THEY DID NOT HAND OVER A HEALTHY ECONOMY. THEY HANDED OVER A DEBT CRISIS.
When people ask how much the UPND government has borrowed, they must first ask, “What exactly did the UPND government inherit in August 2021?” It inherited a Zambia that had defaulted on its external debt for the first time in history. Foreign exchange reserves had fallen to about US$1.2 billion, the kwacha had weakened to around K22.80 per US dollar, and public debt had risen to more than US$30 billion. That debt did not appear overnight. It accumulated over a decade. By contrast, in 2011 the PF inherited a far stronger economy, a much stronger kwacha, higher reserves, and a government that was meeting its financial obligation
The PF did not simply borrow heavily. They borrowed until Zambia lost the confidence of international lenders and investors. As debt mounted, the country’s risk increased, forcing borrowing at increasingly expensive terms. Today, many people quote Zambia’s current debt without explaining that it includes the debt inherited in 2021, accumulated interest, exchange rate effects, and restructuring adjustments. To present all of that as if it were fresh borrowing by the current government is misleading.
Equally important is the question of value for money. Zambians have every right to ask where the borrowed money went. Yes, some roads, schools and hospitals were built. However, numerous investigations and audits have also exposed inflated contracts and serious acts of corruption during that period. Billions that should have built more hospitals, schools, irrigation systems and industries were instead lost through waste, overpricing and abuse of public resources. That is why Zambia ended up with huge debt but without an economy strong enough to sustain it.
The UPND government should be judged fairly and not against an imaginary starting point, but against the reality it inherited. In less than five years, it has restored foreign exchange reserves, stabilised the economy, completed a historic debt restructuring, regained international confidence and returned Zambia to economic growth. No honest discussion about borrowing can ignore where Zambia started in August 2021. Facts matter, and history matters.
Saviour Chishimba
President
United Progressive People (UPP)
UPND Alliance Partner