By Michael Kaluba
Financial Analyst Mambo Hamaundu has questioned the rationale behind the awarding of a $5 million tender to a French firm, for the provision of advisory services in relation to the country’s quest to restructure its debt.
Mr. Hamaundu tells phoenix news that Zambia is underutilizing local technocrats by awarding the tender to a foreign entity especially that that the French firm will most likely consult Zambian professionals in the financial sector before making its final recommendations and action.
He argues that in as much as the credibility of the French firm that has been picked is commendable, government`s move is not necessary because the problems surrounding the country’s debt have already been identified and only require prudent changes to the expenditure while improving revenue collection.
Mr. Hamaundu wonders why Zambia will pay us$5 million to an international firm who will come to consult Zambians about already known debt challenges and return to advise the country on matters that are already in public domain.
His comments come in the wake of a tender notice issued by the ministry of finance that government is on the verge of selecting French firm Lazard Freres, selected from five bidders, to provide Zambia with debt management and advisory services for a bid contract price of $5 million with government estimating the country’s external debt to be in excess of $11 billion.
PHOENIX NEWS