What happens if Zambia defaults on its debt? - BBC Africa
HTML-код
- Опубликовано: 5 авг 2024
- The COVID-19 pandemic has put a financial strain on a lot of countries across the world.
One of those countries is Zambia. The country has had financial issues before Covid-19, but the effects of the pandemic have not made things any easier.
The situation has reached the point where Zambia may default on its debt - essentially failing to pay instalments on bonds issued by the government which are held by banks.
Why is this bad for Zambia, and how could this affect the rest of the continent?
Video by Jameisha Prescod.
Subscribe: bit.ly/subscribetoafrica
Website: www.bbc.com/africa
Facebook: / bbcnewsafrica
Twitter: / bbcafrica
Instagram: / bbcafrica
So rich yet so poor, the irony of Africa
Aint no irony without motherland a phone cannot be created so be patient don't you know the clock is ticking.
The fruit of thy land, and all thy labours, shall a nation which thou knowest not eat up; and thou shalt be only oppressed and crushed alway: The stranger that is within thee shall get up above thee very high; and thou shalt come down very low. He shall lend to thee, and thou shalt not lend to him: he shall be the head, and thou shalt be the tail. Moreover all these curses shall come upon thee, and shall pursue thee, and overtake thee, till thou be destroyed; because thou hearkenedst not unto the voice of the Lord thy God, to keep his commandments and his statutes which he commanded thee: Therefore shalt thou serve thine enemies which the Lord shall send against thee, in hunger, and in thirst, and in nakedness, and in want of all things: and he shall put a yoke of iron upon thy neck, until he have destroyed thee. The Lord shall bring a nation against thee from far, from the end of the earth, as swift as the eagle flieth; a nation whose tongue thou shalt not understand; And he shall eat the fruit of thy cattle, and the fruit of thy land, until thou be destroyed: which also shall not leave thee either corn, wine, or oil, or the increase of thy kine, or flocks of thy sheep, until he have destroyed thee. And among these nations shalt thou find no ease, neither shall the sole of thy foot have rest: but the Lord shall give thee there a trembling heart, and failing of eyes, and sorrow of mind:
Deuteronomy 28:33, 43-45, 48-49, 51, 65 KJV
Economic reality is written by the overlords, Africa will never be let to stand anywhere but 3rd world
Rich for CHINA and Poor for itself.
Shouldn’t have allowed Chinese to come in
Same with Europe soo rich yet so poor:)
As a Zambian, I am absolutely horrified at the situation. We the people will be taxed immensely for their fiscal indiscipline. I cannot wait for next year August. We will do the right thing.
My parents are Zambian, living in the UK. I'm worried too..
What debt? Get them outsiders out of the continent and remove all that art and valuables they possess that does not belong.
@Alpha Omega China is not taking over any land. The only thing they can do is to drag the Zambian government to the Arbitration court and if they win, the court will determine the national asset(s) that they will temporarily take over and run, until they recover their debt.
Unfortunately, the Zambian citizens, like many African citizens are so laid back, complacent and nonchalant enough to allow their leaders to screw them and their children, over a few morsel of crumbs.
The only way this impending colonisation can be averted, is for the zambian citizens to vote out their corrupt leader, employ a competent leader, who can rally the nation and ensure that the Chinese, do not become the boss and maintain their limits....but can you do this?
@@Kazavop are you not zambian too if your parents are???
@@esthermeya7090 I was born in the UK, so idk
The borrower is a slave to the lender.
True
Straight from the bible!!
@@kage574 Deuteronomy 28:43-44 KJV
The people are cursed. This is a sign.
@Jason Tempel How did we receive religion? And what does religion mean to you?
China is playing chess while Africa is playing checkers.
Did you listne the video. China already gave them extension. The europeans own a lot of dept and they gave nothibg in return. At least China built something in return.
It's deeper than that. Corrupt governments at play here.
China has trillions while Zambia has billions. For Africa to have trillions, it has to be more than just Zambia sitting at the negotiation table.
@@tuntejaable Africa is the richest continent on the planet, china and Europe has nothing that Africa needs.
@@fridayborn7109 this is why it is so upsetting.
