Zambia's New Debt Restructuring Plan Vetoed by China-headed Committee | Vantage with Palki Sharma
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- Опубликовано: 21 ноя 2023
- Zambia's New Debt Restructuring Plan Vetoed by China-headed Committee | Vantage with Palki Sharma
Zambia has been dealt a blow in its efforts to restructure its debt. The country has been trying to find debt relief since its default in 2020.
China, France & South Africa are part of a committee of creditors overseeing Zambia's debt restructuring.
That committee has vetoed a plan to ease the pressure from $3 billion worth of Eurobonds.
The move has sent shockwaves through Zambia's already battered economy.
Palki Sharma explains.
Also read: www.firstpost.com/opinion/van...
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Zambia | China | France | South Africa | Debt Restructring | Firstpost | World News | Vantage | Palki Sharma
#zambia #china #france #southafrica #debt #firstpost #vantageonfirstpost #palkisharma #worldnews
Vantage is a ground-breaking news, opinions, and current affairs show from Firstpost. Catering to a global audience, Vantage covers the biggest news stories from a 360-degree perspective, giving viewers a chance to assess the impact of world events through a uniquely Indian lens.
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As a Zambian the government didnt even report what this restructuring was, well at least to the average Zambian. Gotten a clear picture in less than five mins from u guys. Thanks . And yes it is petty
why is it petty?
Did grz report when they contracted this debt? Even the figures given here don't tally with the one parliament knows. The issue is how do we get out of a problem like this...since it seems we've not learnt a lesson as a country since the privatisation days
ohoo@@tedjilapi4703
This has been happening for a while now, and if I remember correctly the Government has been trying to restructure the loans since they got into office
What exactly is petty? You claim to have understood and all you can say is; petty .
The main issue is the selfish corrupt politicians; loans end up in individuals' pockets
Well-spoken
if you borrow more than the National Income. This happens. The money should be invested and be put in the circulation. With GNP and GDP the money will return to the government throught collected taxes and be use for debt payment.
Not always the case . Well l thought the current President is not Corrupt according to the corruption police ( IMF and World bank) and EU and US. Why alway bring the old troupe. Well IMF and World bank 's restructuring policies always result in countries losing all and creating for so called investment opportunities. .Crushing of currencies makes all resources and overheads for cooperate cheaper ( viable)
Off course the cheesy economic solutions are the ones responsible. News flash Banks in SA got caught manipulating the Rand which confirm my argument . They destroy countries using the monetary systems. Argentina is also down the drain . It's all about Resources. They just got reward by changing the political sphere and the idiot governor just elected is going to turn his country into a US state. He is going to remove his own country's currency. They are doing it blatantly and using the corruption as the reason . Italy has old age corruption of Mafia boss . How come they still have any economy. Guess what they are a full membership in the EU and a NATO member.
Africa is not as stupid and ignorant as folks thinks. The world is waking up . The monopoly and paper tigers are being exposed.
Thats exactly their main sword, china knows how corupt the leader of Zambia and they expect the result.😅😅😅
@@romelbicoysimple, just like in our personal life
The problem is the Mismanagement of funds not China
They are put in power to do that
PF was rakeless in borrowing even when they knew they had no capacity to pay back.
I watch your news everyday and im glad that you have reported on my country today ❤
@@SUPERPOWERCHINA_Do you understand English.? Bupuba obu
mkv...You're an idiot. This woman is very bias. She is paid to bash China. She claims India is a superpower and the rupee will be the next world reserve.
Imagine awe kuti waseka 😂 they're not reporting about your Country in a good way buddy! There's nothing to be happy about here! We're in a lot of mess as a nation especially with this huge debt that your president was busy talking about in local news ati debt restructuring tepapa yafeluka iyo bane we can do better 😂
@@joelsichela definitely not a good outlook but this will get the government the much needed exposure to act right
@@joelsichela ala weh fyali pa news konse konse giving hope to people and now it's back to the drawing board and no news outlets here have reported anything about it.
