No state owned enterprise has been sold – President Lungu

President Edgar Lungu says none of the state owned enterprises has been sold or mortgaged to any lenders be they bilateral, multilateral or commercial partners.

Speaking when he officially opened the World Bank’s International Development Association (IDA-18) Mid-term review meeting in Livingstone, President Lungu says none of the state-owned enterprises has been sold to any foreign entity, but that government intends to progressively list them on the stock market to make them more viable and more transparently run.

President Lungu urged delegates at the meeting to ignore the falsehoods they have heard about the purported sale of ZESCO,ZNBC and ZAFFICO, and seek credible government information.

And President Lungu says while Zambia has debt challenges in respect of spending on debt servicing as a ratio to spending on social protection and social services, the country is not in distress.

He says Zambia has never defaulted on its dues and remains committed not to fall into that situation.

President Lungu says those the country owes money through Euro bonds can be assured that their money is safe; and that those owed money through bilateral arrangements can be rest assured that Zambia is a credible partner with a long established record.

He states that government is taking measures towards a situation where only concessional and very low interest loans will be acceptable as additional sources of financing when local resources are not available.

The Head of State says government will borrow when it needs to, but only for investment into absolutely needy areas.