When you don’t value yourselves they will not see value in you either.
Definitely
The real reason you don't hear from Nelly anymore: www.nickiswift.com/133816/nel...
Not necessarily they will exploit you
Kenya is following Zambia at top speed, thing is...I don't think we ever learn our lesson.
Imagine Kenyan courts even banned the government from borrowing Chinese loans for the SGR... Think about that for a second.
Nigeria is in thesame boat with you all, we are in this together😂😂
@@henryeghaghara9385 Welp. Bro. Till we solve our debt crisis. We are all fucked.
Colonisation 2.0 our leaders are so so selfish, they have looted and looted and looted and looted...onlyt 20% of that money has been put to good use they build a road with 1 million and claim it cost 100 million. AFRICA WHY?
Hatuwalipi tutawafukuza huku
Who else finds the reporter's voice soothing?
@Cian MacGana who said she hates the country.
@Cian MacGana what exactly tf are you talking about?
The entitlement! “Gave her so much”
One day....that’s all that’s needed to be said to you smh
@StonkSlayd please stfu
AS a Zambian, I know for a fact that even without COVID, the sitting government would still have defaulted on all existing loans. The country has been unfathomably mismanaged.
Pretty much.
PAIPA PANO LOL let the government not even lie about corona...they have looted and looted without any foresight and now Zambian citizens have to pay for it
Exactly. I’m at a point where I want to hide some of my family members’ nrc’s who are adamant to vote pf again😭. It’s so frustrating that only a few individuals are benefiting from these debts at the expense of so many citizens.
Your voice is so well balanced and clear 🌸
backhanded compliment smh im sure you have blck friends right? lol wypipo
@King Pablo why are you so concerned with what i think at all? do you think i care what you think at all? lol move along "pablo" mind YOUR business
@King Pablo
Proverbs 14:7
Go from the presence of a foolish man, when thou perceivest not in him the lips of knowledge.
@King Pablo smh dumb and a liar Exodus 21:16
And he that stealeth a man, and selleth him, or if he be found in his hand, he shall surely be put to death.
@King Pablo Revelation 13:10
He that leadeth into captivity shall go into captivity: he that killeth with the sword must be killed with the sword. Here is the patience and the faith of the saints.
This looks like a chapter out of “The confessions of an economic Hitman”
this is a self caused issue mate. people in Zambia prefer the appearance of development in things like roads, that do not even last a year at times, before the renovating them again and again. plus where some of these roads are built does not seem to add to anything to the betterment of the economy by helping in the transportation of goods and other such things.
Credit= debt = enslavement
Replace "Zambia" with "Kenya" and this story still accurate af.
Bruh 😭😭😭😭
@Jay Theboss untill they take our mombasa port, that's when you'll wake up
🤦🏾
I'm Zambian and this is so embarrassing because it was just so avoidable
Bruv.. after the first massive debt was pardoned. This! Smh
Useless African leaders
@@iiikennedy7040 we need new leadership fast
Better to have a dirt road and no debt than this!
And have a good economy, that's how MMD run this country and it prospered
@@zewelanjimutembo3659 that's a lie MMD did nothing compared to PF just having the dollar at 5 doesn't mean the economy is great
Ngoza Florence Mwansa PF carder am guessing? Anyway, the dollar been constant actually boosts the economy. Let me give u am example. How much was Mealie meal in 2008? And compare it to how much it is now?
@@zewelanjimutembo3659 am just a citizen that noticed we didn't have that much infrastructure we were stable constant not moving not developing fast paced we were comfortable...in history all countries suffered great recessions even under good leaders so many things caused the dollar to increase some good some bad you know the government has done a lot but they have also stolen alot it's like they are bad but it's change at least....Plus MMD sold alot of the public sector companies and did we see as much development as now when people come into power it's to better the country not to just please people..
China won’t say no to the extension because they want to own the continent
Zambia is do beautiful with its natural attraction. Such a shame
@Jay Theboss but Zambia can’t pay its debt 😂
As a Zambian myself all i can say is we've gotten to this point because of high levels of corruption..the country is highly in debt but there's no proper explanation to where the money goes so sad
The lady at 01:37 says the government has built infrastructure such as "malls"... 😂
Ikr 🤦🏽♂️😅😅
Don't worry..such kind of people are every where.We have them here in Kenya too..Society can't be complete without them!!
