If the $392 TRILLION US dollars of toxic assets in the world economy was not testimony enough of the disasters that follow financial deregulation, the finance minister has admitted that the elimination of poverty is not on the MMD's agenda. I quote from the Lusaka Times:
" And Dr Musokotwane said it might take over 30 years for Zambia, which is this month celebrating 46 years of Independence, to accomplish meaningful poverty reduction. He said it had taken European countries over 300 years to attain a sound economic status. "
In other words, as long as the MMD is in power, poverty in Zambia will not be eradicated.
UPDATE - To make sure everyone understands that this minister will prevent any Zambians from benefiting from their mineral resources, the minister swore the MMD will not re-introduce the Windfall Tax, calling it 'unreasonable'. See: (LUSAKATIMES) State will never re-introduce the windfall tax. His loyalty is firmly with the mining companies, confirming that there has een complete corporate capture of the government by the mining companies in Zambia. The government DOES NOT REPRESENT THE ZAMBIAN PEOPLE, ergo, there is no democracy in Zambia.
They ran out of ideas in 1991. Their economic model has failed. It is time for Demand Side Economics - massively taxing the mines, public works and infrastructure projects, universal healthcare and education, reducing the number of ministries and streamlining government toward service delivery, low lending rates for entrepreneurs.
This is a clear admission that FDI, privatisation and free markets ARE NOT GOING TO RESULT IN A REDUCTION IN POVERTY. Therefore, there is absolutely no reason for the 70% of the Zambian population who live on less than $1,- per day to vote for these elitists.
That is the only way forward, and the MMD is standing in the way.
(Lusaka Times) We can afford to borrow – Finance minister
Saturday, October 9, 2010, 14:14
FINANCE minister Dr Situmbeko Musokotwane has said Zambia can afford to borrow budget supplementary funds because the country’s economy is growing.
Speaking during the Economics Association of Zambia (EAZ) post budget analysis and dinner yesterday, Dr Musokotwane said Zambia’s economy was growing fast enabling the government to borrow money from cooperating partners .
“Government can afford to borrow funds because the economy is on the rise. If the economy and tax base is not moving, it becomes difficult for government to borrow, but in the case of Zambia, our economy is on the rise,” he said.
Dr Musokotwane further said government was satisfied with the current mining tax regime, saying the problem was with the tax evasion trend by some mining companies.
“The government is getting sufficient benefits from the current mining tax regime. The problem however is with the high incidences of tax evasion by some mining companies,” Dr Musokotwane said.
He urged the Zambia Revenue Authority (ZRA) to increase government revenue by making sure that it curbed the tax evasion tendency.
And Dr Musokotwane said it might take over 30 years for Zambia, which is this month celebrating 46 years of Independence, to accomplish meaningful poverty reduction.
He said it had taken European countries over 300 years to attain a sound economic status.
“In Europe and Asia, it took so many years to reduce poverty levels, China for example, it took the Chinese people over 3o years, they started to improve in the late 70s and yes, now they have attained that economic status,” he said.
“With improved infrastructure including developing our road network, poverty levels will reduce because Zambia’s economy is growing,” Dr Musokotwane said.