By Tony Deyal
Many years ago, I read about Shakespeare’s Hamlet when Polonius enjoined his son, Laertes, saying, “Be thou familiar but by no means vulgar.” In other words, there is a very fine line dividing both forms of behaviour, and it is quite easy to slip from one into the other, especially when it comes to cats. We had, and still have, a beautiful CAT that our daughter loved and took care of it from morning to night. For most people, cats become part of our family through deep emotional bonds, shared daily routines, and mutual trust. They offer quiet comfort, show uniqueness, which means being the only one of its kind (or so my daughter feels, and also makes it clear to the rest of us). She also includes signs of affection and triggers of the same loving brain chemicals in us as humans. However, I’ve heard that it is bad luck if a black cat follows you. One of my friends joked, “No problem with them. Our wives are worse!” Another told us, “Listen. The bad luck is only if it is a man or a mouse!”
I also hear that shop cats are important for pest control, customer comfort, and companionship, but mostly because cats, mice and rats keep goods safe. They also say that cats are believed to be the only mammals who don’t taste sweetness. Most little boys around our area “jump” on that. Even the older men, but for a different reason. As one said, we need to give the women all they want. But regardless of how hard they try, the men still don’t do enough for the ladies. While the men are truly nearsighted and have real problems the cats’ vision, especially at night. In fact, they are much better than that of humans. Cats are supposed to have 18 toes (five toes on each front paw; four toes on each back-pay). Cats can jump up to six times their length. To make it worse, Winston Churchill says, “Cats look down on us. Pigs treat us as equals,” And the great Leonardo da Vinci made it clear to all of us, “The smallest feline is a masterpiece.”
Some people say that cats are funny. They have love in the night and not the day, and maybe that is because they make up humour and share lots of jokes. What I know is that after my recent column on “dogs”, the “cats,” men and women, made it clear that I have to do the same because they feel that the “Cats” are much better than the dogs.
So let’s start with a few: Why did the cat sit on the computer? To keep an eye on the mouse!; What is a cat’s favourite colour? Purple: Why are cats so good at video games? Because they have nine lives; What do you call a cat that loves to bowl? An alley cat: Why don’t cats play poker in the jungle? Too many cheetahs! There are some “Cat Puns” that are a bit different, like: (Purreal) Are you fur real right meow? (Purrect: Your day is looking purrect; (Feline fine) My kitty is fine today; (Cat-astrophe) Spilling the cat food is a total ca-astrohpe.
Many of my colleagues were not happy about the “Cat Puns” and told me they wanted some better cats to show us how great they are with jokes. So, here are a few.
“Why are cats so good at video games?” Because they have nine lives, of course! “Why are cats afraid of trees?
Because of their bark. And, “What do you call a cat that loves bowling? An alley cat! Then someone asked to open the door with, “Know, know. Who’s there?” The person in the house asked, “Kitten, Kitten, who?” That was enough and no more talk. He shouted, “Quit the kitten talk around. Then open the bloody door you hear!”
Then my readers told me to go back to normal, and so here we are: “What do Christmas and desert cats have in common?” Sandy claws. “Why can’t you play poker in the jungle? Too many cheetahs. “How do cats resolve an argument?” They hiss and make up. “What’s smarter than a talking cat?” A spelling bee. “If a cat loses its tail, where does it go?” The retail store. And, “why are cats bad story letters?” They only have one tail.
A few of my readers who like Cats make it clear that we should forget the weird humour and show why Cats are the best ever. First, there are some from some groups. One said that they may be biased, but when it comes to choosing the perfect pet, we think you’d be better off with a cat. Another made it clear that while we love all animals, there are certain benefits to welcoming a feline friend into your life. Then the majority make it very clear that you’d be doing one of the kindest things possible if they are giving a loving home. But if you need some convincing, here are some of the top reasons why moggies are particularly marvellous.
In other words, non-pedigree, mixed-breed cats (moggies) are especially wonderful pets even though they are without formal pedigree. People actually use this phrase to praise their unique charm, health, and personality. They believe you don’t need to walk them; They groom themselves; You can leave them alone for short periods; They don’t need a lot of space; They don’t need training; They’re quiet (most of the time); You have to earn their respect, and most of all, they provide you with hours of entertainment.
More than that is how “high level” folks, men and women, love Cats. Here are some that we must consider as not just important, but many own and love cats.
