Headlines

President Edgar Lungu Is Ahead Of Time, As The Argentina Government Hires Lazard, HSBC and Bank of America to Broker Debt Restructuring.

Argentina’s government said on Sunday it had hired Lazard as financial advisor and Bank of America and HSBC as debt placement agents for the debt restructuring process it hopes to close by the end of March.

In a brief statement the Finance Ministry limited itself to disclosing the names of the financial institutions that will be intermediaries for the restructuring of close to $100 billion in public debt.

The operation is backed by the International Monetary Fund (IMF) and the talks are expected to continue from Monday in Buenos Aires.

The Edgar Lungu led PF Government has awarded a US$5 million contract to French company Lazard Freres for the provision of advisory services to the country in relation to the liability management of its debt portfolio.

Other bidders that included ABSA Bank and Barclays Bank PLC, Rothschild & Co, White Oak Advisory Ltd, Potomac and Deutch Bank have since been notified of the award of the tender to Lazard Freres.

Secretary to the Treasury Fredson Yamba stated in a statement issued last evening that Lazard Freres met all requirement under the Public Procurement Act of 2008. Lazard Freres is one of the world’s leading financial advisory and asset management firms, and advises on mergers, acquisitions, debt restructuring and capital ventures.

Copyright © 2020 ZR.

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29 Comments

  1. Banja

    The proof is in the pudding. We will wait anxiously for an independent assessment of whether the USD 5 million will be money well spent. From what is on paper this is a good engagement.

    • Lavu Zulu

      Way to go. Let’s wait and see. Some people seem to think, this money just pocketed, while others are just politicking by pretending not to know what’s going on.

      • Malama

        I indeed agree with you dear. Its like the majority of us who would not drive a road worth vehicle on road and carry along a kwacha note to give the ” vigilant police officer” on the way and yet blow a trumpet ” against corruption in government ” ! Topical hypocrisy!

  2. The virus

    Advice for debt restructuring will be given and it will be very good but will the government take heed to the advice and implement it, that I doubt

  3. Trotsky

    It’s very sad for zambia to be in this sad and embarrassing situation,the PF government should have known the consequences of reckless irresponsible borrowing,now they are hiring this lazard financial consulting firm at cost of $5 million in order for them to advise zambia on PF’s economic mismanagement,the debt won’t go away, you are simply going to postponed the time of repaying the debt back, with this you always pay more high interest on that debt and it would foolish of you to take pride of this just because Argentina is doing the same as well,Argentine has been in this debt situation since 1990s, you gullible and naive to think and trust that lazard consulting firm will act in the best interest of the zambian people because it is company from western world and the money lenders too are from the western world,they have the same interest not zambia’s, unenviable situation for Zambia because of poor leadership.cry my beloved country.

  4. Harry Chinkumbi

    It is like praising someone for finding a doctor specialized in treating venereal diseases, when he should have simply abstained himself from sleeping around with prostitutes.

    The advice is, don’t borrow recklessly, and when you borrow, abserve fiscal discipline. Do not use money borrowed for political usage.

  5. Alick Phiri

    U people u always hate president Edgar lungu most of this credit it was borrowd in Kaundas time chilubas time and mwanawasas time check nicely before u talk bad about the president PF never borrowed that much the money that kk borrowed to build tazara never finish to pay to Chinese so ask PF how much they have borrowed pf is much better than all this past governments read first before u stat talking rubbish we hard Zambia airways were is it now open your eyes please

    • ItsAGoal

      How can you be so stupid & alive at the same time?

    • SOS

      Ba Alick Phiri you’re a dull person,the epic completion point was done by Levy Mwawasa.
      You wako ni wakos you’re a very big problem to this country.

    • Chandale

      This writer does not live in Zambia. No one hates Edgar but his style of leadership. If you don’t we had HIPC that allowed cancellation of all the debt during Mwanawasa and magande as minister. In short all the debts Kaunda borrowed finished. This went on up to PF leadership came. They inherited just about $1.5 billion debt in 2011 to $12billion external debt as of January 2020. Get you facts.

    • Mart

      Sir i think you grossly misinformed. Where were you when Mwanawasa guided us completing the conditions then it was cancelled? This money was borrowed by PF government mostly. Unlessnyou were asleep when we getting Euro bonds and money from IMF. If you do the maths 1.5 to 12 billion is 1000% increse in debt. So you do the maths and see we are here because of poor leadership.

    • Truth man

      The Euro Bond was it borrowed in Mwanawasa ‘s time? Why do you comment just to show your ignorance! My friend if you don’t know that money was borrowed by SATA. It was not even President Lungu after all. Nobody hates President Lungu. He found this mess after all.

    • kaluba

      i guess this is a joke. if it is not then im lost for words

  6. Mr Harryson Chitapu

    We stand for Argentina!

  7. Jebediah

    No matter what good things you continue doing, your hater will still find a way and continue speaking hate language against you

  8. Emmanuel Mutale

    *HH IS FAILING IN HIS ROLE AS LEADER OF THE LARGEST OPPOSITION IN ZAMBIA*

    When the PF, under the humble but incompetent President, Edgar Lungu, was busy contracting debt recklessly, Zambians of all backgrounds registered their dissagreement. This was arrogantly ignored & rejected because apparently, the PF was in control and they knew what they were doing. HH on his part was called bitter and jealous. Concerned People from the PF itself, like KBF, who went out of their way to document the looming economic dangers, were victimised by illegal expulsions from the PF. Yes, just for pointing out the economic mismanagement going on under the PF.

