PF Will Lose Power in 2016, Predicts Magande

By IAfrica
In Zambia
Jul 29th, 2014
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MagandeFormer Finance Minister Ng’andu Magande says the Patriotic Front will lose power in 2016 if they do not explain their huge appetite for borrowing properly.

Magande, who is National Movement for Progress presidentm said the money borrowed from the Eurobond was not being re-invested in revenue generating activities.

He said the money was not making interest and once the deadline for payment was due there could have been no return on the huge debt.

The Patriotic Front has so far amassed a US$750 billion Eurobond which was followed by another US$1 billion.

They have further increased the threshold for borrowing raising it up to US$35 million.

“In 2016 the PF risks losing if they do not explain the borrowing because they are not investing this money in the revenue generating side. So when the 10 years grace period lapses there could have been nothing earned on this money,” he said.

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