Hichilema Must Use The Opportunity Of His Press Conference To Resign- Hon. Given Lubinda

STATEMENT BY HON. GIVEN LUBINDA TO EVALUATE PRESIDENT HAKAINDE HICHILEMA’S PERFORMANCE IN 2023

…HICHILEMA MUST USE THE OPPORTUNITY OF HIS PRESS CONFERENCE TO RESIGN..

LUSAKA-FRIDAY,22ND DECEMBER 2023

WE HAVE LEARNT THAT PRESIDENT HAKAINDE HICHILEMA INTENDS TO HOLD A PRESS CONFERENCE TO PROBABLY REVIEW THE YEAR AND DEFEND HIS EXTREMELY POOR RECORD OF GOVERNANCE AND SHODDY PERFORMANCE.

SO FAR, HICHILEMA HAS SERVED FOR OVER TWO YEARS AND ZAMBIA IS REMAINING WITH TWO YEARS, FOUR MONTHS (2YEARS 4MONTHS) BEFORE WE HOLD THE NEXT GENERAL ELECTIONS.

WE HAVE THEREFORE PUT OUT A PRE-EMPTIVE STATEMENT TO REVIEW THE YEAR AND HIS TENURE IN OFFICE.

1. 2023 EXPOSED PRESIDENT HAKAINDE HICHILEMA’S INCOMPETENCE AND POOR PERFORMANCE

WE MUST STATE FROM THE OUTSET THAT THE PERFORMANCE OF PRESIDENT HAKAINDE HICHILEMA HAS BEEN EXTREMELY POOR. LIKE THEY SAY, POWER DOESN’T CHANGE CHARACTER, IT REVEALS IT. HICHILEMA’S CHARACTER HAS BEEN REVEALED.

PRESIDENT HICHILEMA HAS FAILED TO;
A) IMPLEMENT ANY ECONOMIC RECOVERY PLAN,
B) FAILED TO UNITE THE COUNTRY,
C) FAILED TO SECURE PEACE AND SECURITY, D) FAILED TO UPHOLD THE RULE OF LAW,
E) HAS GROSSLY UNDERMINED INSTITUTIONS OF DEMOCRACY
F) HAS THREATENED THE CONTINUED EXISTENCE OF DEMOCRACY.
G) AND HE HAS CONSISTENTLY FAILED TO RESPECT FREEDOMS, RIGHTS AND HUMAN RIGHTS OF CITIZENS.

HOWEVER, PRESIDENT HICHILEMA IS TOO PROUD TO ACCEPT THE FAILURES TO DELIVER SERVICE, HE IS TOO SELF-CONCEITED TO APOLOGISE FOR HIS FAILURE TO HONOUR HIS OWN UNFULFILLED ELECTION CAMPAIGN PROMISES AND ZAMBIANS SHOULD EXPECT MORE GLOATING AND MORE BOASTFUL LIES.

WE ARE WITNESSING THE HIGHEST COST OF LIVING SINCE 1990, OUR CURRENCY AND THE EXCHANGE RATE MARKET CONTINUE TO BE UNSTABLE MAKING THE KWACHA THE WORST PERFORMING CURRENCY IN THE WORLD.

THE UPND GOVERNMENT IS BORROWING AT A FAR FASTER RATE THAN THE PATRIOTIC FRONT EVER DID. FOR EXAMPLE, THE IMF HAVE SO FAR RELEASED US$561 MILLION, AGAINST THE $1.3BILLION BAIL-OUT LOAN. WHAT HAS THE NEW DAWN GOVERNMENT DONE WITH THIS MONEY?

IN 2022 ALONE, THE WORLD BANK RELEASED A TOTAL OF $750MILLION, ONE OF LARGEST DISBURSEMENT EVER DONE TO A POOR COUNTRY IN A SINGLE YEAR. WHAT HAS THIS GOVERNMENT DONE WITH THE $750MILLION? WHAT DID THEY SPEND IT OWN?

CLEARLY, THEY ARE BORROWING FOR CONSUMPTION WHILE THE PATRIOTIC FRONT BORROWED FOR INFRASTRUCTURE AND PRODUCTION AND THE LEGACY REVEALS THAT FACT.

