STOP MISLEADING ZAMBIANS: HH HAS NOT BORROWED US$30 BILLION
There is a growing habit of throwing around debt figures without context. That does not inform the public, it misleads them. It’s a nauseous culture and we must stop it.
The claim that “UPND has borrowed over US$30 billion” is simply false. It confuses Zambia’s total public debt stock with new borrowing undertaken by the current administration. When the UPND assumed office in August 2021, Zambia had already accumulated an enormous debt burden of over US$30 billion (external and domestic). This figure includes accumulated interest rates. The country had defaulted on its external debt, arrears had accumulated, and debt restructuring had become unavoidable. The new government inherited that situation, it did not create it.
According to official figures from the Ministry of Finance, the public debt stock increased from approximately US$24.6 billion to about US$28.9 billion, representing a net increase of roughly US$4.3 billion.
It is equally important to understand the nature of that additional borrowing. A significant portion comprises highly concessional financing, including IMF support and financing from institutions such as the World Bank and the African Development Bank. These facilities carry much lower financing costs and are fundamentally different from expensive commercial borrowing.
Criticising government borrowing, fiscal deficits or debt management is entirely legitimate in a democracy. However, presenting Zambia’s entire debt stock as though it was all borrowed by the current administration is inaccurate and unfair.
As citizens, we must distinguish between total public debt stock minus the accumulated debt Zambia owes; and new borrowing minus additional debt contracted by a particular administration. The two are not the same. Let us debate national issues using facts, official data and context, and not empty rhetoric or misinformation. Zambia deserves a better standard of public discourse.
Before sharing debt figures, ask, “Is this the total debt stock, or is it the actual amount newly borrowed by the current government?” That distinction makes all the difference. Remember we have come from economic contraction to growth. Note the difference.
Be properly informed accordingly.
Zambia Forward, TOGETHER in UNITY. 🇿🇲
Saviour Chishimba
President
United Progressive People (UPP)
UPND Alliance Partner