LOAN FROM CHINA IS MEANT FOR PF CAMPAIGNS AND SHARING BY OUTGOING MINISTERS The $103 million the outgoing PF cabinet approved from the Chinese government is meant for PF campaigns and putting in the pockets of out-going politicians, government sources have revealed. In a deft manoeuvre by Finance Minister Alexander Chikwanda, Cabinet was manipulated into approving the loan, purportedly to settle a debt to a Chinese company on behalf of a foreign investor. In a move that has further undermined the interim government’s credibility, the Finance Minister pushed the loan approval through Cabinet with unseemly haste on November 17 according to The Post, less than a week after Michael Sata’s funeral. The move was in direct contravention of President Sata’s express instructions to reject the proposal, and is being interpreted as disrespect of the late leader. Chikwanda persuaded Cabinet to approve the loan in order to settle a debt to Chinese firm ZTE for work undertaken for Zamtel while it was controlled by Libyan telecom company LAP GreenN in 2011. Now the loan has been made public, there are increasing calls for the loan from the Export-Import Bank of China to be halted on the grounds that incurring such a large debt on behalf of the nation would be fool-hardy, especially given that any agreement signed in the current uncertain political climate is likely to be ruled invalid by a subsequent government and the courts of law. https://zambianwatchdog/103-loan-from-china-by-outgoing-cabinet-meant-for-campaigns-and-sharing/
Posted on: Sun, 30 Nov 2014 11:03:46 +0000
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