@@charlesbabu5845 that's true, but one day I want to see my fellow Zambians (the majority of them being lower class and therefore not well educated) be better than that because its such people (the majority) whose votes will pick a new leader next year and given the mess we're in right now, we don't want to make any more mistakes! 😬
As a Zambian I was so embarrassed to hear that🙆🏾♀️
😂😂😂🤦♀️
Listen carefully to the presenter. She said that China granted a six month debt relief, but the European bond holders may not grant any extension because of Zambia 🇿🇲’s debt with China. What a diplomatic excuse for Europe to force Zambia 🇿🇲 to default and then blame it on the very Chinese who granted a six month debt relief as opposed to Europe that refused to offer similar relief? Am I missing something my Zambian brothers and sisters???
Why are Africans watching a Western run media? Brainwashed, if I was raped I wouldn’t watch a news program by the person that raped me. 😂
The point is Europe still wants to control Zambia...
The reason Zambia did not default 2 years ago just shows you were wrong.
Thomas Sankara said to all the African leaders to not pay the debt together , all not pay the debt, because it is impossible to repay,,,,,the French killed Thomas Sankara for this. Please Africa , your leaders must unit
Why commit to debt then default? Quite infantile and reckless. If I lend you money and you bark how you won't pay trust me, I will collect one way or the other.
@@OjaysReel Sankara was talking about colonial debt imposed on the country by their colonial master for "colonial gains" made by the country. This is obviously a bullshit debt that no country should pay.
Thomas Sankara was killed by Africans, Burkinabes to be specific, and not by outsiders. We must learn to take responsibility for our own transgressions and to stop scapegoating like spoilt brats.
@@taurayichinowona9891 Yea I don't think it's as plain and straightforward as you present it to be. Read about his murder in detail and determine who stood to benefit the most from his death. The french definitely had a role in it.
@@MrMaboboz cherry picking warrior, aren't you? Confirmation bias is such that you deliberately looked over the fact that I'm talking about debt one seeks. If you're going to play at being dim, do it with others.
Government failure in Africa, so sad.
So good to see our youth taking an interest in politics. Reported very professionally. Am proud 🙌🏽🔥🔥
The nose ring is very distracting.
Why does any African nation owe debt after independence is beyond me.
Because Africa especially Sub Saharien counties are not fully independent.
I'm also confused, Africa has more resources than any other country in the world 👍🏾
@@ironbudha7213 Those resources you talk of need MONEY to come out of the ground ( Copper in Zambia's case, Oil in Angola, Gas in Mozambique , Agriculture in Uganda and so on). Even if the governments have the capital which obviously they don't in real life, they still need to develop complimentary infrastructure like storage facilities , roads , electricity etc. Africa may be the richest continent in raw materials /natural resources but that's meaningless if there is a shortage of financial resource to process the rich resources. Countries that are rich on this planet are those that control Capital funds. Look at Switzerland or Luxemburg, ........So Africa with only natural resources doesn't make sense at all. The Govts need debt to balance the economies.
don’t be fooled every country on the planet has debt America’s debt to gdp ratio is 98%
Homie don't confuse being Independent with Self-sufficient
This is so depressing. 😭😭😭 I am Zambian, I pray we bounce back because I'm never leaving my country
mind opening clip though, as a Zambian, I would have loved you to delve deeper into the implications of a default. I suggest you do another clip just to focus on what happens when countries default on their debts....you can present the different cases of what happened in the the other countries that have defaulted before. that would be of great value and help us the citizens to prepare 4 the future
debt needs to be planned and moderated, every country borrows to develop BUT THE risk need to be under control
Our government borrowed to pay salaries .
Africa need to learn from What happened in Zambia recently. Namibia beware! Dnt fall for Chinese loans. Live within your means. Just present a balanced budget next year. Spend what u have.
They wouldn't listen because overinflated infrastructure costs lined their pockets.