2. SECTORAL PERFORMANCE- ALL SECTORS ARE IN CRISIS

THE AGRICULTURE, THE MINING SECTOR, ENERGY, LOCAL GOVERNMENT, ECONOMIC AND SOCIAL SECTORS ARE ALL IN CRISIS.

THE AGRICULTURE SECTOR IS PLAQUED BY POOR DISTRIBUTION OF FARMING INPUTS AND CHAOTIC POLICIES WHICH HAS PUT OUR FOOD SECURITY IN PERLILOUS SITUATION.

THE SALE AND EXPORT OF OUR NATIONAL MAIZE GRAIN STRATEGIC RESERVES DRIVEN BY CORRUPTION, WAS A GRAVE ERROR.

INSTEAD OF STRENGTHENING THE CAPACITY OF ZCCM-IH IN OWNING KCM AND MOPANI, THEY HAVE CHOSEN DUBIOUS INVESTORS TO TAKE-OVER THE ASSETS UNDER UNCLEAR TERMS.

PRESIDENT HICHILEMA SIGNED-AWAY OUR RIGHTS TO CRITICAL MINERAL RESOURCES TO THE USA AND UNITED KINGDOM.

WE HAVE A NATIONAL CRISIS WHERE WE HAVE LOST BETWEEN 35-90 MINERS AT SENSELE MINE IN CHINGOLA. THERE ARE NO ADEQUATE MEASURES TO RESCUE OR RETRIEVE THE REMAINS TO HELP FAMILIES TO HOLD DECENT BURIALS.

FURTHER THERE IS NO EXPLANATION TO SHOW THE CLEAR CULPABILITY OF MINE OWNERS AND GOVERNMENT.

UPTO NOW, WE DON’T KNOW THE EXACT NUMBER OF THOSE FEARED DEAD.

THE EVALUATION STATUS OF THE MINE BY THE MINE SAFETY DEPARTMENT AND THE ZAMBIA ENVIRONAMENTAL MANAGEMNT AGENCY (ZEMA) SHOWS THAT THERE WERE CONCERNS THAT PREVENTED ANY MINING TO BE UNDETAKEN UNTIL SAFETY MEASURES COULD BE SET UP.

THE DECISION TO DROP CRIMINAL AND CIVIL PROCEEDINGS AGAINST FIRST QUANTUM MINERALS (FQM) AND ITS DIRECTORS, EARLIER UNDERTAKEN BY ZCCM-IH AND MEANT TO RECOVER $2.5BILLION IRREGULALRY WITHDRAWN FROM THE ACCOUNTS OF KANSANSHI MINE, WITHOUT GUARANTEEING HOW THIS MONEY WILL BE RECOVERED, IS YET ONE OF THE MANY SCANDALS PLAGQUING THIS GOVERNMENT.

THE SCANDOULOUS DECISION TO CONVERT WITHOUT PARLIAMENTARY AUTHORITY, ZCCM-IH SHARES IN KANSANSHI INTO DIVIDEND PAYMENTS IS ANOTHER SCANDAL.

THE FAILURE TO ALLOW ZCCM-IH TAKE CONTROL OF GOLD DISCOVERIES INCLUDING RARE GEMTSONES SUCH AS SUGELITE AND OTHER PRIZED GEMSTONES ACROSS THE COUNTRY ONLY GRANTS SUCH EXPLOITATION TO BE DONE BY UNSCRUPULOUS PERSONS ESPECIALLY FOREIGN NATIONALS.

3. THE DEBT RESTRUCTURING CHAOS

IN 2017, ZAMBIA TOGETHER WITH THE IMF AND WORLDBANK, CONDUCTED A DEBT SUSTAINABILITY ANALYSIS TO EVALUATE OUR PUBLIC DEBT AND CHECK OUR DEBT DISTRESS LEVELS.
AFTER THIS ANALYSIS, IT WAS ESTABLISHED THAT ZAMBIA ‘S DEBT CARRYING CAPACITY WAS WEAK AND THE COUNTRY COMMISSIONED A DEBT RESTRUCTURE PROCESS OF ITS FOREIGN DEBT BY;
A) Hiring Lazard Feres of France to handle the bondholders of the $3billion Eurobond deb.

B) Engaged bilateral talks with China to cancel or reschedule or restructure the debt arising from project financing of various infrastructure.

