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US$418M Loan Agreement Is Poor Business Judgment- HH
The opposition UPND says the contraction of the US$418 million loan by government to finance road rehabilitation on the Copperbelt is poor business judgment.
The Zambian Government has signed a loan agreement of US$418 million with China to finance the rehabilitation of roads on the Copperbelt under the C400 project.
And UPND president Hakainde Hichilema says the money is at risk because the project has already hit cost overruns and delays at a time when other developments are being undertaken.
Mr. Hichilema suspects that government has therefore signed this loan only to appease itself.
He has however warned that the US$418 million loan risks being potential loss to taxpayers.
Mr. Hichilema has also observed that with the US$418 million new loan the PF government has now borrowed equivalent to what the UNIP government borrowed in 27 years.
He says he finds it disheartening to see how the PF government is borrowing money at the time that Zambia is grappling with the economic challenges.
Posted by Staffreporter
on December 7, 2015. Filed under POLITICS.
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Judge Joe Bidden
December 7, 2015 at 11:42 am
It just doesnt make sense to borrow US$418 million (5.85 Billion Kwacha) to repair potholes in the middle of an economic meltdown. Why didnt the Govt use this money to improve people’s lives, food supply and food security, power, reduction in fuel cost, etc even helping retrenched workers than waste it on Copperbelt potholes?
Chela
December 7, 2015 at 12:25 pm
It is not sustainable my friend do something and get a life do not wait for hand outs from government at your age. The government has created a conducive environment for all citizens changamuka.
Judge Joe Bidden
December 7, 2015 at 12:56 pm
Chela just like what HH is saying, we arent opposing the development of the roads but one has to put priorities in place – its the timing, do you know what 5.85 Billion Kwacha can to do? Do you know some industries can be revived and employ people with that kind of money? Thats not an handout, as for me I have I am not on Govt payroll (I have never been) but there alot of poor Zambians being screwed by people who share with you such misguided mentality.
Chela
December 7, 2015 at 2:13 pm
We cant borrow for direct consumption my dear.
Judge Joe Bidden
December 7, 2015 at 2:29 pm
Not necessarily for chowing up the money but something that directly impact on people’s lives, for me mending of potholes might come 4th on my to do list right now, my man things are bad but mending potholes with 5.85 Billion Kwacha right now?… awe guys.
Hello Haters
December 7, 2015 at 2:41 pm
@jjb umwaiche uyo @chela is lost he can’t understand a single thing in your comment, probably for him just seeing that word food, he thinks you are talking about nyopole, forgive the little bagger.
Judge Joe Bidden
December 7, 2015 at 2:54 pm
Thats the problem thats why I tried further even to say food SECURITY which is a medium and long term planning by injecting funds into Agro-businesses, motivate farmers and then secure food for the citizens (export the excess to get revenue out of it), In short diversify the economy thru Agriculture, lets say. But problem they take all what we say ati ni ba Oppo…
Chela
December 7, 2015 at 3:13 pm
No the problem is that all businessmen are crossing over to politics eg GBM, HH, Milupi etc you want GRZ to start running businesses no no and no.
Chela
December 7, 2015 at 12:17 pm
You HH you are happy when you see people driving on bad roads which were last maintained during the UNIP Government, the poor infrastructure which include schools and hospital should be left unattended to by the PF people’s Government, how unreasonable this man!! How else do you think the government will improve people’s lives. Concentrate on your business Badala and let the people’s Government work. Government is not run like a Kantemba get experience at least start at ward level, then constituency there after you can look at plot 1 not the other way round, you ve never won an election even at branch level!!!
Chovix
December 7, 2015 at 12:45 pm
HH is a total failure like a locomotive that has failed to hual a couple dozen of wagons.How can someone fail to win in four consecative elections and goes on to brag ati am popular? Our big man just failed three times and two of them he was just dribbled. Ba satanic HH willbe tossed into political abys when he is clobbered again in 2016 ala ine naumfwa uluse mwe!