“It’s a lot harder for creditors to repossess....😂🤣”
Ma’am have you heard of Tibet? Lol
Tibet is 10x better today so perhaps it's not such a bad thing.
@@melize7035 i mean from an imperialist perspective, sure “not such a bad thing” is an awesome liability shield.
Tibet? Argentina is laughing at you🤣😂🤣😂😂
@@melize7035 Have you heard that same response from an actual Tibetan??
She surely hasn't heard about the port in Sri Lanka
2021 August, dear Zambians, do the right thing. Forward chabe..
Brother changing Politicians wont get you anywhere These Politicians are all same with exception of very few in Africa. Citizens must hold Politicians accountable, even by fefusing to cooperate with them. Politicians change when they know the voters has changed
You miss MMD? 🤣🤣🤣
@@Sugalishere they were certainly better than this lot we currently have 😅
@@rokana9641 I'm glad my childhood was spent before 2012 🤣🤣
This is a description that almost perfectly fits Uganda...!!
Thank you so much for the information watching from Barcelona
It’s when information like this is publicly given out and shared to the people that are happy about malls, roads and bridges build and immediately demolished like the kalingalinga bridge that people will know what mess we are in... it’s really heartbreaking cause the strain is on our tax and cost of living.... share the video. Let people like Iris Kaingu stop convincing innocent people that an extra mall is better to have. Waiting patiently for next year so can then dig into the fire trucks, the mukwa, the 48houses the list is long...
High interest rates on foreign investor held Bonds in forex is damaging for African development broadly...we need to convert to local currency where ever possible.
Very true
Most of the high interest bonds are held by Western countries/companies. The bonds are even floated either in New York or London.China does project based loans which means you will see what you asked for on ground at least. Whether you asked for the right thing at the right price is now up to you to do your homework.
If you ask me , non of that matters really , the terms and conditions can always be negotiated or even ditched for better deals . You don't blame the lender and his terms if you fail to pay a debt . Its the brain acquring ,managing and using the debt that is to blame . If china's rates are high then why did Zambia abstain from IMF ? That was a perfect institution for zambia to borrow from because they offered specialists and analysts as well as finance policies to aid the use of funds . Zambian government avoided this because they knew their agenda of theft and missuse would not work under supervision when we actually needed it . The fault is on the potbelly that squandered the nkongole
It absolutely breaks my heart the situation Zambia sees itself. What is never spoken about is the suffering of its people and lack or non existent future for its youth. For so long Zambia has been mismanaged and things will surely only get worse. Lack of leadership, lack of ownership, privatisation and a archaic infrastructure and little to no development outside its capital has left the beautiful country of my birth on its knees. Rather than forward progress since its independence, Zambia has managed to fall far behind and not been able to have vision to move itself forward or help its people. The money has gone to those already rich and those in power and those foreign investors and owners who do nothing but bleed Zambia dry. When they talk of infrastructure all they are doing is building the same stupid and unnecessary shopping centres(which are foreign owned and pay no tax). The school system(education), medical system and political also Legal systems are all an absolute joke. Rather than invest in agriculture and clean energy which can be sold Zambia continues to borrow and borrow with honestly speaking no reflection in the country of where this money is going. The people of Zambia are also very docile and lack of education and exposure has meant many are not even worried or understand just how in trouble Zambia is and how bleak its future is. It’s honestly heartbreaking. I pray with new leadership in HH who is already rich maybe possibly by the grace of God Zambia’s future will at least have a starting point of change. Lord please help Zambia 🙏🏾
This was an honest cry and we for God give Zambia and Africa good understand selfless leaders. I equally cry for Mama Africa.
And uneducated population is the fastest way to a crash just asked Donald Trump and the Americans
Zambia shouldn't be indebted especially when countries like Switzerland take 60% of their copper from Zambia at a loss to Zambia.
Takes two to tango nobody forces zambia to sell to switzerland its a free market
@@jacqueslorenz977 damn your naive, you think that Zambia has a choice? You think the IMF, world Bank & UN etc would allow Zambia to set a competitive price point for their resources. African governments are dependent on the systems that have been put in place by the west etc by design 2 ensure that the raw materials are accessible at the lowest price possible.
