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Revelations By IMF Over Debt Trap Worries Magande
Former Finance Minister Ng’andu Magande has charged that government should state clearly its position on worries by the International Monetary Fund (IMF) that Zambia will slip into another debt trap.
Speaking in a telephone interview with QFM News, Mr. Magande says it will only be fair and good enough for government through the Ministry of Finance to tell the nation if Zambia’s debit is sustainable.
Mr. Magande explains that he is on record having advised government several times not to continue over borrowing as the country risks falling in a huge debit trap.
He says he is only hopeful that government will now take the words of the IMF more serious and stronger as they have failed to listen to advice from different stakeholders on continued borrowing.
The IMF fears the 10 per cent increase in total public debt in the last two years might plunge Zambia into another debt trap.
And International Monetary Fund (IMF) has warned that Zambia will next year borrow money at a higher interest rate after rating agency fitch downgraded the country’s credit rating to b from b-plus on the country’s crumbling government finances and expectations that the deficit will remain high.
Posted by Editor
on May 18, 2014. Filed under LATEST NEWS.
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Chimbwi nayena alikwta abanankwe
May 18, 2014 at 7:11 am
They will listen! That is if they have ears to listen.It is this same Chikwanda that crumbled UNIP govt and made life for the subquent next govt of MMD to grapple with high debt.zambia eventually found among itself under HIPC .With Chikwanda in the Finance portifolio,Zambia is going back to HIPC and will never recover.Look at the exchange rate.Its pathetic and mudala ali ndwii! Please implement windfall tax.I know chikwanda will call all those agitating for windfall as lunatics.I know Lunatics are those who have failed to bring the cost of living down and cannot see that things are bad in the country.
mj banda
May 18, 2014 at 10:46 am
Boma ya Sata ni chimbwi no plan. Do these kaponyas think? The problem chamba is still working in head of the Head of State
Mutubila
May 18, 2014 at 1:15 pm
These kaponyas have taken us back to the archives! U bring back economics of the 1950s to this age! Chi Sata who can’t understand anything on governance is busy giving jobs to relatives! Nimbwa ishi kwena! Will never forgive myself for voting for these I.diots!
mj banda
May 18, 2014 at 1:18 pm
Mutubila thumbs up
kantu
May 18, 2014 at 3:01 pm
ths gvment ni ba cumbumunshololwa,they thnk thy knos evrthng,i wl neva make dis mistake again2vot4 pf
Bemba woman
May 18, 2014 at 3:24 pm
Abanthu bali samwa Sana mu 2011, “we want change, We want change”! This is the “change” that’ people wanted.
kenn
May 18, 2014 at 5:18 pm
The best Magande can do is to keep distance and watch, since Peoples Faults and their Action man know very well to destroy the economy as well as subjecting anything to hardships yet claiming all is well.
Magande should with immediate effect stop advising the Panga Family,soon they’ll start mocking him that he is desperate for a job or wants to be initiated into Panga Fighting.
Reserve your dignity and wisdom. Stay focused and be ready to share you experience with wise people who are ready to take advice based on your experience, advising Panga Fighters is a greatest share waste of time and energy,meanwhile lets survive on their failures,we shall change everything soon as we did in 2011
sata suppoter
May 18, 2014 at 5:35 pm
bafikala sana
shakaz
May 18, 2014 at 7:11 pm
All Zambians should be concerned, not only Magande!
kakolwe
May 18, 2014 at 7:45 pm
Best observations Mr. Magande. Its a pity you were dribbled buy that woman. My worry is who would you work with to lift Zambia to higher heights. Is it that fallen preacher or that Sole beneficiary of the 90s privatization? Ask them to join you & they will call you s.h.i.t!
kolwe
May 18, 2014 at 8:41 pm
I’m pf but not happy with our deelings nasumina nga paliba umuntu ashumfwa abantu nga balelanda ni politician zoona ba sata kutimwakana nokumfwa kubantu please bwesheni mutati,magande, fundanga nabambi ichashupa sana ukumfwa kuli Fernandina chinshi pantu 99% balemibepa ngefyo babepele kk and rb.
FBI
May 19, 2014 at 1:12 pm
Soon kwacha will be K700 to US$1. So who is stealing? How did Mwanawasa manage to stabilise the exchange rate? Because he was a professional and had the Zambian people at heart. Now look what is happening. Everything is going up and the big man is quiet. It’s like we do not have a president. Are we on auto pilot?
mj banda
May 19, 2014 at 1:20 pm
Please can our learned Zambian Dr remove the chamba which is ruling our beautiful country from Mr MC Sata. This Sata is giving economic jobs to his friends whom he smokes with for fear of being revealed from his hiding hole