DEBT BURDEN AFFECTs MINE INVESTMENT – MABETA
March 4, 2023
UPND Kankoyo Constituency Member of Parliament Heartson Mabeta says the country’s huge external debt has significantly affected investments in the mining sector particularly at Mopani and KCM.
Speaking this morning when he featured on Millennium Radio, Mr Mabeta said that the country has been suffocated by external debt thereby discouraging investors from putting in their money in this country’s economy.
“The biggest risk we now facing as a country is the debt situation which has put Zambia into a high risk investment area,” he said.
Kankoyo lawmaker charged that no investor can invest in a highly indebted economy.
Mr. Mabeta further said that the first time Zambia defaulted in settling her debt gave investors a negative impression and the country was automatically listed among high risk investment area.
Meanwhile, Mr. Mabeta is optimistic that President Hichilema ‘s efforts in engaging
the country’s creditors to agree to a quick debt restructuring to aid economy recovery efforts will revamp investments in the mining sector.
He said that the UPND as a party in government is clearing the external debt which will see Mopani having a complete investment.
He expressed confidence that in line with the UPND Party Manifesto, the government will optimise the economic value extracted from the country ‘s mineral wealth to the benefit of not only current but also the future generations.
On KCM, Mr. Mabeta said that Vendetta still holds the mining licence and the UPND Government engaged the firm so that the issue surrounding its operation is settled outside court.
“The UPND Government has engaged Vendetta so that the issued is resolved outside because you cannot do business in the courts”, he said.
(C) THE FALCON