Where have they taken the money to?
By Amb. Emmanuel Mwamba
●IMF has so far released $560million of the $1.3billion loan bail-out. What have they done with it?
● World Bank released $750million in 2022, the largest single disbursement loan in a year to a poor country. What have they done with it?
● World Bank released in 2023 $125million. What have they done with it?
● AfDB has released $320million and $14million…what have they done with it?
● they have heavily borrowed through Treasury Bills and Government Bonds…what have they done with it?
●Domestic debt has blown up from K198billion in December 2021 to K236billion ($9billion) in January 2024. What have they done with it?
● Foreign debt has risen from $11.9billion in December 2021 to $14.2billion in January 2024. What have they done with the loans?
GRANTS
●US$390million for 2023 from USA PEPFAR Fund.
● $125million from World Bank Group in 2023.
● €360million from European Union.
● $318million from AfDB including $150m budget support.
Their silver bullet to resolve the economic crisis was the debt restructuring programme, which they bungled with their penchant for engaging in corruption!
Now World Bank says Zambia may need a humanitarian rescue package as debt servicing commitments must kick in since the G20 Debt Service Suspension Initiative (DSSI) came to an end in December 2023 and Zambia must start paying and servicing her debts.
What is shocking is that this is a Government without a written economic recovery plan, it fails to account for its new acquired loans and grants, and has refused to collect resources from the mining sector and has further failed to resolve multi crises facing the country.
When we ask these questions they say; “You caused it, things could.be worse now!” Yet they won’t account for their mess and their new big loans!
Corruption nipa mushi!
What have they done with the money?
