05/28/2020 – Deep Reflections – Zambia OYEE! Enter the LAZARD. Not Lizard but LAZARD. Reminds me of the RP Capital when RB’s MMD and Felix Mutati was Commerce Minister then belittling Zambians that we DID not understand/know the ZAMTEL Asset Valuation & sale to Lapgreen. History Bane @#Utuntu. Back to IMF & WB engagement with Zambia.
Hon. Felix Mutati tried IMF/WB negotiations and Loan procurement. Anakangiwa, Margaret Dudu Mwanakatwe also tried. Anakangiwa. For no personal and professional fault of theirs. Ba Chikwanda ninshi balikongola kale. Now Dr. Bwalya Ngandu will unfortunately be thrown under the bus as well. Zambia goes for tripartite elections camapaign mode shortly after COVID-19. Political Parties and GRZ machinery will resume crisscrossing the Countryside in never-ending campaign trails. Senior Political figures will once again be accompanied by their respective spouses, A-Teams, sponsors and sympathisers. Bandalyamo bonse and not forgetting the Zambian musicians and dancing Kings and Queens masquarading as morale boosters (They are paid handsomely by All Political Parties. So we are told). All Political Parties will be required to secretly source and will be spending money whose source, we shall never know. Austerity measures may no longer work as Embassies and Foreign Missions, Ministries, Departments, Agencies and Commissions will have to be adequately funded and salary increases for civil servants and other workers will have to be revised upwards in order to woo and lure some support for critical mass votes in 2021 elections. The silent power and advantage of incumbency. Don’t argue, all Political Parties want access to Plot 1 and attendant fringe benefits of the Office through the Ballot papers. Pensioners will be paid. Money will have to be found somehow and from somewhere. Money for campaign managers, Political cadres, campaign materials (T-shirts, Caps and fitenge, posters, Media adverts, Public Address Systems etc) and transportation (bikes, vehicles, choppers and planes will be made available and no questions asked), perdiem, allowances, meals and beers will be freely flowing. Just in case we missed the MoF Timelines, the LAZARD assignment has been scheduled to be delivered in 36 months mwebantu. 36 months is equal to 3 years. It means before IMF/WB agree to lend us money or continue to refuse like they have done for the past 3 years or so, that will be in or around or after June 2023. Lessons to be learnt from such assignments are that the consultants Lazard, just like what happened in Mozambique, by 2023 may have discovered more hidden and un accounted for Loans which will be reported to IMF and WB and the latter will inevitably accuse expose the GRZ Officials for lack of transparency, honesty and accountability etc. In the usual like fashion/manner, they will wiki-leak the documents and full extent of the loans and debts some of which would have been utilized during the 2021 elections. Other Politicians would have been pruned during the 2021 elections through the Ballot. This could explain the more reason why Professionals at BOZ and MOF are not being believed when they “officially disclose the total foreign and domestic debts & loans” published on MOF Official website. Bale Dauta ba ngwele ati tulebakelenkafye. That is why they demanded for “independent financial advisors”. MoF had to settle for LAZARD rather than assign professional Zambian Chartered Accountants, CIMA Fellows, Auditors, Senior Economists to advise MOF & BOZ as they engage IMF/WB negotiations. Yaba! Bwafya. Just in case others have illusions of quick access to IMF/WB funds,,,,be assured that the IMF and WB take their time to carry out their own Country Due Diligence (CDD) even from other unofficial sources and they do take their own time to release their funds and mainly in installments. So if Zambia is looking for $1billion from IMF/WB, we may have to wait until 2023 for approval, another 2 years of installments in disbursements up to 2025. Another Election Fever period. The cycle continues. And then when the Chinese see our desperation, they will dangle the carrot before 2021 Elections…when we desperately need money to spend on the Campaign trails as I earlier alluded to above. Chinese will come in very quickly to avail $1billion in 2021. Other so called key stakeholders including Western World media and Institutions and many others like Opposition Parties will continue crying foul of predatory lending and under hand methods. Kushalafyafye muli mwamoneni mwamoneni. IMF/WB conditionalities are just as harsh, strict and stringent as International Commercial Banks lending money to Zambian citizens. And you wonder why Zambian citizens rush kuli KALOBA leaving out the so called Community Banking, Local Banks and International Banks mu Zambia tee? Ifyakukosha kosha, ne fya kwipusha ipusha sana. Imagine at personal level being asked for among many others the following documents as evidence: Collateral, Security, COT, Vehicle license, NRC, Drivers Licence, Marriage Certificate, Details of a Guarantor (name, address, occupation, telephone number at work and mobile phone for guarantor and YOWA SELUFU), Alimony, Child support, other source of funds/income, business and private jobs, own house or rented house, spouse qualification, highest education level attended, Parents details and Village, District, Chief where you were born, Number of Children and dependents, How much you spend for groceries, ration, leisure, clothes, transport, holidays, ZESCO Bills, Water, DSTV, Cable, Internet, Mobile, Insurance, Cashflow, Projections, Management and Leadership, skills, experience, Bank Statements, Audited Accounts by Professional Big 4 Auditors, Annual Reports and Tax Reports for the previous 3 years in a roll.You end up giving up the application process The little money in your pockets will end up finishing paying for photocopying and commissioner of oaths certification process even before they tell you your application was submitted through the right channels for considerations. The Turn around time is not guaranteed as Bank Risk Managers valuating and analysing your Loan applications are busy lining up kuli Kaloba themselves. Pa last ordinary Zambians or lesser mortals kubutukila Kuli Kaloba. Kuli Kaloba takwaba ifyo. It may explain why the K10billion COVID-19 stimulus package can not easily be accessed until cadres find a loophole to share. Stay well and be blessed.

Published by Kemman

Regulatory and Independent Consulting Professional with expertise in Financial Crime Risk Compliance encompassing Anti-Money Laundering (AML), Countering Terrorism Financing (CTF), Anti-Bribery & Corruption (ABC – FCPA & UKAB), Global Trade & Sanctions, Bank Secrecy Act (BSA), Know Your Customer (KYC) and Customer Due Diligence (CDD), Internal Audit Testing, Reviews, Validation, Risk Assessment. Worked in Asia, Africa, Europe, the Middle East, North America (USA). Banking & FinTech, Anti-Sex & Human Trafficking Advocate, FOREX & Cryptocurrency trading, Travel & Tours, Telecommunications & Energy.

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: