- Stay Connected
Socialize
‘K20 Billion Kwacha Budget Deficit-Result From Luck Of Right Priorities’
The PF government is taking the nation in the worst financial woes ever imagined.
This government has borrowed more than any other past successive government within a short period.
Even to the extent of borrowing and covertly keeping the debt until only brought to public knowledge by whistle blowers. The same debt that they expect to be paid by gullible taxpayers.
For such actions, even the named tragedy of K20 billion deficit is also questionable. It would not be surprising to learn of a different amount.
This government has been wrecklessly borrowing from inception and has nothing to show for a project set to regenerate revenue and self repay the loans and further offer growth to the national economy. Priorities are set on wrong projects which do not even offer immediet income generation, decent pensionable jobs to the locals, only benefitting the same foreign financial lenders.
It is lamentable to note that same government is even lobbing parliament to increase its ceiling on external borrowing from K35 billion to K60 billion without even a plan in place to repay the already incurred loans.
As NAREP on the Copper Belt, we strongly implore the parliamentarians, both PF and opposition to reject the request in the best interest of the country. Irresponsibility from this government is placing the country and its future generations in serious financial and economic woes which our children will not be proud having us as their forefathers.
For this cause, we implore parliamentarians to reject the request and demand for a detailed government plan on repaying already existing debt. Demand for accountability on expenditure of the same debt.
As NAREP, we ask this government to stop borrowing and consider investing the already borrowed loans in science and technology which will include establishing and revamping of manufacturing industries, textiles, food processing plants, recycling plants, etc. Then the Zambian economy will witness growth and generate money that will repay loans as well as add revenue in the government coffer through huge forex that will be generated by the said industries. Such will also create decent pensionable jobs for the Zambian locals, which in turn will increase the treasury’s revenue collection through Pay As You Earn (PAYE) and other associated taxes.
It is such industries that will finance road projects, stadiums construction, health sector, rural electrification projects, etc.
The planned construction of mealing plants national wide is a brilliant idea, however, still leaves a lot to be desired. Employment of 12 people pay plant is not good enough and demands for more to be considered.
This government unlike any other past one, must have uplifted the lives of Zambians. They borrow the most, they cut fuel subsidies and fertiliser subsidies yet they never give account of all this money.
We challenge parliament to demand for accountability on the cut subsidies. How much has been collected and what has it been used for before they even consider raising the borrowing ceiling.
It is also very regrettable to note that this government does not even show any signs of a plan to get the country out of the borrowing trend by wishing to even exhaust the internatiomal debt limit of 40% from the current 13%.
The Eurobond will soon be due for repayment, however, accountability on its expenditure leaves a lot to be desired. ZRL limited has failed to account for part of the Euro bond, yet the PF government wants to continue borrowing.
Borrowing by this government lucks merit and basic needs that must necessitate act.
For this cause, we once again ask parliament to think about the future of our children, the life of an expectant mother in rural areas and that of a tax payer and stop this government from further borrowing.
We ask the Finance minister, Mr. Alexander Chikwander to do an honourable thing, resign from his position as Finance and National planning minister for sinking the Zambian economy beyond imaginable depths.
Chipoka Mulenga,
NAREP Copper Belt Chairman,
Posted by
Tio
June 18, 2015 at 12:19 pm
Too much of anything is bad. We have seen some improvements on our roads countrywide but this kind of borrowing is alarming.
Bola panshi ba Chikwanda twapapata.
Lucy
June 18, 2015 at 12:34 pm
When you stop voting and appointing on tribal lines, that’s the time you will start developing your country you fo.ols.
kenneth
June 18, 2015 at 4:09 pm
Word
Famous idiot!...
June 18, 2015 at 12:40 pm
Uku kutumpa its like u tell yo wife tekapo ubwali mumpoto ikulu kanshi ubunga bulipo bwa mukusu umo then u blame yo wife for having a big pot!… “awe government has nyo nyo nyo ifya mbushi umungulu kwati niba kapoli”… Akale we were told ati aba mapala bamano kanshi embushi shine… Uwa mucene ena worse cant even smile…
MUNGOMO
June 18, 2015 at 1:54 pm
Luck or lack
Welcome to the real life
June 18, 2015 at 2:04 pm
Awe sure kuwayawaya fye!
mailon
June 18, 2015 at 3:06 pm
“Unconscious incompetence” is what we are witnessing.
The idiots are still going round boasting that they have turned the country into a” massive construction site.”