IN 2021, THE NEW DAWN GOVERNMENT ABANDONED THIS PROCESS AND ADOPTED AN IMF-DRIVEN PROCESS USING THE NEW G20 COMMON FRAMEWORK FOR DEBT TREATMENT.

SINCE THEN, OUT OF $14.2 BILLION, GOVERNMENT HAS MANAGED TO RESTRUCTURE AND RESCHEDULE THE DEBT OF $6.3BILLION MOSTLY WITH CHINA UNDER THE OFFICIAL CREDITORS COMMITTEE.

OUR WORRY HOWEVER IS THE RECENTLY ANNOUNCED SUCCESS RESTRUCTURE OF THE $3BILLION WHICH AGREEMENT WAS IMMEDIATELY CANCELLED TWO WEEKS LATER BECAUSE OF ITS SCANDALOUS NATURE.

ON 26TH OCTOBER 2023, MINISTER OF FINANCE DR. SITUMBEKO MUSOKOTWANE ANNOUNCED THAT ZAMBIA HAD REACHED AN AGREEMENT IN PRINCIPLE, WITH THE ZAMBIA’S EXTERNAL BONDHOLDER STEERING COMMITTEE TO RESTRUCTURE THE $3BILLION BOND.

AFTER THIS ANNOUNCEMENT ZAMBIA’S 3 BONDS ROSE SHARPLY AT THE LONDON STOCK EXCHANGE. WHAT FOLLOWED LATER WAS CHAOS.

ZAMBIA WAS ORDERED TO CANCEL THE AGREEMENT BY BOTH THE IMF AND CHINA.

THIS DEVELOPMENT CRUSHED THE BONDS AND HUGE LOSSES WERE RECORDED. WHY WAS THE DEBT RESTRUCTURING DEAL, HAILED AS A MILESTONE A FEW DAYS BEFORE, CANCELLED?

IT IS SIMPLE. THE PROCESS WAS RIDDEN BY HIGH-LEVEL CORRUPTION.
HERE ARE SOME DETAILS OF THE AGREEMENT.
A) THE FACE VALUE OF THE BOND WAS RAISED FROM $3BILLION TO $3.135BILLION. B) ZAMBIA AGREED TO AN HAIRCUT(DISCOUNT) OF 18% YET IN THE $6.3BILLIONCHINA
WAS MADE TO ACCEPT A HAIRCUT OF 40%.
C) $821 MILLION ACCUMULATED DEBT SERVICE OBLIGATION SINCE DECEMBER 2020, WAS TO BE WRITTEN OFF AS PER CONDITION OF THE G20 FRAMEWORK. ZAMBIA INSTEAD AGREED TO SETTLE THIS AMOUNT.
D) ZAMBIA AGREED TO DELIVER $2.5BILLION CASH FLOW RELIEF TO THE BONDHOLDERS DESPITE AND DURING THE DURATION OF THE IMF $1.3BILLION BAIL OUT.

CLEARLY THIS DEAL WAS AWFUL AS THE COUNTRY WOULD HAVE BEEN SENT INTO IMMEDIATE DEBT DISTRESS, THE VERY CRISIS THE RECTRURING PROCESS IS EXDPECTED TO RESOLVE.

WHERE WAS ZAMBIA GOING TO GET $2.5BILLION IN 2024 TO PAY THE BONDHOLDERS? SO, WHAT DROVE THIS BAD DEAL? DID ANYONE ASK FOR KICKBACKS?

AFTER THE CANCELLATION WAS ANNOUNCED, ZAMBIA’S BONDS CREATED A MARKET CRISIS AND THE BONDS TRADED AT THEIR LOWEST THEY HAVE EVER BEEN WITH TRADERS INCURRING UNIMAGINABLE LOSSES WITHIN A PERIOD OF TWO WEEKS.

THIS SETBACK HAS NOW ENDANGERED THE EARLIER DEBT OF $6.3BILLION AGREEMENT WITH CHINA CALLING FOR FRESH NEGOTIATIONS, THEREBY DELAYING THE G20 COMMON FRAMEWORK DEBT RESTRUCTURE, MAYBE FOR YEARS!