This is depressing mwe
Bad for our economy. But I also think it's a good opportunity for us to be creative and redeem ourselves out of this debt burden. We have the capacity to pay off these loans if government looked at all sectors and revise some tax cuts they have removed.
That will come with mindset change. Very few people understand what the current government is trying to do, because many Zambians like to take shortcuts and to earn money corruply. We need to change the way we do things and follow the right path 🙏🏾
The problem started in 2011 and now we have to pay for it.
The shame i am feeling over this news as a Zambian. 😟😟.
Such times, a country like Zambia has to study "Zimbabwe"... Try and get your brothers to school you their experience. Zimbabawe has its shortfalls but they have always succumbed, trust me zimbabweans know these things very well.
The other thing, produce, produce, produce. Self reliance
Hanzvadzi, isusu totambura hedu asi zvikwereti zvakanyanya kudai hatina hedu
For Zimbabwe, let's not say anything for now. We will know the truth if and when the government changes.
The parliament building isn't a free gift. Agrarian machinery which came from Belarus and China are not free gifts.
Now our friend Putin is giving us wheat to avert effects of drought.
There is a medieval Kannada verse which roughly translates thus: "When one borrows money, it feels like eating milk with rice. But when the lender demands the money back, it feels like ribs are being broken." by Sarvajna. Who knows? Some day, the US and China, which have biggest debt might find themselves in the same position as Zambia.
The problem is the IMF since it when it came in Zambia Zambia now poor we know .
IMF or China? Neither forced Zambia to take loans.
The zambia government failed to deliver results . Can't blame the bank for losing your job.
@@PAVANZYLif you understand economics he's technically right, were in a debt based system.
♦️Stop blaming others! Rather blame your Leaders in your Country Zambia?
@@phoebemulube4451 They replaced the leadrs with different leaders. Still have the debt though!! Blaming individuals may be necessary, but it will not solve the debt problem. Working with the creditors to restructure debt is best option at this point. China has forgiven a lot of bilateral loan debt.
I love your reporting...from Zambia 😊
Would you not rather have had good news?
You sound as if China doesn't want to help while other creditors are willing. Be factual and give us detailed information. We are Zambians and we know what is happening.
Around 30 percent of Zambia’s total loans are owed to China. China always wants to help because they want a win win situation. Chinese loans also have the lowest interest rates unlike western loans. China is investing in Africa because a richer Africa will be able to stand up to the west and a richer Africa will be able to buy more products from China. Its win win. The west want to keep Africa down because poor countries are submissive, can be easily exploited by neocolonialism. Palki is a propagandist and will never tell you the truth especially when China is involved.
She's anti China
China doesn’t want to help, China knows political corruption and mismanagement is regular practiced and it knows it won’t get its money back, now China says it wants its money back. But I believe that debt trap is really for political influence!!
😂😂😂Palki’s China bashing got caught by a Zambian. 👍
@@phillipchan6919 Zambia's economy depends on copper mining. China built the main railway to the coast. In the 70s when China had a similar gdp to Zambia. hundreds of chinese workers died building this crucial rail link. That was before the BRI and china's turbocharged domestic infrastructure development. Zambia will simply never believe western countries care about their people or struggles. China supported and helped them when both countries needed help. Also, China shows much greater respect to Zambian nationals and diplomats as equals and friends. Western countries treat them with disdain.
I am a Zambian and I will never understand why our African leaders can never just use our natural resources to pay back the loans...
Why should we allow the so-called foreign investors to run our mines instead of nationalizing the mines and let them be run by endogenous Zambians???? Why do our leaders keep doing the same thing and expect different results???? Isn’t that the best definition of insanity???
Honestly as Zambians we are not being productive. And instead of understanding the economic crisis on the ground they want to start using their business minds on how it’s gonna be profitable to them alone and perhaps the middlemen involved.
The natural resources are not on shelves. They are underground and it costs money to make them saleable that's where we struggle hence seeking foreign direct investment for large scale mining.