    Years down the line, a PF Finance Minister is boldly admitting that the PF government has borrowed unsustainably and our economy is under serious stress for it. IMF has publicly stated they can’t assist Zambia because the nation’s debt is unsustainable. By the way, I have come to learn that this is just a diplomatic way of saying, Zambia is under an irresponsible & incompetent leadership.
    Zambia’s situation is so bad that the country has opted to hire a foreign company for 5million USD for services we gave the PF government for free a few years back.

    The dissapointment for me is HH is crying foul that a foreign company will be paid 5million USD.

    I expected an opposition leader worth his salt to demand for Edgar Lungu to resign as President of Zambia for gross incompetence. When people, out of common sense (not even any economic brilliance) advise you not to borrow recklessly as a President and you go ahead and do it anyway, you qualify to be regarded as a grossly incompetent President, if later on you have to spend public funds to clean the mess you have caused.

    HH crying about the 5million USD is a big miss and for me creates serious doubts about his calibre and judgement. Bally, if you are serious about this nation, the political discussion we should be having right now is the resignation of One Edgar Chagwa Lungu as President of Zambia. The negative consequences of his reckless actions are in billions of dollars and not the 5million USD you are worried about.

    Concerned Zambian
    (#Zambia Beyond August 2021)

    • Trotsky

      Mutale,you are not going to implicate HH for the mismanagement of zambia’s economy by an arrogant and lawless PF government,the zambian constitutional is very clear on debt contraction,the government of day needs the approval of parliament before contracting any loan,but the PF government under the leadership of an incompetent president have gone ahead without seeking the approval of parliament in contracting a huge debt in secrecy.we don’t know who we owe or when these illegal debts were contracted,our children and the unborn are going to be the burden bearer of colossal and reckless PF behavior.shame.

  9. Chamu

    @ Emmanuel Mutale, don’t blame HH. HH did his part by repeatedly telling you that this PF government was driving you into this ditch of unsustainable debt. You Zambians did nothing about it but let people call him names! Now what more do you want him to do? You are so docile that now the PF is even trying to spin the consequences of their terrible mismanagement as a positive by praising Lungu for hiring Lazard!!! If Lungu had listened, we would not have needed Lazard in the first place!!! Zambians, Stop your docility and tribalism – otherwise you will continue to have such consequences while the corrupt buy mansions in Dubai!

  10. Lavu Zulu

    I hate who like saying “you Zambians are docile” as if they have done anything to change the situation, apart from just posting on social media. This behaviour is the hallmark of all useless armchair critics, who stash all the blame on the person next door who is at least throwing a stone, while they remain locked in the comfort of their cosy homes just typing hapless comments.
    When you pretend not to be Zambian by calling others Zambians it shows how useless you’re and how this nation does not benefit from your self acclaimed intelligence and imaginary ability to find solutions to the many economic problems Zambia is faced with.
    True patriots, are part of the fight to liberate, not remaining aloof.

    • Mr intellect

      I thought you were offering a solution here but alas defensive hallucinations once more

  11. hhhh is hyena

    HH for councilor and Kambwilli for messenger job at Lundazi council.

  12. MAMCO creditor

    Mr. President sir, get our money back from Sikutwa Lawrence of MAMCO who has stolen milling ns of dollars and taken to tax Haven. Our children are suffering. No food, no school, nothing.

  13. Jms

    We have fould a useless creature Alice Phiri because being a non Zambia its simshe hasn’t got mind to think for himself he needs helpers. This shows how one ‘s capability is able to, and depending on others is unwise, we need educated people not this people just upgrading their levels forgetting their trades that why their is failure in accountability. We know now that a non chosen person pretends while trying to depend on parasites.

  14. mupondo

    Ichalo chesu? Nazii nkani. Uganda is now producing electric buses. Ghana is manufacturing cars. I didn’t state that Ghana is assembling cars. Emphasis, Ghana is manufacturing both fuel and electric cars. Ghanaian president recently told the French president, Sarkozy that it’s time for Africa to do away with aid. Arise and work up Umwina Zambian.

  15. Nason Banda

    It’s great to find a” saviour” from this self inflicted wound. But the question that keeps lingering in my mind is how the powers that be allowed the situation to deteriorate to such desperate levels. Surely we are now totally unable to work out solutions to our problems? Am afraid the arguments championed by our local intelligentsia, justifying the hiring of Lazards are neither here nor there. It’s just a total ‘airlock’ of all financial systems in our country.

  16. Mr intellect

    Ok government please transfer that contract you have awarded Lazard or Lizard to me.Am a grade nine drop out,who can read and write very well, combined with my God given ability to think and execute, you will definitely be elated how all this debt restructuring and placement thing will be delt with trust me I can do it

  17. Mr intellect

    I want to prove to government that I am an interested party in that money 5 million dollars pa in my pocket.Chewing comrades is very important in life.Give me the contract please abeg

  18. BETTER MUST COME

    So if our president and ministers arrogantly and stubbornly loot the national treasury through corruption and bring the economy to its knees like as it is in Zambia now, can we start praising the same corrupt people if they further use our resources to correct their deliberate misdeeds? No! Edgar Lungu is behind time in the fight against corruption.

Comments are closed.