Zambia acquired a Euro bond of US$2 billion which will be used to fund its budget deficit which has recently increased due to a fall in the global copper market. This is considered to be one of Africa’s largest international bonds. PRIVATE Sector Development Association (PSDA) chairperson Yussuf Doldia says the recently acquired Eurobond can only yield better results if channelled towards social economic infrastructure.
Mr. Doldia said channelling the Eurobond towards social economic infrastructure will bring about economic development adding that this can help service the debt.
Mr. Doldia said government borrows in order to finance its own program.
He explained that from the previous money the government has borrowed so far, some of it was channelled to ZESCO and TAZARA but the bulk of the money has not been accounted for in terms of infrastructure.
“It becomes dangerous when huge sums of money go towards consumption because we are likely to have a situation where the country has a huge debt with an economy that is not growing," he explained.
Mr. Doldia further explained that at the end of September 2014, Zambia's total debt amounted to about US$7.7 billion which was a combination of domestic and foreign debt.
"In 2015, the national budget had an extra borrowing of about $1.6 billion dollars which will take the debt to just over $9 billion by the end of 2015," he projected.
Mr. Doldia said the 2015 budget serviced the interest of debt with a budget allocation of K5.3 billion which is almost the same as the money that has been budgeted for infrastructure development amounting to K5.6 billion.
He said the debt was competing with huge infrastructure development sectors of the economy and is making it expensive to develop the economy because there is a lot of money being spent on servicing debt as compared to money being spent on improving the economy.
Zambia acquired a Euro bond of US$2 billion which will be used to fund its budget deficit which has recently increased due to a fall in the global copper market. This is considered to be one of Africa’s largest international bonds.
ZANACO OPEN A THREE LEAD IN MTN/FAZ SUPER LEAGUE
Zanaco Football club has continued occupying first position on the MTN/FAZ Super league table after recording their third back to back victory with Real Nakonde being their latest casualties in Week 32 round of matches played between yesterday and Tuesday 24th October.
Zanaco’s Heritier Nkonko was first to find the back of the net for the bankers against Real in the 36th minute while a 69th minute second-half goal by Felix Nyaende condemned Real Nakonde to their 20th loss of the season.
Meanwhile, Second placed Green Buffaloes yesterday played to a zero zero stalemate with Lusaka Dynamos while Kitwe based Power dynamos on Tuesday managed to salvage a one all draw against their copperbelt rivals Zesco United.
And Nkana yesterday thrashed Nkwazi by two goals to zero in a thrilling match played at Nkana stadium with Striker Ronald Sate Sate Kampamba scoring in the 26th minute through a Harrison Chisala assist.
Nkana continued to search for a second goal and their efforts were rewarded as left back Dieugo Apanane's ferocious goal from a free kick in the 85th minute pushed the Kitwe based to fourth position on the table.
This means Zanaco still seat in first position with 60 points from 32 games played while Green Buffaloes trail the bankers in second place with 57 points from 32 games.
Zesco united are in third position with 56 points and two games in hand while Nkana occupy fourth position on 55 points after 32 games played.
At the bottom of the table in relegation waters is City of Lusaka seating on 20th position after recording their 24th loss of the season from 31 games, while Mufulira Wanderers, Konkola Blades and Real Nakonde occupy 17th, 18th, and 19th positions respectively.
THE FAZ/MTN SUPER LEAGUE TABLE AFTER WEEK 32 ROUND OF MATCHES
WEEK 32 FULL RESULTS
Zesco 1-1 Power Dynamos
Lumwana Radiants 0-1 Napsa Stars
Nkana 2-0 Nkwazi
Zanaco 2-0 Real Nakonde
Konkola Blades 1-2 Red Arrows
Mufulira Wanderers 0-0 Choma Eagles
Nchanga Rangers 1-0 Buildcon
Green Buffaloes 0-0 Lusaka Dynamos
City of Lusaka 0-1 Kabwe Warriors
Nakambala Leopards 0-0 Forest Rangers ... See MoreSee Less
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