ZAMBIA DENIES US CLAIMS OF CHINESE TAKEOVER POWER COMPANY.

Lusaka, ZAMBIA:

Zambia has denied claims by a White House official that China is about to take over its state power utility to recover $6-10 billion debt, noting the utility was never provided as collateral and its debt to Beijing was only $3.1 billion.

U.S. National Security Advisor John Bolton said on Thursday that China’s quest for more power in Africa was evident in nations like Zambia, and China was poised to take over Zambia’s utility company Zesco to collect the debt.

US National Security Advisor John Bolton speaks about the administration's African policy at the Heritage Foundation in Washington, DC, Dec. 13, 2018.
Image: abc.

Zambia’s presidential spokesman Amos Chanda told Reuters the figure of between $6-10 billion given by Bolton was wrong. Zambia’s total external debt was now $9.7 billion including $3.1 billion owed to China, he said.

“It is regrettable that such information can come from such a high-ranking official. In fact, Zesco is not within the scheme of Zambia’s debt to China,”
he added.

Chanda said Zambia valued its relations with both China and the US and would not deal with either of them exclusively.

Zambia has also written an official de’marche to the United States of America (USA) government to request a retraction of a portion of the statement made by a senior US official John Bolton, who alleged that the Chinese government intends to takeover some state owned enterprises because of government’s alleged failure to settle China’s outstanding loan.

Minister of Foreign Affairs Joe Malanji said the Zambia government is optimistic that the American Embassy in Zambia was expected to transmit the de’marche to Washington DC as soon as possible.

In his statement to unveil new USA policy on Africa in relation to China and Russia, USA National Security Advisor John Bolton allegedly said Zambia owed China between US$6 billion and US $10 billion and was poised to lose its state utility company for China to recoup the debt.

Mr. Malanji said the Zambian government was disappointed that such a statement, which lacked accurate information, could come from a high ranking official who could have easily verified the information with the American Embassy in Lusaka before giving a presentation of such magnitude.
“Such misinformation gives a bad name to America’s foreign policy,”
Mr. Malanji said.
He said Zambia enjoyed cordial bilateral and multilateral relations with the US government and does not wish to see its diplomatic ties strained as a result of misinformation.
The Minister clarified that Zambia has not offered any of its state assets as bilateral or multilateral loans that Zambia contracts are sovereign guaranteed.
“Therefore, no state assets or state enterprise were at risk of being repossessed as they have not been used as collateral security,”
he emphasised.
Mr. Malanji also said Zambia was not in a debt crisis, adding that her debt ratio in relation to the country’s Gross Domestic Product (GDP) was healthy.
The Foreign Affairs Minister said Zambia was managing its debt settling very well and had not defaulted in any of its repayment plans.
He stressed that Zambia enjoys bilateral relations with over 100 countries which include the United States of America.
This is contained in press statement made available to ZANIS in Lusaka by First Secretary for Press and Tourism at the Zambian Embassy in Addis Ababa Ethiopia Inutu Mwanza.

Minister of Foreign Affairs Joe Malanji briefing the media.
Image: Lusaka Times.

National security adviser John Bolton called the business practices of China and Russia in Africa “corrupt” and “predatory” when he unveiled the Trump administration's new strategy for Africa as it works to counter Russia and China, as they expand their financial, political and military investments across the continent.

In June, Zambia decided to delay all planned borrowing indefinitely, slowing down the accumulation of new debt amid worries about the risk of debt distress.

President Edgar Lungu said last month Zambia is committed to improving the transparency of its debt management and will ensure that debt levels remain sustainable.

The IMF rejected Zambia’s borrowing plans in February, saying they risked making its debt load harder to sustain.

Finance minister Margaret Mwanakatwe said last month the government plans to send a delegation to China by the end of this year to discuss Zambia’s debt and debt restructuring.

SOURCE: Reuters./Lusaka Times.

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