4. GOVERNANCE, HUMAN RIGHTS AND RULE OF LAW

AS HE FACES CLEAR DIMINISHED POLITICAL FORTUNES AND THE PROSPECT OF AN ELECTORAL LOSS IN 2026, PRESIDENT HICHILEMA HAS RESORTED TO DICTATORIAL TENDENCIES, ABUSING HUMAN RIGHTS AND ABANDONING PRACTICING GOOD TENETS OF DEMOCRACY AND GOOD GOVERNANCE.

HE HAS CHOSEN A DESTRUCTIVE PATH BY ARRESTING POLITICAL OPPONENTS WITHOUT JUSTIFICATION, SEIZING THEIR ASSETS, BANK ACCOUNTS AND CLOSING THEIR BUSINESSES.

HICHILEMA HAS WEAPONISED LAW ENFORCEMENT AGENCIES AGAINST HIS POLITICAL OPPONENTS. HE HAS SIGNIFICANTLY ERODED THE SEPERATION OF POWERS OF THE JUDICIARY, LEGISLATURE AND THE EXECUTIVE.

LOOK WHAT HE IS DOING WITH THE PATRIOTIC FRONT, ZAMBIA’S LARGEST POLITICAL PARTY. HE HAS IMPOSED A STOOGE ON THE PARTY.

HICHILEMA ORGANISED A CONFERENCE FOR THE STOOGE, SECURED THE VENUE WITH A LARGE CONTIGENT OF HEAVILY ARMED POLICEMENT AND ANTI-RIOT GEAR EQUIPMENT, PACKED THE SO-CALLED CONFERENCE WITH UPND SUPPORTERS.

HIS GOVERNMENT PROCEEDED TO RECOGNISE THE UPND STOOGE BY UNLAWFULLY CHANGING THE RECORDS OF OFFICE BEARERS AT THE REGISTRAR OF SOCIETIES, BY ILLEGALLY CHANGING THE LEADERSHIP OF THE OPPOSITION IN PARLIAMENT AND BY SCUPPERING ANY CHANCES OF THE PATRIOTIC FRONT TO OBTAIN JUSTICE IN THE COURTS OF LAW.

THE DIRECTOR OF PUBLIC PROSECUTIONS DISCONTINUED THE PROSECUTION OF THE STOOGE FOR HIS SUSPECTED CRIMES OF FRAUD AND IMPERSONATION.

THE DPP CLAIMED THAT THERE WERE CIVIL PROCEEDINGS IN THE HIGH COURT, HE FAILED TO RECOGNISE THAT:
A) CRIMINAL PROCEEDINGS TAKE PRECEDENCE OVER CIVIL PROCEEDINGs.
B) BOTH CRIMINAL AND CIVIL PROCEEDINGS CAN RUN PARALLEL.
C) TO DISCLOSE THAT THE DPP AND THE SUSPECTS WERE PERSONAL FRIENDS AND PREVIOSLY ENJOYED CLIENT-LAWYER RELATIONSHIP. THE DPP NEGLECTED TO DECLARE INTERESTS BEFORE HE COULD DISCONTINUE THE CASE

CONCLUSION

LIES, LIES, AND MORE LIES IS WHAT WE EXPECT TO HEAR FROM PRESIDENT HAKAINDE HICHILEMA.

WE URGE MR. HICHILEMA TO USE THE OPPORTUNITY OF THIS PRESS CONFERENCE TO RESIGN AND SAVE ZAMBIANS FROM THE PAIN AND SUFFERING THEY ARE GOING THROUGH BECAUSE OFHIS INCOMPETENCE, HIS INTEREST IN SAVING HIMSELF AND FOREIGNERS, HIS DISLOYALTY TO THE CONSTITUTION, AND HIS QUEST TO DESTROY DEMOCRACY AND THE MULTI-PARTY STATE OF ZAMBIA.

BY HIS ACTIONS TO ASSAULT DEMOCRACY, THE RULE OF LAW AND BY FLAGRANTLY ABUSING THE CONSTITUTION, HE REMAINS A PRESENT DANGER TO THE WELL-BEING OF ZAMBIA. HE IS ALSO A SERIOUS THREAT TO OUR PEACE, SECURITY AND UNITY OF OUR COUNTRY. HE SHOULD RESIGN.

SIGNED

HON. GIVEN LUBINDA
VICE PRESIDENT PATRIOTIC FRONT