Judge Joe Bidden
December 7, 2015 at 12:50 pm
How convenient you avoided to discuss the issue in the article, but as usual you resort to the perpetual name calling of HH.
eddy
December 7, 2015 at 1:34 pm
HH keep your big mouth quiet as we want to be driving on nice roads!!PLEASE COPPERBELT VOTERS NEVER VOTE FOR SUCH ANTI-DEVELOPMENT POLITICIANS LIKE HH IN 2016!!
Kwati like so
December 7, 2015 at 2:18 pm
Energy sector is struggling…agriculture is failing n all wat pf can do is borrow to fix a road…very childish @ the moment
Judge Joe Bidden
December 7, 2015 at 2:36 pm
This what I am saying there alot of failing sectors in Zambians lives right especially in energy, hospitals are dilapidated even standby GenSets for hospitals are in disrepair, farming inputs, etc but what maths did they use to pick potholes as most urgent?????
Hello Haters
December 7, 2015 at 2:35 pm
Someone help me does it mean teti tuchiteko fimbi apart from roads? That amount would go a long way in the agribusiness sector if invested well, we talking about diversification, any plans of value addition to agro products for export?
Loyd
December 7, 2015 at 2:47 pm
The problem is that our business men are all crossing over into politics eg HH, GBM, Milupi the list is endless they say they are more opportunities of making big money in politics hence the crossing over.
Judge Joe Bidden
December 7, 2015 at 3:03 pm
Nope! Thats a wrong assumption or theory my friend, actually its better to have someone who is wealthy to be a leader than who has being struggling whole his life as he wont put plundering of the country’s wealth as his first thing. I think among our past presidents its only KK (my view) who has lived a modest life after leaving office, the rest stashed moneys everywhere in any hole they could find.
Critical Analyser
December 7, 2015 at 3:01 pm
Nothing good comes out of this man’s mouth,can he really be trusted?his way of politics is continually critics in whatever Govt does.what then will he do when given plot 1?
observer
December 7, 2015 at 3:20 pm
Hh this is not business madala,this is Peoples lives and where they live .are the roads conducive for the community ? matters for us pf.we are not going to wait for upnd god to apply his business antics.if people are able to lend us money then they know our potential to pay back.
The Jew/
December 7, 2015 at 3:47 pm
Here is a questian.
Suppose you run out of salt and shoe polish at the same time, and you only have money for one of the two, which one of the two would be your first priority?
kanchine
December 7, 2015 at 3:53 pm
How can government invest in agriculture sector when tge country has no roads, how does it transport the products for exportation or in to the expected destination, to with sense mr economist.
kanchine
December 7, 2015 at 3:55 pm
How can government invest in agriculture sector when the country has no roads, how does it transport the products for exportation or in to the expected destination, talk with sense mr economist.
zhyono
December 7, 2015 at 4:13 pm
we will use ox-cart to transport 500 tones of maize
Judge Joe Bidden
December 7, 2015 at 7:24 pm
Oh ok so Copperbelt is no longer a mining region but agricultural zone? Hmn it’s only in Lungunomics 101 you get that one.
Lamba boy
December 7, 2015 at 4:03 pm
but this timing is also questionable! hw can as a father decide to borrow en by new furniture when u have no M/meal at home! iliko trick iyi!!!
Judge Joe Bidden
December 7, 2015 at 5:44 pm
Good example just because you ve been sitting on old sofas!
Apex@
December 7, 2015 at 6:13 pm
Indeed this’s a Chimbwi-no-plan Govenment! These people are shooting themselves in their feet. They’re talking about expanding their revenue collection base whilst, at the same time they’re busy suffocating the same. Imagine!, what is obtaining here at Nakonde border post {Customs} offices, where they’ve not only abruptly but also exorbitantly hiked prices or values for both essential and none-essential goods in the name of New Revised Customs Fees. Just think of it, someone has always been paying for a bag of Kapenta commonly known as Dagga to Customs at K10 only to be told to pay K128 the next day he wants to pay! Would that person really be able to pay for that abnormal price? and should he/she pay for the same, How much the burden he/she be able to pass onto the ultimate consumer?. This Govt is really a joke and must surely be shown the exit door come 2016.
