Few days ago the Africa Confidential reported that Zambia’s economic troubles are compounded by continued borrowing.
An opposition leader has urged the government to put a lid and stop its appetite for heavy borrowings.
UPND president Hakainde Hichilema says because of these borrowings, the country’s revenues are being consumed by debts servicing.
According to him, this leaves little for investment and provision of social services.
“Nearly half of our tax revenues goes to debt servicing and rest to emoluments, leaving very little to invest and provide for our people.
“The PF government continue to borrow recklessly, placing our treasury into deeper distress and robbing future generations. Stop it now,” he says.
Hichilema says his team is evaluating Zambia’s debt that includes significant amounts that aren’t appearing in official figures disclosed by Ministry of Finance.
Explaining his economic plan for Zambia, Hichilema recently said his government, if voted into power, will put policies that promote the ease of doing business in the country.
He also highlighted how important it is for a government to be an enabler of investment and not an impediment, allegedly, like the current administration under President Edgar Lungu