@zedlife that is what most zambians don't understand they think our resources are just on the shelves and you just pick them up boom you sale. You need to invest and markets are very chicky they misbehave and can plunge the nation in economic turmoil
@@peterchishika5185 That's right.
We have abundant natural resources but we also have abundant corrupt individuals that would still enable foreign investors to loot the country and we would still end up in debts..
The problem with these countries they mis manage the money that they loaned from China and repaying their existing loans from the West which interest rates are very high and they can't get out of debts from the West. Hopefully through better education they will be able to have more qualified politicians to manage their finances. Plus if they can eradicate corruption in their countries its going to be a great bonus.
100% correct
Maybe live within your means and not borrow?
The real problem is that China loaned out money with excessively high interest rates and half the time to repay. They also loaned out far more than the countries could realistically repay. To give you an example IMF loans are 1-2% interest rates at 20-30 years to pay back. The Chinese banks were charging 4-6% at 10-15 years so that is a massive difference. The corruption, lack of education, and dirty politicians made all this possible when it should not have been financially. What I have said is well known now, proven, and documented. Yet, the CCP is still holding back plans to restructure because THEY made too many bad loans that are now costing them as well.
@@Moabi4 China stopped the restructuring not the west. When it comes to interest rates and repayment the CCP banks are by far the worst in terms of overcharging. It was almost criminal what they were charging on interest or taking in concessions after default.
@@rickjames18you in the CCP bot… they won’t believe in you bud
The Chinese🇨🇳 regime never gives.
It only takes.
- Examples are: Sri Lanka, Chad, Ethiopia, Zambia, Laos, Afghanistan, now Pakistan.
Oh please...you again, Malaysian Indian Troll...also know as Arabicreja
Zambia has the rights to impose new taxes on all mining companies in Zambia exporting minerals outside to pay back the loans.
♦️You don’t just wake up one morning and start demanding for higher taxes from the Companies that are owning mines in Zambia.
These Companies who are mining in Zambia signed legal documents which has given them the legal rights to mine in Zambia before they even start mining and also how much taxes they should pay in return. It is all documented and signed legally.
Credit is magic. You can produce it instantly to exchange for real things.
Until it's time to pay back a loan
Now they have to face the real thing
Mother Africa,
The richest continent on planet Earth but her children are in poverty😢
Africa is very poor in human capital. Without that, no amount of natural resource means anything. Want to copy a good example? Try Singapore. No natural resources, only human resource.
Because people no brain
I wouldn't blame a lender for wanting their money as agreed upon. We Zambians needed to pay back debt and stopped borrowing. Borrowed money just lines up politicians' pockets. Previous and current.
Then Zambia should borrow money from India because wion, firstpost are obsessed with big loan shark (China)
Indians only know how to talk, they are jealous of China.
♦️Is Zambia going to live by borrowing perpetually?
Why anyone in their right mind lends those amount of money to a poor African country boggles the mind. Unless... Just maybe there's somebody with al anterior motive. Now who could that be?
Those loans are for political influence, China knows it won’t get its money back!!
We are not poor my guy, it's just the reporting. We have everything we need
The imperialist and scavengers of resources. Who would risk sea and uncharted territory to just come and "Help" daa
@@isaacbamubabemwanza4009 Then why are you indebted to everyone else?
@@PAVANZYLevery country is indebted
The trouble begins when the country, (in this case Zambia), uses her borrowing from bilateral loaning countries to pay her debt to institutions, like IMF and World Bank, but also some traditional Western banks that they had borrowed earlier for historical reasons. Imagine that you make a bank loan to pay for your multiple credit cards debts, then subsequently blamed the bank for not willing to forgive your default on your payment of interests on the loans from the bank. IMF has always been the cause of many failures of countries in the past. Remember the Asian Financial Crisis of the 1990s? Or the South American nations in the 2000s? Or even Russia in the early 1990s? They are have their national debts owing to the Western financial institutions that make loans at higher commercial rates, based on the interest rates quoted by Barclays, Duetche Bank, Credit Suisse, etc.
