By Richard Aaron Ngoma
Zambian bondholders are mystified by a ghost loan of a staggering half a billion United States dollars that the PF contracted between December 2019 and January 2020. The creditors are further perplexed that the PF are refusing to reveal who lent them the money (which is unrelated to China or any of it projects) and the purpose it was used for, reports Africa Confidential in its latest edition released on 20th October 2020.
In a virtual meeting with bondholders in early September 2020, the Zambian government requested for a six months moratorium for a coupon payment but there was no quorum reached by the bondholders resulting in the decision being pushed to 13th November a day before 30 day grace period on the bond payments ends.
Meanwhile speculations among observers is mounting as to who the lenders of this huge ‘stray’ loan is what it was used for. Others believe this is the money PF is splashing to buy MPs for Bill 10 and campaigns, while others believe it is the funds that it is allegedly used to train militias.