I want to see more reports featuring you Jameisha. Good coverage with a voice and face that warms the soul.
So devastating what’s happening in my home country Zambia.
We can only hope for change in the 2021 elections in August. Urging all Zambians here to register to vote and make the best choice for our country. 🙏🏾
As a Zambian I wish to distance myself from such poor management of resources and lack of proper leadership in our country. The problem is we as Zambians want to wait for the government to do for the country without participating in assisting the country go forward. With the pull him/her down mentality us Zambians have, no wonder we can have corrupt leaders get convicted of a crime and be realeased within the next week on bail. We can not even support each other with even something as small as subscribing to each other’s channels, or showing support when another has started a business. The way things move so slow in Zambia you can not expect progress. I had to wait for over 2 years to get a drivers license, simple things like electricity is a luxury there, people go through 12-20 hrs of no electricity but we have “development” when you elect leaders with no vision this is what happens. Let’s be wise as Zambians, learn from past experiences and make sure the people aspiring for power have a better track record in money management, charity etc. just because the person says they are a “Christian” does not entail that you will pray your way through every struggle. We can not blame ECL for where Zambia is, you asked for development, not understanding that the government’s before had a hand in the slow progress in Zambia. If we all know how the country should be run, why not start by doing your part as a citizen. Obedience is better than sacrifice.
The fruit of thy land, and all thy labours, shall a nation which thou knowest not eat up; and thou shalt be only oppressed and crushed alway: The stranger that is within thee shall get up above thee very high; and thou shalt come down very low. He shall lend to thee, and thou shalt not lend to him: he shall be the head, and thou shalt be the tail. Moreover all these curses shall come upon thee, and shall pursue thee, and overtake thee, till thou be destroyed; because thou hearkenedst not unto the voice of the Lord thy God, to keep his commandments and his statutes which he commanded thee: Therefore shalt thou serve thine enemies which the Lord shall send against thee, in hunger, and in thirst, and in nakedness, and in want of all things: and he shall put a yoke of iron upon thy neck, until he have destroyed thee. The Lord shall bring a nation against thee from far, from the end of the earth, as swift as the eagle flieth; a nation whose tongue thou shalt not understand; And he shall eat the fruit of thy cattle, and the fruit of thy land, until thou be destroyed: which also shall not leave thee either corn, wine, or oil, or the increase of thy kine, or flocks of thy sheep, until he have destroyed thee. And among these nations shalt thou find no ease, neither shall the sole of thy foot have rest: but the Lord shall give thee there a trembling heart, and failing of eyes, and sorrow of mind:
Deuteronomy 28:33, 43-45, 48-49, 51, 65 KJV
@@KB_ISREAL wow that bible verse is very profound. Unfortunately our leaders have been mocking God, claiming our nation is a Christian nation meanwhile stealing. A curse is placed when one mocks God. I just hope that it is not too late for us. Please pray for us we need it.
“For we suffer because of our sins.” 2 Maccabees 7:32 KJV
We suffer because of idolatry. The white imagine of Jesus that most Christian churches have is not Jesus, it is Cesare Borgia, the son of Pope Alexander the 6th. We also suffer because we don't keep the commandments and laws of God.
Government busy putting us on the map
For all the wrong reasons 🤦🏾♀️
@@emm1944 butah. all press is good press mate. Be positive
Wait? $12bn is peanuts though?
Thank you for giving us understanding on the current happenings in my country.