Chinese's puppet
IMF does not give development loans, only restructuring loans after the economy has gone belly up. The World Bank does give development loans, but always at lower than market rates. It's all the private loans, so-called Euro-bonds and bilateral loans that have high interest rates. The IMF are rarely the cause of financial trouble, they are the rescue team once you're lying in your room with a heart attack. What they will do is demand that you go on a diet and exercise program that can often seem much too tough.
Sad for my beautiful country and our peoplen
Let us rename Firstpost as "First-to-blame-post"
"First to blame China" you mean.
@@Moabi4 It blames everyone except Modi and BJP and our lack of Focus. We are a lot behind in overall development and lack of cleanliness. We talk much without achieving substantially. We would listen to us wanting to be Vishwa Guru". We need substance not talk talk talk and blame blame blame
@@thamilthalamai2909so has congress taken the blame for the 1984 ? For the shithole that they have turned our country into ? Country got independence in 1947 and congress was in power form more than 60 years in India why was half of the country shitting on streets before 2014? Why the villages of people like us were only getting electricity for 2-3 hours a day ? Why villages only had schools till 10 tu standard before 2014 ? Why did we have to go to the wells to get water every goddamn day before 2014 ? Why was there no medical facilities in majority of the villages in India before 2014?
Why were parents in rural part of India not sending their daughters to school for higher studies before 2014 ?
You are right
My confidence in the president is 100%, our president is smart !
Yeah ask him what’s he’s done with the money
@MariyaHassan-xs7xo inherited debt it was not him who borrowed heavily basically he is cleaning up someone's mess # watch the space for details
@@user-xt3zv9yn8e He inherited debt of 12 billion dollars and now its 32 billion dollars? How my brother? It means they have borrowed more money
@mukondechiti6630 No, sir, it means that the interest could have gone up due to the extension on the maturity date... among other factors... surely you can not pay the same amount you borrowed after missing the maturity date. Obviously, any creditor will ask for ka something its businss at the end of the day... further more you need to read on the progression of the debt I noticed your figures are out of range.... needless to mention I think politicians should be given support when they are doing right to avoid forcing them into doing things (HEAVY BORROWING TO CONSTRUCT A FLYOVER BRIDGE TO IMPRESS, INSTEAD OF BUILDING CAPACITY THROUGH EDUCATION, MACHINERY provision use of army to maintain and construct facilities ETC) that could hurt the country due to pressure and hunger for development from their own people some of them who are half the time doing nothing to better their lives and expect the government to provide everything for them for free.... #Africa must change
I can tell you know what you're talking about. Well spoken. 👍
The current president HH is doing his best to rescue his country after sustained mismanagement by the previous leadership.
The problem with chinese loans is there is no proper feasibility study taken up before funding a project and there is an issue with corruption ofcourse.. so when the projects they are funding doesn't generate enough revenue the debt will become unserviceable and countries default.. so countries shoul be cautious while taking loans especially from china
Are you kidding me? 🤣 You are literally describing all debt and how it works yet you only single out debt owed to China. Its the responsibility of all people, companies and country which take debt to know how they will be able to pay it back. If you go to a bank today and ask for a loan, they will not want you to give them a feasibility study of how you will generate moeny to pay them back. All they want is collateral incase you fail to pay. When you get the money, the responsibility of how you use it lies with you. That is how all debt around the world works. Stop blaming China for doing exactly what everyone else does. Its ridiculous. By the way, Around 30 percent of Zambia’s total loans are owed to China. Stop falling for propaganda and lies about China debt trap. And China has the lowest interest rates on loans.
Why do you blame China?Isn't it something to be grateful for when you are in debt and there are still countries like China that are willing to lend you money?
