Zambia’s borrowing appetite worries UPPZ President Charles Chanda

Dr. Edgar Chagwa Lungu with Chinese Ambassador Li Jie

Zambia’s borrowing appetite worries UPPZ President Charles Chanda

By Derrick Sinjela in Kasama, Northern Province, Zambia

UNITED Prosperous and Peaceful Zambia (UPPZ) President Charles Chanda is worried over increased borrowing by the Zambian Government led by Dr. Edgar Chagwa Lungu and Vice President, Ms. Inonge Mutukwa-Wina.
Responding to information attributed to Chinese Ambassador to Zambia, Mr. Li Jie that the Xi Jinping leadership will provide a US&28.8 million grant toward debt repayment, Chanda found the reality as regrettable.
In opposing the noted increaser in Zambia’s debt burden, Chanda cited Psalms 37: 21-22: “The wicked borrows but does not pay back, but the righteous is generous and gives; for those blessed by the LORD shall inherit the land, but those cursed by Him, shall be cut off”.

UPPZ leader Charles Chanda

Chanda has time without number implored the Zambian society to prudently utilise national resources.
Addressing journalists in Lusaka, Ambassador Jie reiterated that China will not hesitate to finding a solution to the recovery of the economy: “Our Chinese Government is engaging the Zambian counterparts on how to arrange bilateral debt repayment, evident by a US$28.8 million grant”.

Speaker of the National Assembly, State Counsel (SC) Patrick Matibini with Chinese Ambassador to Zambia Li Jie

In a Thursday, 15th October, 2020 Ministerial Statement on Zambia’s Public Debt Management Strategy, before Speaker of the National Assembly, State Counsel (SC) Patrick Matibini, former Minister of Finance Dr Bwalya Emmanuel Kanyanta Ng’andu reaffirmef stock of external debt as at end of 2019 indicated in the 2021 Budget Address, as US$11.48 billion.

Stated Dr. Ng’andu: “As at the end of June, 2020, this figure increased to US$11.97 billion, which, when we add the guaranteed debt for state owned enterprises, comes to US$13.55 Billion. I have noted regrettably that some sections of the domestic and international society that may not have read the recently released 2020 International Debt Statistics Report by the World Bank are quoting the Government debt as being US$27.34 billion as opposed to US$11.48 at the end of 2019. The amount stated in the World Bank Report refers to the total national debt that includes private sector external debt of US$15.57 billion”.

Chinese Ambassador to Zambia LI JIE with Finance Minister Bwalya Emmanuel Kanyanta Ngandu at the Ministry of Finance headquarters in Lusaka, Zambia

Dr. Ng’andu explained that the private sector external debt is foreign denominated debt owed by all nongovernment entities in Zambia in all sectors including mining, manufacturing, transport, energy, wholesale and trade.
Xi Jinping was born on Monday 15 June 1953, is a Chinese politician serving as General Secretary of the Chinese Communist Party (CCP) and Chairman of the Central Military Commission (CMC) since 2012.

Mr. Jinping as a Chinese prominent and paramount leader has been President of the People’s Republic of China (PRC) since 2013.

(Brasília – DF, 13/11/2019) Presidente da República Popular da China, Xi Pinping.
Foto: Alan Santos/PR

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