By Brightwell Chabusha
Economics Association of Zambia (EAZ) president Lubinda Haabazoka says the move by Zambia to default on its debt repayments is part of the debt restructuring process.
He said it is because of this that the local currency hasn’t gone berserk.
Dr Haabazoka has said even the international markets understand that it is part of debt restructuring because the country had engaged an international firm to help in restructuring.
“The international market understand that this is part of the debt restructuring process and that is why the kwacha has not gone berserk,” he said.
Dr Haabazoka said the country could have easily paid off the $43 million debt stock without trouble because it has $1.3 billion in reserve.
Meanwhile, Dr Haabazoka has expressed concern that some citizens are coniving with international forces on what he terms “evil” to paint the country bad.