@@Moabi4 I am not sure where you got the idea that only collateral is enough for the bank to lend, most of the times the colleteral will not be as good as the interest payments that banks count on.. first thing bank does is to look into your present and future incomes.. similarly these bilateral loans will have specific purpose to develop a project that will generate employment as well as enough revenues for local governments to sustain, otherwise it's meaningless.. And yes the govt taking loan has more responsibility but as I mentioned there is also a lot of corruption that will take place which may or may not involve china.. And it's common knowledge that Chinese loans have high interest rates which will have a lot of affect on revenue generation
@@user-rh7wk9dj9b Sorry I am not from Zambia but just giving my perspective.. i always feel that when china and Russia takes greater responsibility in Asian and African regions, it will be good for all of us against western dominance.. unfortunately China's objective is world dominance and it is using these loans to exert influence.. Rather it should work providing stability and sustainability in the whole region.. only then everyone can prosper together
You are speaking from a very ignorant point of view. You know nothing
I think lenders should assume responsibility and atop being reckless in giving bad debt. This is pushing so many people into poverty
Great analysis
nonsense. Around 30 percent of Zambia’s total loans are owed to China. Stop falling for propaganda and lies about China debt trap.
LETS THANK A CERTAIN TALL GENTLEMAN WHO BORROWED RECKLESSLY WHEN HE WAS IN POWER
People to stay aware of
so out of 32billion, zambia only owes 4billion to china and the rest to the west. china has willingly taken losses on this 4billion and allowed it to be restructured.
and yet china is the bad guy for demanding the same terms be applied to usa and rest of Europe for the remaining 28 billion zambia owes west? 😂😂😂
32 billion dollar and debt Zambia owed to China 4 billion dollar conclusion China is loan shark
Imagine I thought I was the only one who heard that anyway India and China are at each other's necks hence the reporting
Chinese loan is only 12% of total debt. Its ridiculous to suggest China is the reason why Zambia is in debt. The reason why this deal fell through is because China/France both took haircuts on their loans whilst western multinational banks (who are profit based) made no haircut and refuse to take a loss
I thought that Zambia is pro west and anti China
They did the same with Ghana , Zimbabwe and Argentina. In Argentina they have a new governor of the 53rd state of the US. They are not playing.
This is the first comment I've read here that actually understands what has happened in this current situation.
I actually think it's a good thing despite the extra delay in getting to an agreement as it means that if our bilateral creditors get their wish we'll pay back less to our bond holders than what was rejected.
♦️Let HH fix it! He has been saying that he will fix it?
Palki I would urge you to look at your reporting in depth. Although your focused on Chinese debt trap , please go deeper and reason as to why Zambia has been reduced to this level of debt. There are so many factors and the west has initially played a greater role including the IMF which is controlled by the West.
I urge you to read a book called Confessions of an Economic Hitman.
Secondly I urge you to interview our President who has been doing all his best to secure a debt restructuring program and has been trying to stabilize the country. It’s not easy but if there is cooperation this can be achieved.
Thankyou
No she won't cut the goose that lays the eggs and the promise of dominance in Asia is too great to be objective.
Palki is a black hearted right wingers with unparalleled ability among indian females to spew lies about China like bullets went through gattling gun 😂 your parents must be proud of you ki
All i know is that the competent Zambian Authorities are working hard to solve the problem of Debt. The Zambian Ministry of Finance and Government are very transparent in dealing with Debt issues.
🔴 I hope you understand what is happening here.
Zambia is finding it difficult to pay its debts because Zambia has no Money.
The government of Zambia is facing a lot of challenges, especially this Year of drought.
♦️NB: The Lenders don’t care whether your Ministry of Finance in Zambia is transparent or not. All they want is the government of Zambia to do the right thing as quickly as possible before they can be entrusted with another Loan. And how long is Zambia going to live from Loan to Loan?
♦️Is it not a shameful thing that government workers are being paid salaries from borrowed Money?
♦️NKONGOLE is NKONGOLE no matter who is involved; A Person OR a Country.
🔴PROVERBS 22:7 Says That: The Rich rule over the Poor, and the Borrower is the Servant (slave) of the Lender.👌🏾
Very precarious position we are in.
🇿🇲 our new government has alternatives that they don't want to look in the name of going forward
What are these alternatives? 🤔
What alternatives do they have?
@@graciegrace2558 can I ask you, do you understand what soft power is?
