Headlines

China Writes Off Debt

THE Chinese government has written-off more than US$22 million as part of debt that Zambia owes the Asian country to reduce the debt burden.

And China has given Zambia a grant amounting to US$30 million towards support to various projects of development to accelerate industralisation and job creation agendas as espoused in the Seventh National Development Plan.

On the debt cancelation, this followed recent consultations on partial debt cancellation between the two countries and China agreed to exempt Zambia from its obligation of paying back one batch of interest free loan that matured in December 31, 2018.

Chinese Foreign Affairs Minister Wang Yi said here on MondayΒ  that the US$22 million (150 million RMB) interest-free loan was provided in the Agreement on Economic and technical Cooperation between the two sides of China and Zambia signed on July 2, 2007.

Mr Wang said his government cancelled that debt because it was keen to see Zambia attain more economic development, and no amount of propaganda peddled by some sections of society would frustrate China from offering more support to African countries.

β€œToday, we are signing this debt cancellation because we are keen to see Zambia grow from strength to strength and we shall do what we can

to support Zambia’s development agenda, ” he said.

He was speaking during the signing ceremony for economic agreements and debt cancellation between deputy director of China International

Development Cooperation Agency Zhou Liujun, who signed for China while Foreign Affairs Minister Joseph Malanji on behalf of Zambia, and was witnessed by Zambias Ambassador to China Winnie Chibesakunda at Diaoyutai Hotel.

Mr Wang said China’s offer of a grant of US$30 million (200 million Yuan) was coming in view of further developing the friendly relations.

He said the Chinese were confident that through such a grant, among significant infrastructure such as Levy Mwanawasa Teaching Hospital in

Lusaka project could be completed by end of this year.

He said President Xi Jinping and President Edgar Lungu collaborate well and share ideas of development which result in China remaining focused to ensure funded infrastructure projects in Zambia were completed to better the lives of citizens.

And Mr Malanji said Zambia was grateful to the generosity offered by China citing the writing-off the debt which was coming at the right time when Zambia was enjoying cordial bilateral ties.

He said Zambia’s population was growing and there was huge demand for infrastructure ranging from roads networks and bridges and as such,

Government was not borrowing for consumption but to inject significant projects of development.

Mr Malanji said the support from China was accelerating efforts of economic diversification as being emphasized by President Lungu from

mining to industralisation and agriculture as espoused in the Seventh National Development Plan.

Source: Times of Zambia

47 Comments

  1. Mwanawasa

    So levy left us munkongole ka?2007πŸ€”πŸ€”πŸ€”πŸ€”πŸ€”πŸ€”πŸ€”πŸ€”πŸ€”

    • Kelly k

      its 12years of nkongole

    • PM

      @ Mwanawasa. How did levy leave you in nkongole. Learn to read before exposing your lack of understanding.

  2. Sata

    So sata left us with Eurobond

  3. FTJ chiluba

    So chiluba left us munkongole

  4. Kk

    So kaunda left us with Hipic

  5. ECL

    Country men and women, don’t worry I will clear all the debt

    • Chisapi

      I don’t think if you can manage to clear that debt

    • Muenior

      You see don’t blame our president

    • Kenny

      Despite the endless criticism by different levels of society,its good to see how relentlessly you pursue the countries social and economic development. Therefore as youths of this our country we remain optimistic.

  6. sotambe

    congrats to the Chinese government

  7. Sylvester Moomba

    To the Chinese government, please never get into private agreements with one or two individuals, without the knowledge of the general population. Chikwanda and his bosses reckless borrowed aimlessly and this debate is choking the general population. Let the Chinese government tell the public who is, was involved in the negotiations to consule the Debt.

  8. BB

    Anyway it is good to hear this move from the Chiness government congrats once again kwashala Eurobond ba Zambia

  9. Angoni

    A good step to economic recovery, please Government pursue such agreements with other countries that we owe money for them also to cancel our debt to them. Bravo to ECL and the Government of China.

  10. E M

    Manje what is $ 22 million dollars so u’re telling me we can’t refund that cash come on guyz Chinese the after our land and worth how much do we make mu zesco,mu water,zra,and toll gate.

  11. Jms

    Well done but how are certain that they collaborate well and share ideas when your friend’s country is calm and yours you have so much rumours is he a friend who doesn’t even have a word of advice don’t cheat people their must be a loop hole somewhere

  12. The saint

    Our Lord is good

  13. thrillz

    Only hop our corrupt so called leaders dnt misuse the money again…

  14. Roxy Jr.

    We have to pay back…

  15. Taku

    Akainde Ichilema will have a sleepness night today.
    That is information which he does not want to hear.

