement. Now he has to clarify with IMF on Zambia’s debt status which clearly he has been hiding all along. The Ministry of Finance needs someone with economic foresight not just an accountant. From the things are going ba Chikwanda is beginning to look like he was better than Mutati and that dangerous for Zambia. As things stand todate with one month to go before we clock one year President Lungu’s election, there is no economic programme that Mutati has put in place apart from singing IMF song which as things stand might not come through.
PLUS THE PRESIDENT AND HIS VICE SHOULD STEP DOWN ON MORAL GROUNDS. HOW CAN THE COUNTRY ACCUMILATE SUCH DEBT IN A FEW MONTHS? QUESTIONS AND ACCOUNTABILITY IS CALLED FOR ON THIS ISSUE.
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