@@chichi1926what alternative s are those
India and Israel
For now Zambians are still in honeymoon with their new government. As usual once they notice it's not meeting their expectations, the honeymoon will quickly end.
In general I don't believe politics will ever solve the problems of society. Most countries have decided that foreigners living on their lands are the problem especially if they are undocumented. I think this is scapegoating by failed politicians so that they are not blamed. This has led to as worse reactions as racism to xeniphobic attacks in some countries over the years.
Few countries still think that immigration is good for their economy. I think the economic problems we are faced with in most countries are deeper and more far-reaching than we are told and so should solutions be.
Our government is too western reliant. We need to recognize our opportunities from home instead of waiting for foreign investment.
That's all very well, but if you're country gets in a worse financial situation, where will you go, ask all other non western countries for help, good luck with that one
Zambia is in trouble if they owe France
Sri langka PM just debunk palki.. Now Zambia... Paliki and first post edit their news to make China look bad...
Why is it shocking when you take out a loan, you have to pay it back.
Watching from Lusaka Zambia
What about loans from imf & world bank?
The most talked about connection he has around rhe world has stalled,jammed.
Same thing is going to happen to South Africa 😅😅😅😅😢😢
Not unless white people handover our land an Surrender our economy coz clearly Capitalism isnt working for us African nations. These countries are not defaulting on their loans due to government policies or mismanagement, its bcoz of Capitalists wich are White people or white owned companies who own Strategic sectors of their economies.
What exactly is going to happen to South Africa, be specific? You mean what? That South Africa is going to fail to pay its debts! And who will be to blame for that? Only 4% of South African debt is owed to China, the remaining 96% is owed to western countries, the IMF and the world bank.
On steroids!
Cry my beloved country 😢
They got loans and built roads, bought firefighter trucks, shared the money and shared the money amongst themselves.
So the problem is not China but incompentecy of the rulers of the country.
How will the built roads and bought fighter trucks pay pack the loans? Blame the government not creditors.
Go to Zambia. They have trucks everywhere exporting copper. I don't think they have the option to use railway
May be in installments
It's so so satisfying just hearing Palkis voice mention my country's name offcourse regardless of the circumstances in which its being discussed 😂❤
Niyabwanji iyo😂
Love your video
As a Zambian I can confirm that we are f**kd up , things aren't heating well economically
India news on China. Yes Zambia should borrow from India.
Borrow what from India, India is poor.
♦️The Rich rules over the Poor and, the Borrower is the servant to the Lender.
So China and France
CHINESE PEOPLE AROUND THE WORLD WILL ALWAYS PRAY AND SUPPORT CHINA FOREVER 🇨🇳🇨🇳🇨🇳🇨🇳 🇨🇳 🇨🇳 🇨🇳 🇨🇳 🇨🇳 🇨🇳
GOD WILL ALWAYS BLESS CHINA AND ALWAYS BE WITH CHINA...!!!
🙏🙏🙏🙏🙏
✝️🇨🇳GOD BLESS CHINA🇨🇳✝️
I got your pain
@@rahulkrishna7041 GOD WILL ALWAYS BLESS CHINA AND ALWAYS BE WITH CHINA...!!!
🙏🙏🙏🙏🙏
✝️🇨🇳GOD BLESS CHINA🇨🇳✝️
You don't even have a god. How can God bless you.?
🔴Which God will bless China when the Chinese government is so anti-religion? Stop deceiving yourself so cheaply!
♦️The Chinese government is so anti-religion.
The borrower is always servant to the lender
Africa must rise and help each other
It is high time we listen to THOMAS SANKARA
What was being used with the borrowed money
🇿🇲 Zambia my country rich in land, minerals, water but struggling 🇿🇲
♦️What is causing the struggling if Zambia is rich in mineral resources as you are saying?
What is causing the struggling?
DEBT TRAP.
We new right from the start that Zambia's breakthrough was to be shortlived.
