Musokotwane

UNPLANNED BORROWING LANDED US IN THIS SITUATION

…The approval of the anticipated @IMF supported programme has been stretched from June to later in the year to allow Official Creditors (Government and Government related lenders) under the G20 Common Framework to make credible assurances and facilitate IMF staff submission of Zambia’s request for a 3-Year Extended Credit Facility to IMF management and the board for approval.

This is important because without affordability in making debt payments, the budget will not afford allocations for payment of salaries, spending on social sectors such as education and health, and meeting infrastructure development obligations.

In fact, as much as 75% of all the money the Government collects on a monthly basis would go towards debt payments without debt restructuring. To mitigate the impact of such a scenario, the creditors who Zambia owe’s money have been asked to reduce what the country owes them before we ask the IMF to help.

Had there been carefully planned borrowing in the past, we would not be in this condition, however, WE WILL SOLVE THE PROBLE. Trust the process.

Dr. Situmbeko Musokotwane, MP
Minister of Finanace & National Planning

7 COMMENTS

  1. FAILED NARRATIVE. THE NEXT GOVT WILL BE SAYING HAD THE UPND NOT GIVEN MINES FREE MONEY, WE WOULD HAVE EASILY PAID OFF THE MONEY PF BORROWED AND YET STILL REMAIN WITH ALL THE MASSIVE INFRASTRUCTURE PF BLESSED THIS COUNTRY. YOU HAVE FAILED. WE ALL KNOW THAT EVEN AMERICA OWES CHINA TRILLIONS! IMF HAS LOST CONFIDENCE IN YOU.

    • You mean all the half finished infrastructure we have seen on tv??

      Or the exhorbitant white elephant airports we have seen which are still empty – no passengers ??

      What infrastructure because all the roads are dilapidated??

  2. It’s unfortunately that the current Government keeps on blaming the previous regime. “Game blaming” will not solve anything. You are on the driving seat. Just fix the economy and implement the equations you were using during the campaign promises. It’s UPND in control and not PF.

  3. You are right Bwana minister, I 100% agree with you. Years back in school we used to write compositions entitled ‘the day I will never forget’. Indeed, when something really bad happens to you, even when you become the richest man on earth you will still remember that in your comfort zone. That makes it impossible to forget pf; they really messed! and they will be quoted on on each and every strides of development the new dawn govt makes… keep correcting pf wrongs Bwana!

  4. Pure mentality of failed leadership. Every failure will blame everything but themselves. A success oriented leader will blame oneself for failing to control a situation.
    You ydiots weren’t voted in to maintain the best of economy but to control the ruined one.

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