China out of Zambia
Debt is slavery
The fruit of thy land, and all thy labours, shall a nation which thou knowest not eat up; and thou shalt be only oppressed and crushed alway: The stranger that is within thee shall get up above thee very high; and thou shalt come down very low. He shall lend to thee, and thou shalt not lend to him: he shall be the head, and thou shalt be the tail. Moreover all these curses shall come upon thee, and shall pursue thee, and overtake thee, till thou be destroyed; because thou hearkenedst not unto the voice of the Lord thy God, to keep his commandments and his statutes which he commanded thee: Therefore shalt thou serve thine enemies which the Lord shall send against thee, in hunger, and in thirst, and in nakedness, and in want of all things: and he shall put a yoke of iron upon thy neck, until he have destroyed thee. The Lord shall bring a nation against thee from far, from the end of the earth, as swift as the eagle flieth; a nation whose tongue thou shalt not understand; And he shall eat the fruit of thy cattle, and the fruit of thy land, until thou be destroyed: which also shall not leave thee either corn, wine, or oil, or the increase of thy kine, or flocks of thy sheep, until he have destroyed thee. And among these nations shalt thou find no ease, neither shall the sole of thy foot have rest: but the Lord shall give thee there a trembling heart, and failing of eyes, and sorrow of mind:
Deuteronomy 28:33, 43-45, 48-49, 51, 65 KJV
Thank you for this information
Thanks very informative
The new colonizers 🤦🏾♀️🤦🏾♀️🤦🏾♀️
Am not surprised,,Zambia was constructing many stadiums, roads all on China debt ,I will continue loving Idi Amin more
The accuracy!👌👏🏾
Great reporting!
Zambia has been in crisis before caused by their leaders. They never learn. That's the problem for Zambians and Zambia
It's called china development Bank for a reason. It is to develop China, not Zambia😇
This is how the global economic system work, it's not just Zambia.
My people...as a zambian this is terrible
Guys choose your best friend wisely ,our best friend is Zimbabwe , now look at us slowly becoming like Zim.
As a Zimbabwean all I can do is agree with you about Zim. 😕🌍
Ahhh, very eye opening comment. Well done! 🙂
Once Zimbabwe kicks out the corrupt government party then its people can build their own wealth . Meanwhile Zambia is basically a Chinese colony already
@@truezladye1893 hey since you in zim ... do you know if the crypto apl (Apollo fintech ) is actually being used over there
@@GreenZone_Recycle
I'm not in Zim, sorry I have no idea 😊
Read ‘How Europe underdeveloped Africa’ by Walter Rodney. Then read ‘The looting Machine’ by Tom Burgis.
Thank you for the recommendations.
@@marwanamr97 my pleasure
Then read ‘How To Successfully Blame Everyone Else For Your Own Failings Over Half a Century Since Achieving Independence’, by Jakarta Ponsemby-Thwatt...
Well ok, a playfully fictional title on my part but a wryly pertinent one. Indeed, sometimes one must embrace a modicum of introspection in order to concede one’s _own_ inherent shortcomings... ;)
Africans have not developed Africa either. Why should Europeans have to develop Africa or be blamed for not developing the continent.
In the very small amount of time that the Europeans governed Zambia, they built most of the towns, road networks, rail networks, dams such as Kariba, and installed most of what little infrastructure there is. This was all achieved in about 60 years.
66 years of African rule later and what's been achieved?
@King Pablo there are underdeveloped countries in Europe, but at least they do t blame other countries for this fact. It's only in Africa where everyone blames their failures on everyone else.
It's terrible. What was it spent on? Sri Lanka lost its port because of debt. When I visited Zambia, I felt like I was in China - Even the writings on buildings weren't in English. I hope it works out.
Oh my oh my 🙆🏾♂️ we are in deep trouble
U mean chambia?
Nope Zambia.
Ask Jamaica ask Mozambique and others. We are not the first country to be heavily indebted....We like free things. Hence we put ourselves in jeopardy. Even the reporter has borrowed before. We will pay the debt the hard way. when they get airports and stadiums to run for 99 years, 😂
Stop borrowing money
Become self sufficient, the people existed before this bullshit financial system loaded with debt traps
For the love of God can governments put their people first and do the right thing
Cancel all debts, people above money
There is enough in this world to go round, the tiny minority at the top don't need all that wealth
Share knowledge, help develop poor countries
Is it really so hard
Fun fact, they keep borrowing.
That's nice, keep on borrowing, your creditors are ain't gonna kill you, keep on borrowing 👍🏻
Not any creditor, it's the fact that it is China that makes it worse.
@@psa2969 How is China worse than the west? Western countries have done more harm than China. force migration of millions of enslaved Africans to build their societies, colonization, stolen lands, and resources, destruction of many civilizations of the African continent, underdevelopment. The west is just worried that they are declining and will lose out on the cheap and sometimes free resources they are getting from Africa.