Their hero the late illiterate dictator “chimbwi no plan” died after realising that the term “with immediate effect” was not an economic panacea.
mailon
June 18, 2015 at 3:12 pm
When we were growing up we had groups in classes.Group1 for the intelligent, Group 2 for the average pupils and group 3 for the dull ones.Even among the dull ones in group 3 there were those who realised that they were dull and tried to work harder and those like Sata and the likes of Kambwili who did not and blamed their poor results on the teacher
Ken
June 18, 2015 at 3:24 pm
The authar and all of you commenting so negatively about Zambia’s debt are doing so from an uninformed position. Your analysis is cheap and lacks merit.
Where have you seen any country that has developed its infrastructure using its own finance? Have you ever heard of a normal person spending all his income on a capital project? The normal is to get a Morgage if you want to build a house.
As we speak now, South Africa will still be paying for those roads for the coming 10 to 15 years more.
If we have to drastically turn arround this country’s economy, we have to sweat a little my freinds. Do not think other people like our childred will come and take action NO! We have to swallow this bitter pill now.
Infrastructure development and upgrading the urban roads is not misapplying the funds.
Rebuilding the rail system is not misapplying the funds. These are the No 1 priority areas because they unlock the Country for more investment and job creation.
The PF has chosen the hard road to come out of this Country’s lanloackedness and economic mallaise and can even be unpopular by such like you. But the benefits can even be seen already.
The current debt is still below acceptable level for the Country and I am not sure why you can cry so much as if money is being spent on consumption.
Even if its politics, let us be objective and truthful even as you seek to be elected. Tell the people how you will raise capital funds for development then they will vote you.
You have a very educated doctor like Canicius Widower Banda talking on the subject as if he is reading a massage written by the Poor peoples party president.
For us in the PF, we are prepared to develop this country and we are in a hurry. We have to develop it so that it can generate its own income in future.
nseko
June 18, 2015 at 6:39 pm
You are a typical example of retard. Need i say more.The few roads you putting this money will need to be worked on again in three years time even before start repaying the debt. In your weired thinking we should keep borrowing until we explode. I thought you were mature enough to see what this country went through under HIPC. It was a very big mistake for the gulibles to elect your part into GOvt with this your dangerous kind of thinking.
Life span of your roads is 2 to 3 years meaning by the time the debt is due for repayments you will have borrowed at least three times to maintain them. Is that what you call productive and responsible behaviour by any civilised and knowledgeable Govt.
Vampiro @ ONYX POWER
June 19, 2015 at 12:26 am
How do you develop the economy
Sunday mzk
June 18, 2015 at 3:34 pm
Idiots do vote fellow idiots .
koswe wa green
June 18, 2015 at 5:01 pm
Ken wake up….to borrow the famous sayings on 5fm radio by Maty P : ” nkongole tima kongola,manje kakongolidwe ” !
koswe wa green
June 18, 2015 at 5:02 pm
I wont be suprised to learn that Ken is also a contractor….a shoddy one for that matter !
TREY
June 18, 2015 at 5:37 pm
Ba ken naimwe kuwayawayafye! The author of the above article has clearly stated that, there is no tangible project as at now for pf to regenerate the money and settle our debts. imwe @ pweke pweke.
tutu
June 18, 2015 at 5:58 pm
but since kale twa amba ukukongola nabene bakongole tapasako mano and they dnt pinda..so y bother reducin on the kongole? 2 thm wnt they give us z peanuts,ts like k15000 et u ask me 4 k5, nway correct me f m wrong bafikala
major chileshe
June 18, 2015 at 7:12 pm
Ba chikopo mulenga,indeed muli chikopo
kaps
June 18, 2015 at 8:49 pm
Ba Chipoka Mulenga and not Chikopo Mulenga . Kwena ba major …
observer
June 18, 2015 at 11:41 pm
PF is in control of the economy you are just exaggerating things the situation is not like you are trying to portray. at least we are seeing roads hospitals bridges and other infrastructures being constructed from the so called borrowed money.whats the fuse. muleke ukwenda mumisebo shaba pf muleendela mumulu nkanshi.tamwaba nafisuma mwebantu nashininkisha.
Songo
June 19, 2015 at 8:31 am
Sata was very vocal who used to condemn MMD gvt for borrowing although they were not borrowing wayPF is borrowing. Someone is saying SA is still paying nkhongole they borrowed for their roads, is Zambia on the same economic scale with SA. Amenshi baling no bunga. The tarmacs you are talking about are like someone just painted the surface of the gravel road which will soon start peeling off.
Kawalala party
June 19, 2015 at 11:06 am
Mwa lungu kuwayawayafye!