Hypocrisy, Poor Planning, and Incompetence: The UPND’s Borrowing Crisis.
Thompson K Luzendi writes
The UPND government, which once positioned itself as a paragon of fiscal discipline, is now entangled in its own web of lies and contradictions. After vehemently criticizing the PF government for what they termed “reckless borrowing,” the UPND has fallen into the same cycle of debt dependency, with Parliament recently approving their request to borrow an additional $108 million on commercial rate.
This decision raises serious questions about the UPND’s competence, planning, and foresight—qualities they promised Zambians during their campaign for power. The hypocrisy of their actions, mixed with their past rhetoric, is glaring and deeply disappointing but we expected this from a party that lied its way to the Presidency.
During their campaign in 2021 and after assuming office, the UPND relentlessly criticized the PF for ballooning Zambia’s external debt to unsustainable levels. President Hakainde Hichilema and Finance Minister Situmbeko Musokotwane repeatedly promised that their government would adopt a disciplined and transparent approach to borrowing.
Mr. Musokotwane, in particular, emphasized that borrowing would only occur in alignment with the annual budget and strictly for productive investments that would yield returns to pay off the loans. This promise was codified in the 2023 budget speech, where he outlined a borrowing plan designed to limit Zambia’s debt exposure and prevent a repeat of the debt crisis that led to Zambia’s default in 2020.
However, these assurances have proven hollow. The new request for $108 million, outside the initially outlined borrowing plan, is a clear deviation from their stated principles. The UPND’s actions have exposed a deep hypocrisy in their governance. They rose to power on the back of promises to restore fiscal prudence and economic stability. Instead, they are engaging in borrowing practices that, in some cases, may surpass the recklessness of the PF.
This borrowing spree comes at a time when ZESCO mistakenly sent $82 million to China and while Zambia is still grappling with the effects of its $13 billion external debt. The UPND must be held accountable for their actions. Their hypocrisy, poor planning, and incompetence are steering Zambia further into a debt trap.
The Zambian people voted for change and a government that would restore economic stability. The UPND must remember that they were elected to solve problems, not replicate the failures of the PF. If they continue on this path of hypocrisy and mismanagement, their time in office will be remembered as nothing more than a squandered opportunity.