@@KillahManjaro You're not well informed! China doesn't set human rights requirements for loans or developments, they usually ask for ressources in exchange. However, if one fails to repay their loans that's when their nastiness starts. History is teacher and before the 18th century no African was aware of the European colonial machine. China abuses the continent in it's own way and their moral compass is far worse.
@Jason Tempel Exactly!
@@psa2969
This is the same shit as buying stolen goods from questionable characters. you know it's wrong from the offset. African people and their leaders are at fault. China is doing it for their own benefit. if you can't see a benefit in it for African people why are you signing deals?
I'm all about personal responsibility and stop blaming other people for your shortcomings.
In the end, the west is seeing their gravy train disappearing because now at least African nations have options and China is not trying to convince you they are all good then stabbing you in the back later.
All of these borrowers should default on these loans. Raw materials apparently have no value and these bandits have set the stage for failure. So let it all fail. What will they do?
You dont get the fact that Zambia I now the worlds 10th largest producer of copper but it is close to slipping into 20th place. It's about to get overtaken by Mexico and China already produces twice the amount locally that Zambia does from their own reserves.
As a Zambian citizen things have been going south since 2012 and we know why that is 🤦🏿♂️
Thank you 😊
You know it's late when Zambia features on BBC 💀💀
Get ready for Chinese Colonization.
Communists party its only death or be ruled
Enlightening report. Interesting to have an African perspective on the economic effects of the pandemic.
As an American, it's interesting to see the economic developments of countries in Africa.
Our captivity is ending AHAYAH has redeemed Jacob
Zambia is a small copper producer now and it's no longer really an attractive country to invest in. It has poor infrastructure, bad government policies,expensive unreliable electricity, high taxation. Basically Zambia is a waste of time as a foreign investor.
itsbok we dont need you, as you can see we have enough problems so please go elsewhere
@@mwansajere65 I have, just like all the others.
That was deep, while we as Zambians may appreciate what you have expressed, we also realise that your tone was bit harsh. It looks like you have a bone to chew with Zambia. Kindly leave us alone, we will definitely workout something and will not go away from our motherland.
@@Honeybee897 it's just frustrating to see so many Africans who believe they are poor due minerals being stolen by outsiders. Its frustrating to understand that poverty is everywhere and usually because of the same reasons and it's frustrating to realise that the answers are so simple and yet they are overlooked because people believe they have found the truth, so they therefore stop looking for the answers.
Australians are the richest people on earth. You might say that they have ubandant resourses and you would be partly correct, they certainly do but most people have never considered that those resourses only account for 7% of their GDP. 93% of what Australians earn come from other sources and that's what makes them rich.
Or consider Japan and Singapore. Both are rich and both have no mineral resourses or extremely few. People need to consider why these countries became wealthy and then go in that direction, if wealth is the desired outcome.
I actually have no bone to pick with Zambia. It's a nice place to travel around on holiday and the people where generally friendly, it's just a waste of time as a foreign investor. Foreigners who want to invest are treated with suspicion and this makes Zambia a very risky country to try and invest in.
@@Honeybee897 I am also luckier than you in the fact that I dont have a motherland. Home is where I happen to be on this Earth. I dont have the problems of trying to maintain borders or worrying who lives where. I dont need to go to war because there is nothing for you to invade. The Earth is my home for, the few years that I will live and hopefully all my children will have good fulfilled lives when I am gone. They also have no motherland but understand the earth is theirs for the time they have to live here. Of course it has a downside that I am considered a foreigner by others everywhere I go. Nothings perfect but it's better than the alternative of being a nationalist.
Has Zambia stated why they can't be transparent about the terms of the loan with China? Is it odd?
Too much short cuts in Zambia that is the problem with my country
China is the only country that restructures its loans and we as Africans need to be careful of the real reason for this video!
That’s true people don’t understand imperialism
@@chandakatotobweiii5495 if you default on the IMF or World Bank loans what happens? If you want to replace china, you should not use one of ours to do this because we now get access to information. If you want to fight China, just do it yourself. Do not lie or use us to do your bid and replace the Chinese which is the aim of this video.