  16. Lk

    We should be careful with these china menπŸ˜‡πŸ˜‡πŸ˜‡ there are treating us like a small villege girl😘😘😘 who is in grade 3 by giving us biscuit and sweets😍😍😍 in just a short period of time they will ask touch our pants😱😱😱 if we refuse them then they will lape us 😑😑😑 and if we accept they will lie to us that they will marry us and they will continue to use😎😎😎 and later kick us out with a disease of poverty and weakness. πŸ˜·πŸ€’πŸ€•πŸ˜·πŸ€’πŸ€•πŸ˜·πŸ€’πŸ€’πŸ˜·πŸ€’πŸ€•πŸ€’πŸ€§πŸ€’πŸ€§πŸ€’πŸ€§πŸ€’πŸ€§. We will never know how to develop our selves 🏑🏠🏣🏀πŸ₯🏒

  17. HCS

    HAHAHAHA….

  18. Yahoo man

    Something fishy is going on….
    We better be careful with the Asian pipo o else will be in the land of no return ka..
    Awe I sensi danger………

  19. THE REGULATOR

    Good move if done in good faith.Bravo CHINA

  20. Christian

    After this reduction soon we will hear that the Chinese own this and that. Hope that’s not the case.

  21. Binda

    Countrymen, we must learn to appreciate at times. This a good gesture by the Chinese Govt. At least sha cepako inkongole by 22m US$. Sa tusanta mubimo —
    tuletashako muli fimo —

  22. George N.Mukuka

    DID ANYONE GET COMMISSION FOR EACH LOAN SIGNED FOR “ZAMBIANS “?

  23. Wolf

    Zambia is finished by selfish lungu and pf can someone tell how possible it was for Pamela to still a huge amount of money k44 billions

  24. Milton Mulenga

    Ubucushi bubi! Ukupoka icinsenda Ku nkoko kunakila yama .Bible says awake, in bemba awake means open your eyes .Umuntu mutwe yama !

  25. KK

    Chapwa baingila ama Chinese mu Zambia 4 good. Chinese can not cancel such a huge amount without agreeing on something big and only say ”we only want to see Zambia develop. baneee amachinies Bali shupa

  26. Chishimba Kambwili

    am sensing danger my country men, be careful with this vultures.

  27. Lisa

    In life no one can give out money without getting a benefit out of such. I have seen men with money sexually abusing poor girls to get pleasure from the money men give out. China is interested in our land, so don’t get excited.

  28. SEE MIND

    Back to Hipik

  29. Davies Lonje

    Don’t worry everything will be okay ba Zambia

  30. @The Realist

    So the Chinese government does us a favor but sorting out one problem the previous Zambian government left us in and some people can’t appreciate… Must everything be political sure…? Y’all have to learn how to appreciate where appropriation is due despite what political party you stand for.

  31. @The Realist

    *by sorting out *

  32. Chipata boyz

    China make more than this work up ba zed

  33. chipantepante speaker

    wake up Zambian men and women

  34. CN

    We borrowed more than 4 billion US dollars from China for the so called rapid development. What is 22 million dollars they have cancelled to the more than 4 billion still out standing ?

  35. Mwimbe m

    Congrates chinese govt

  36. Jayalljay

    Zambia is too rich for it to keep getting loans and grants surely! When will we wake up as a people and see the wealth around us? There is so much gold in Eastern Province all going to illegal miners, we wait for outsider to over run our country while we sit and beg. Zambia, why Zambia my country?!

  37. Chcho

    China has already recovered her money through mukula.

    • John

      This is all bushit, playing a game, do U know any leadership which subject U to depend on another nation is a leadership which is ready to inslave you. Wake Up U might poeple. Don’t be fooled by debt relief propaganda, this is aimed at keeping U asleep, how much money is lost in corrupt act’s by your so called leaders. Don’t live in the past, One love

  38. Henry Mukwila

    I appreciate most of the Zambain people are suspicious based on our past experience.
    But let’s look at revival from the current hard economic situation which is unbearable.
    I hope we will see a significant change on stalled projects.

  39. Henry Mukwila

    I appreciate most of the Zambian people are suspicious based on our past experience.
    But let’s look at revival from the current hard economic situation which is unbearable.
    I hope we will see a significant change on stalled projects.

  40. Mount

    Let’s not seek the present popularity, it’s better not to be popular now and recognized later.Indeed no one can freely cancel such a huge amount of money,there must be a hiden agenda….chinese mmmmhhhu

Comments are closed.