For instance, Hippolyte Taine, a French historian, critic and philosopher, said: “I have studied many philosophers and many cats. The wisdom of cats is infinitely superior.” Terry Pratchett, one of England’s funniest writers, was clear: “In ancient times cats were worshipped as gods; they have not forgotten this.” Jane Pauley, an American television host and author, is a Cap person: “You can not look at a sleeping cat and feel safe. Nafisa Joseph, an Indian model and beauty pageant titleholder, was clear: “I used to love dogs until I discovered cats.” Then there was Sigmund Freud, the Austrian neurologist and founder of psychoanalysis, who told us, “Cats speak only to those who know to listen.” Then Seanan McGuire, the American author, reminds us that: “When Rome burned, the emperor’s cats still expected to be fed on time.” And to end, one “unknown” told all of us, “Your house will always be blessed with love, laughter and friendship if you have a cat.” Then another “unknown” but very, very clear for all of us, “Cats leave paw prints in your heart, forever and always.”
*Tony Deyal agreed with Sigmund Freud, “Time spent with cats is never wasted.”



How Zambia turned a debt buyback into development gains
By Dr Mohamed Z M Aazim
In June 2026, Zambia completed a debt management operation that drew international attention. Following its 2024 debt restructuring, the country launched a buyback of a USD1.36 billion bond maturing in 2053. It replaced part of that commercial debt with concessional financing from the African Development Bank.
What interests me about this operation is how Zambia sought to reduce its future debt costs while supporting financial stability and national development.
Why did Zambia act?
Zambia’s debt challenges are well documented. After defaulting on its external debt in 2020, it became one of the first countries to complete a debt treatment under the G20 Common Framework. The restructuring brought much-needed relief from immediate repayments, but it also led to the issuance of a new long-term bond maturing in 2053.
What made this bond different was its built-in “step-up” feature, meaning that interest payments were set to rise over time. This reduced debt-service costs immediately after the restructuring but meant that Zambia’s repayment obligations could become more expensive in later years.
Recognising this risk, the government identified the bond as a suitable candidate for an early buyback and replacement with more affordable financing.
How did the buyback work?
The first step was to secure affordable financing. Zambia obtained a US$600 million loan from the African Development Bank on favourable terms and combined it with its own resources.
The government then invited investors to sell their holdings back before the bond reached maturity through a market-based tender offer. Investors were offered USD 740 for every USD 1,000 of bond principal. Those who accepted the offer early received an additional USD 40 per USD1,000. This incentive encouraged strong participation.
The response was significant. Investors holding 97.85 percent of the outstanding bond accepted the offer, allowing Zambia to redeem the remaining securities and retire the entire bond issue.
The operation replaced commercial debt, whose interest costs could have risen over time, with financing on more favourable terms and lower future repayment obligations. This reduced future fiscal pressures and helped preserve resources for development priorities.
Debt for development
For me, what makes this transaction particularly notable is its connection to a wider development goal.
As part of the arrangement, Zambia committed to a 15-year Grid Resilience Programme aimed at improving the country’s electricity transmission and distribution network. Reliable electricity remains essential to improved economic growth and improved living standards. By linking debt management with infrastructure investment, Zambia demonstrated how debt operations can support wider development objectives.
This is why the transaction has been described as “debt-for-development” or “debt-for-energy” conversion.
Lessons for others
Zambia’s experience offers several practical lessons. First, restructuring is not the end of the process. It can provide breathing space, but governments still need to manage their debt proactively to preserve those gains. Second, buybacks and other liability management operations can reduce future repayment costs and improve the structure of a country’s debt.
Third, concessional financing can be used strategically. Support from development partners can allow countries to replace expensive debt with more affordable obligations. Fourth, incentives matter. Appropriately structured incentives can encourage strong investor participation and improve the prospects of a successful market-based operation.
Most importantly, debt management and development do not have to be treated as separate goals. Carefully designed debt operations can reduce financial pressures and support investments that promote economic growth and resilience.
Looking ahead
At a time when many developing countries are facing rising debt vulnerabilities and limited fiscal space, Zambia’s experience offers a useful example of innovative debt management. The operation shows that carefully designed liability management can do more than reduce debt obligations. It can strengthen debt sustainability, improve investor confidence and preserve resources for development priorities that directly benefit citizens.
Sources: Ministry of Finance and National Planning of Zambia (2026); African Development Bank announcements; Reuters (2026); IMF Zambia Article IV Consultation Reports.