This woman is beautiful as f
Calm down buddy.
@Barny Brian indeed bro. It really annoys and look ugly. Wonder why she decided to dilute her beauty. Great content though.
@@kelvinnaholo8234 look at two fools deciding whether someone's appearance is good for them.😂😂😂It's her body is it not?
I said what I said
@@unknownflapjack7O7 Yes boy.
Eloquent, posied and beautiful love her mannerisms
She is really eloquent. I hope she's a newscaster.
China bringing colonialism to a new, more indirect and sophisticated level. As a South African, it's sad to hear, but it's an impressive tactic from the Chinese and for some African leaders to fall for it, says a lot about their knowledge & skill👎🏿
This piecing looks distracting and unattractive
Its really sad and disheartening. Borrowing for use with no returns. Our currency is dropping on a fast rate, affecting import business.
The audio doesn’t match the speaker which is looking too expressive and high-strung.
She's missing her blunt and 40 ounce 🚶🏾♂️🤘🏾
Its chilled here fam. Just be on the eazy
Good dokument 👍
The annoying part of this is that these leaders are borrowing not to help the country but themselves what a shame
China has been lending large amounts of money to African countries strategically. Think about that.
Am Zambian damn i love this Journalist
Sigh. I never thought we'd get here...I never thought.
Unfortunately we have similar case of Sri Lanka.
Asking as a Zambian Myself, what do outside viewers think are the steps to take in tackling the Bigger Picture Globally? In terms of recovering Zambia's momentum?
Being Zambian myself, this is embarrassing. The leadership in Zambia is so "slow" The crazy this is the country has been borrowing for years and defaulting in some loans.
I think you giving them too much room. They know what they are doing. They have just taken the brown envelopes it seems. Look at how Miles Sampa was treated when he started to stand up for Zambians being poorly treated by foreigners! It seems the goal is for you to default!
@@acswellness that’s a bad analogy. The plain and simple fact is they borrowed money which came with terms of repayment so everyone knew at what cost that money came with. Defaulting on loans is irresponsible. There is no such thing as being treated bad at repayment of money being owed to which you agreed to the terms of payment.
(Sigh). And to think, we’ve been before & didn’t learn from it
The fruit of thy land, and all thy labours, shall a nation which thou knowest not eat up; and thou shalt be only oppressed and crushed alway: The stranger that is within thee shall get up above thee very high; and thou shalt come down very low. He shall lend to thee, and thou shalt not lend to him: he shall be the head, and thou shalt be the tail. Moreover all these curses shall come upon thee, and shall pursue thee, and overtake thee, till thou be destroyed; because thou hearkenedst not unto the voice of the Lord thy God, to keep his commandments and his statutes which he commanded thee: Therefore shalt thou serve thine enemies which the Lord shall send against thee, in hunger, and in thirst, and in nakedness, and in want of all things: and he shall put a yoke of iron upon thy neck, until he have destroyed thee. The Lord shall bring a nation against thee from far, from the end of the earth, as swift as the eagle flieth; a nation whose tongue thou shalt not understand; And he shall eat the fruit of thy cattle, and the fruit of thy land, until thou be destroyed: which also shall not leave thee either corn, wine, or oil, or the increase of thy kine, or flocks of thy sheep, until he have destroyed thee. And among these nations shalt thou find no ease, neither shall the sole of thy foot have rest: but the Lord shall give thee there a trembling heart, and failing of eyes, and sorrow of mind:
Deuteronomy 28:33, 43-45, 48-49, 51, 65 KJV
but was it under a different government that heavily borrowed?
Where did you get those people you interviewed 😂😂
This is insane !!!!
Let's talk more about plus give loan forgiveness. Productivity is key, research is key.
Putting Zambia aside, I wonder if it is possible for any country with a continuously falling currency to ever manage to pay back its debt?
America to Zambia: hold my student loan.
This is the case in Nigeria as well
Chai my country! What are we doing here 😭😭😭😭
It’s just a normal process of developing a country, all countries have huge debts almost everyone. Development is a huge problem and it’s a fight for all.