DR. M’MEMBE URGES IMMEDIATE REVISION OF MINING TAX WAIVERS TO ADDRESS ECONOMIC CRISIS
Lusaka, June 30, 2024 – Socialist Party President Dr. Fred M’membe has called for urgent action from the UPND government to tackle Zambia’s worsening economic situation.
In a statement monitored from his official online platforms, Dr. M’membe stressed that revising the generous mining tax waivers granted to transnational corporations is the key immediate measure needed to stabilize the economy.
Dr. M’membe highlighted the country’s political and economic turmoil, noting that Zambia is “engulfed in political upheaval” and facing severe economic challenges.
He observed that the high cost of living and ongoing political tensions have been recognized by rating agencies, raising concerns about potential civil unrest.
He added that the prolonged load shedding crisis was severely impacting businesses, while a disappointing crop harvest threatens to exacerbate inflation and exchange rate volatility.
Dr. M’membe also criticized the government’s approach to new external borrowing, stating that even concessional loans are increasing Zambia’s foreign debt exposure and the risk of future default.
“Revamping of mines and increased copper production is a medium-term initiative and will not have an immediate impact on our economic challenges,” Dr. M’membe asserted.
Emphasizing the urgency of his proposal, Dr. M’membe called on the government to revise the mining tax waivers immediately. He believes this move will provide a more immediate and positive economic impact compared to other long-term initiatives.
As Zambia navigates through this period of economic and political instability, Dr. M’membe’s statement underscored the need for swift and decisive action to prevent further deterioration of the nation’s economic health.
These are some of the sensible ideas that you should be talking about instead of talking about and attacking HH day and night. People want solutions and not delusional talkings.