😂
Maybe now we can wake up to the other options before us like benefitting more from our natural resources
Take from your left hand n give to your right hand. Both hands belongs to you..👈😁
Our government should give us facts about debt restructuring.
of course....why should bilateral lenders like China and France take a bigger haircut than others? Those mostly western market creditors (and to a lesser extent IMF/WB/ADB etc) tried the same stunt in Srilanka
Amen
China 4 billion but you're accusing china out of 38 billion.
We are Global Indigenous people!! Love and Unity is the best key for us all together!!💯 Also Giving thanks to the Great Mother's/Goddesses and Great Father's/Gods and the Ancestors and Guardians!! Saying from Snefer aka Bashiyr!!👸🏿🤴🏿
♦️You are Not serious with life? Zambia is in a serious crisis and here you are talking about the nonsense goddesses and gods. Where are these goddesses when the People are suffering and hungry and wallowing in absolute poverty?
But we have minerals etc gold. Why can't we make use of those minerals.
♦️HH promised to fix everything! I am sure he will fix this soon!!
Zambia my country 😭😭😭😭😭😭
Meaning our govt lied to us when they said they have done debt restructuring
Kikiki the land of work and joy fya fikanoku nipanotuli 😂😂
We shall pull through mdala
I hate the new studio setup...please return the old one
Beware of Chinese loan.
Manje ma bus ya blue lelo mu Zambia? Old footage? Why not get a real one? Public buses painted blue and white died in 2012..
We still struggling here but let's c how this plays out l,bcz the market here is big man.
Zambia isn't South East but in Southern Africa.
🤔 interesting
Governments should not be allowed to loan money, ever for whatever reason.
Politician should not be allowed to use the word "Free" ever for anything.
African stand own take care yourself make your own money
Landlinked Country!
Its like an ordinary employee trying to buy a luxury car
Kenya is closely behind Zambia esp now
Dollar denominated not dollar dominated.
It just looks simple
Our so called all weather friend China has now let us down. Well, it just shows that our all weather friend is only a friend when they’re after our mineral resources. Not to worry! We’ll also not allow our all weather friend get resources for a song any more. Thanks Palki.
I think it has more to do with how our president is being aligned more to the western side than the east. Still petty of them but at the end of the day our president needs to make up his mind about whether he is gonna allow his legacy to read 'The Zambian President who was a puppet of the West'.
Truth is the money we owe China is not even money China needs back. Infact it's value is more in the perspective of the leverage it holds over Zambia as a nation.
Kenyan economy is collapsing too😢
Around 30 percent of Zambia’s total loans are owed to China. Around 18% of Kenyan debt is owed to China. Stop falling for propaganda and lies about China debt trap. China is not to blame for your economic crisis. China is actually Kenya's biggest trading partner meaning that China buys more Kenyan products than any other country, which mean Kenya gets most of its trade money from China.
To be fair, many, if not most, Western countries, like the US, and several of the 27 EU nations, are already in economic crisis today! They are frankly, already in crisis, but temporarily covered up by the flooding of cash printing of the USDs and EURs, to temporarily prop up their economy.
@@HTeo-og1lg you are absolutely right brother.
Wow, what a wonderful world 🌎 of greed..
And why is this big backdrop not televised or talked about in our state media.. 🤗 ..
Zambia is nursing the wound silently.. Lol😂 😂
An opportunity for Zambia. But still shows that greater powers are the one that really call the shots.. Not the Zambian and that's the problem with having so much debt to begin with. You sell your with and it hangs on the thread of peoples egos
Where's the BRICS 😂😂😂. Now many Chinese people are holding the business in Africa 😂😂😂
♦️What about BRICS?
Too bad
We'll have to go back to the drawing board 🇿🇲
And we are hearing that the guy that brought us here is coming back
GOD HAS ALWAYS LOVED CHINA AND HAS ALWAYS BLESSED CHINA FOREVER.
✝️🇨🇳☯️🙏🙏🙏☯️🇨🇳✝️
✝️ GOD BLESS CHINA ✝️
🔴Which God?
@@phoebemulube4451 The real God for sure. Not the mecca paganic black stone