Judge Joe Bidden
December 7, 2015 at 6:25 pm
Now imagine what impact would that be to this small scale trader he/she can’t sustain the business apart from just quiting then tomorrow we go and vote same people ati it’s Ok he is a humble president.
Apex@
December 7, 2015 at 6:31 pm
Prioritization of things is what’s eating PF to the bone. They strike when the iron is still cold and always govern by way of putting the horse behind the cart. Henceforth, from now onward i’ve switched my allegiance to an only alternative, the UPND maybe, it’ll’ve a heart for the poor masses unlike these stone-hearted people in Government.
Judge Joe Bidden
December 7, 2015 at 7:32 pm
You are welcome in UPND we need that leap of faith and try something different for our country. I believe HH frequent call ups for global economic forums are not just for fun by these investors they are pretty sure he has something he can offer for their investments and turn around our economy, he won’t be the Messiah but sure he knows his stuff.
The Mentalist
December 7, 2015 at 6:34 pm
Bafikala nga Solwezi Road?
Judge Joe Bidden
December 7, 2015 at 7:34 pm
Ask them it’s Zambia is Copperbelt and Copperbelt is Zambia. Fyonse ni Copperbelt
Hello Haters
December 7, 2015 at 7:07 pm
Kikikiki PFool cadre, what’s the connection between patching of Township roads in Riverside, parklands, kwacha, miseshi, buchi, chimwemwe, chachacha, ndeke, wusakile and transportation of agricultural products? Do you even know the Zambian road network and which roads are the lifeline of this countries economy?
Hello Haters
December 7, 2015 at 7:09 pm
Damn! Was aiming for that PFool @kanchine, missed him by a wisker.
Judge Joe Bidden
December 7, 2015 at 7:40 pm
Hahaha I also noticed I answered him with a grin on my face
Chilufya
December 7, 2015 at 7:37 pm
FPOOLS
kk
December 7, 2015 at 7:53 pm
alwys dere are options. ad good economists are only in upnd, dat suprises me.
Judge Joe Bidden
December 7, 2015 at 9:36 pm
So why can’t Edgar hire smart economists than getting advice from people like Global Kambwili?
Arnold
December 7, 2015 at 9:46 pm
Tht guz hh & cadres now uses a strategy of opposition govt to gain political mileage, he dnt kno tht one he will oppose something tht will affect him . Why a matured president dnt evn talk abt an economist with no knowledge at all to run th economy.
Lyepa Luneta
December 7, 2015 at 11:13 pm
Last kicks of a dying horse. It’s desperate and panicking move to win back the copperbelt their (PF’S ) former stronghold. But alas, it’s too late, the writing is already on the wall, ” mene mene ketel apassim.”
John kabengele
December 8, 2015 at 2:03 am
This money, is just for PF campaign period.
Reality
December 8, 2015 at 6:24 am
Bt Why copperbelt owez.
Enwe,how do we work on roads na njala?
Food first kaili.
Common Sense
December 8, 2015 at 6:29 am
We need to understand that Loans given out comes with conditions. Certain loans are only given for specific sector of the economy. Its not possible for govt to divert to such loans to other needy areas. The best is to advise govt to get loans for such needy areas.
Certain loans are different from Eurobond which has
no conditions attached
to it
Judge Joe Bidden
December 8, 2015 at 2:42 pm
In the first place, why would one go for a mending of pothole loan at the expense of all these sectors that are crumbling in the country?
sikujana
December 8, 2015 at 9:36 am
township road is this the thing people want.awe pf and its roads ,bring that money we gonna chop and vote you out 2016.
Chovix
December 8, 2015 at 2:55 pm
PF will leave a very good legacy of building roads everywhere in Zambia, no matter how much you critise that will remain in the history books of this country.You critisise everything even when someone goes to the toilet because that is your nature as Upndown. In Zambia if you follow what ever every jim and jack says,you cant work so nisela tubombeko.
Common Sense
December 8, 2015 at 8:13 pm
Commentetors lets remember that a Beggar is not a Choser You can only take whats on the table. Lets enjoy whats on the table as we look elsewhere to source for other resources to fund equally other important sectors of our economy