Economy

Mboweni’s Rants Against Zambia Shock Central Bank Governor

Lusaka ~ Sat, 28 Nov 2020

By Brightwell Chabusha

Central Bank Governor Christopher Mvunga has expressed disappointed over recent remarks by South Africa’s finance minister Tito Mboweni against Zambia’s economy, which he branded a “failed state”.

Minister Mboweni, in his comments on his country’s current economic crisis following the downgrading by rating agencies to junk status, made demeaning remarks against the sovereign state of Zambia which he called “a failed state economically” and that South Africa could be heading that direction.

But Mr Mvunga, in a statement issued to Zambia Reports today, stated that
it was saddening for Mr Mboweni, a leader, to state such remarks on a neighbouring country despite South Africa and Zambia enjoying good relations.

Mr Mvunga said it is not right to make negative comments that may injure existing relations between the two countries and advised Minister Mboweni to be cautious whenever he was issuing a statement on another country.

This week, Mr Mboweni said South Africa cannot implement a pay deal with public servants because it would precipitate a fiscal crisis, and went further to entangle Zambia in his comments, saying the woes provided a cautionary tale and South Africa could ill afford to go down the same path.

The Coronavirus pandemic has disturbed Zambia’s debt payment schedule, sadly forcing it to default on its Eurobonds, making it l the first African nation to do so since the onset of the COVID-19 pandemic.

Ethiopia,  Ghana, Kenya are among  countries facing a debt crisis owing to the ravaging Coronavirus that has brought many African states to their knees.

18 Comments

  1. Franklin

    But did he lie ?

  2. Frank Chombela

    It’s better to leave the politicians to handle this matter. South Africa is not even a fair trading partner of Zambia. It’s just that most Zambians don’t know it.

  3. Trump

    That comment was a fair comment. The world talks of Zimbabwe, Somalia, DRC as failed states. We are no different. Our economic crisis came way before Covid 19. Rampant corruption through inflated infrastructural costs, a compromised judiciary with corrupt judges like Mutuna and the lot have taken a scorched earth approach to order in the country. Bowman is now richer than the hardworking Zambians simply on account of being in PF. ECL is now worth triple figures in millions from a meagre K2 million he was worth when he became President. Mboweni speaks for many…locally and abroad. Siabonga mfowetu we lukuzeni Mboweni !

  4. 2yk

    These chap are friends to Hikaluze Hageni.

  5. kascol

    Useless Mboweni he never condemned xenophobic attacks on innocent pipo.Why not talk about his own country and bushire issues!

  6. True Man

    He’s correct Zambia is in trouble why closing one eye see your money is going down every day but rand is stable

    • Ndelandafye

      There are lessons to learn even in negative comments.
      But only humble ones and those willing to change see hidden treasures in negative comments.

      Those who shout praises are never good advisors

  7. Mfumukadzi

    Mboweni is campaigning for Kalusa. This is the crappy talk that some paid bloggers of a known political party love. Zambians are wise. We will vote wisely and “patriotism” is on the cards. UPND is the most unpatriotic political gathering.

  8. adviser

    A number of fo.olish Zambians here are busy siding with the equally f.oolish Mboweni. Zambia’s economy is still better than a number of African countries that have not defaulted on their loans. Why is Mboweni so obsessed with Zambia? Is he working with someone with vested interests in Zambia?

    • Diaspora

      Negative thought to see comfort in the weakness of other nations. Each nation has its reasons. Our are mismanagement, corruption and lack of foresight. RB left over USD 5 billion with little debt. Come PF the picture is for all to see. USD 33billion in debt. Reserves at their lowest. ECL, Bowman and the lot are stealing day and night. PF cadres are now above the police and even disrespecting the VPs motorcade. PF cadres now even disrupt court proceedings. How blind can you be not to realise this….?

  9. PF u'r frustrated bcoz lyk or nt u'l lose lyk trump.lf l may 2 ask.Wat r u going 2 tel pipo 4 thm 2 vot 4 U.

    PF a bunch of frustrated pipo.How can u manage de affairs of de nation wth sleepless 9t over 1 person HH.2021 PF OUT.

  10. Lethal Weapon

    It’s a failed state economically….he’s very correct….the reason he mentioned Zambia is because we are the first African states to default on our debt payments….the Zambia I knew 10 years ago is not the one I live in now,it’s a failed state…junk.

  11. Kamala Harris's Brother

    Ukufwaya apakulilila. What is saddening about Mboweni, ‘s remarks?
    What is saddening is failing to pay inkongole. Why didnt we phone the headquarters of Chambia in Beijing for some assistance?

  12. Zedpeople

    But Zambia’s economy is nose diving, is there another word for nose diving?

  13. CTC

    Cyril Ramaphosa and his friends like Mboweni thought removing Zuma and co would translate into a better RSA. 2 years later the country is in trouble, ESKOM is not sorted out as loadshedding is rampant and Fitch and co have further downgraded them into junk status. Yes Zambia has defaulted but we are not in junk status yet, we are commissioning Kafue Lower soon as we push our energy policy. We are going through a tough economic period but it’s not the end of the world. Mboweni is under fire from his own people and commenting on Zambia based on skewed journalism won’t change the truth that he’s a failed finance minister.

  14. No fear

    Yes he is so worried to see the currency of his neighboring country keep on losing its value every day.what’s wrong with the statement.

  15. MrBanks

    Yes indeed we are a failed state, and its not even down to the corona virus. Our leaders have failed us.

  16. LEAVE me ALONE

    Time is always the best judge, for whatever one does will be measured by the time factor whether the seed will geminate or rot under ground. Those who have eyes are able to see the difference, 2015 kwacha was k7: to a US dollar today k21: to US dollar, we shall evaluate kwacha in 2022 if our kwacha will rise up.

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